Every thought about how to make money off real estate? Many people share the same misconceptions about investment properties. There are those who feel that they can simply purchase some investment property and do what they please while the money rolls right in, and there are those who feel that investment properties take so much of their time that they’ll never be able to do anything else in their lives. Both are sort of half true. Sure, investment properties are a passive form of income, but they do require more work than some people are willing to admit.
Investment properties require your management, your attention and your quick ability to deal with situations that might arise at anytime. When you own a property, you likely have tenants. Whether these are personal living quarters or a place of business is dependent on each individual, but either way you have to spend a great deal of time ensuring that your tenants are happy. Broken air conditioners, leaking roofs, plumbing issues; anything that goes wrong here is your responsibility. Are you looking for quality Roofing Contractor In Cape Town? Look no further, Roofing Contractors on our site are experienced and their prices are excellent. Our Roofing Contractor Cape Town are the preferred roofing services in the Cape Town region. You might be fortunate like my husband and I and have a renter in your investment property that has no issue fixing minor issues on her own without bothering us. A leaky faucet? She doesn’t call; she fixes it. She’s also my mother-in-law, so she knows she can do that.
Not all tenants are like that, though ,and that means that you might feel you cannot leave town for fear that something will go wrong and you will be summoned in the middle of the night. So what if we told you that you could travel the world and still earn money with investment properties and rental properties? You wouldn’t believe that it’s true, would you? Well, it is; but you have to know what you’re doing, how to do it and you have to actually employ these methods if you want to make this kind of lifestyle possible for you. Here’s how you can make money off real estate while traveling the world.
Find a Team
The best and only way you can manage rental and investment properties while you’re off living your life and having a grand time is to build a team of trusted professionals that can essentially run your rental business for you. You’re still in charge, but you need not be present to handle situations since someone else is always there to do that on your behalf. The trick is to know what type of professionals to hire and to find ones that you trust implicitly. Hiring people you do not know and do not trust is typically not a good idea. Building relationships with these professionals is often the best way to ensure that you’re in a good working relationship. So, just what kind of professionals do you need?
You need a contractor, a property manager and you need some technology that makes all of this possible.
Hiring a Contractor
The best way to hire a contractor is to get to know one. For us, we have several in our close group of friends and family that run multi-million dollars businesses and are always there for u when we need someone we trust to do work that we know we can count on. For others, this might require some relationship making. Word of mouth, reputation, a good review from the BBB and someone with all their licenses and certifications is absolutely necessary.
But that is not the only thing that you need to know. You need to know that you need several types of contractors such as a commercial electrician or residential roofer. For us, we have close relationships with a builder who also specializes in remodels, a cabinet and countertop company, an air conditioning specialist and a plumber. We also have a great friend who is a licensed electrician and handyman so he’s always able to show up when needed to replace a garage door sensor or run cable through the wall so we can mount a television without having wires all over the place. These are the most amazing types of contractors to have, because you never know what might go wrong and require a professional while you are out of town traveling the world.
Property Management Hiring
The next most important thing you have to do is hire a property manager. This person is crucial to your operation. Unless you have someone like this able to run your business for you, traveling the world is not going to be on your list of options. This is a person who does all the upkeep for you. This is the person who takes the calls when something goes wrong, assesses the situation, handles contracts and checking on properties and everything in between. She (or he) is the person in charge when you are not present. This person does all the dirty work for you so that you can just take the money your income properties generate and travel the world.
Hiring a property manager is something that you have to do carefully. This is a person that needs to know what he or she is doing, how to run a business and they need to be very trustworthy. It might take you some time to hire someone like this, and that’s all right. You do not, after all, want to hire someone that you don’t trust to run something so important to you.
What you have to Understand about Rental Income
Rental income is kind of sort of passive but not entirely passive. It requires a great deal of very long, very hard work up front. It takes time to build relationships with the people you need in your corner and to amass enough property to keep you traveling the world and earning money while you do it. As you enter this business, you might find yourself wondering what you were thinking, and you might find yourself wondering if and when you can give up. Don’t; put in the difficult work now and make sure that you are able to enjoy the rewards of that hard work later. Nothing in life is free, except for lottery money if you win – and even that cost you at least a dollar.
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