Are you planning on investing in rental properties in the San Diego, Las Vegas or Phoenix but don’t know how to get started?
In this article, we will give you several tips you can use for successfully getting started in long distance real estate investing
Be clear about your goal
This is mission critical for anything you do in life, especially with real estate investing.
You have to know why you’re investing in real estate, what your long-term goals are and you can get these answers by asking yourself the following questions.
Is your goal to have passive monthly income?
Do you want to gain appreciation?
Are you interested in having your money somewhere besides the stock market?
You have to know and understand yourself
Once you know your “why” for getting started in real estate investing you should next take an honest assessment of your own personal style.
Are you a control freak? Are your hands off or a hands-on type of person?
These questions are also important to ask because, if you are a hands-on type of person you may not be successful with long-term real estate investing unless you hire a professional property management company like Golden West Management to manage your rental property for you.
Hiring a property manager will give you confidence in knowing that even though you may be living out-of-state, your property is being managed by someone who cares about your best interests and will make sure that your rental generates ROI every month.
Get local by going local.
Let’s say that you live in Portland but you want to invest in San Diego real estate, or you live in Phoenix but you want to invest in properties in Las Vegas.
Another great way to meet success as an out-of-state investor is to hire someone, like GWM, who is locally based that assist you with investment sourcing, brokerage for acquisitions, and of course full-service property management.
We Help Out of State Investors!
Don’t manage your rental property yourself, let us save you the time, money and hassle of managing that property! Contact GoldenWest Management by calling us at (866) 545-5303 or click here to connect with us online.