Although real estate investing can be a very lucrative alternative to investing money in traditional avenues like the stock market, it can also be very time consuming and challenging to do successfully on your own. Investment properties should theoretically be able to generate enough income to cover the mortgage (if you have one) and also turn a profit with little or no effort, but any honest property manager will tell you that isn’t always the case.
The truth about investing in real estate is that someone will always have to be responsible for dealing with managing the rentals, repairs and maintenance, but it doesn’t have to be the owner. If you already have a full-time job or other responsibilities that limit your free time, and/or if you want to be able to buy an income-producing real estate investment in a popular vacation destination or somewhere other than where you live, read on!
Here are four tips for real estate investing that will help you save time and make more money with turnkey vacation home rentals:
1. Property Management Services
The whole point of buying real estate in the form of a turnkey rental property is to remain as hands-off as possible and – if the property happens to be beachfront real estate in a top vacation destination – to enjoy a visit yourself once or twice a year! Honest real estate investment companies will tell you, a good property manager will take care of all landlord responsibilities, including scheduling, rentals, maintenance and repairs, as well as provide a streamlined online payment service directly to your bank account anywhere in the world. Just make sure you do plenty of research before finalizing your partnership, because not all turnkey vacation rentals are created equal.
2. Low-Maintenance Properties
If you were to handle maintenance and repairs yourself, you would need to budget for the costs by saving money each month. Instead, try to find income-producing investments like turnkey vacation rentals that are designed to require little or no upgrades and yearly maintenance. Sound too good to be true? Think again – many of today’s new building materials are made to last virtually forever without requiring much above and beyond simple cleaning. Just be sure to really look around and do your homework in order to find the best real estate investment in the best location that will provide the most income and best return on investment.
3. Screening Tenants
Another major benefit to working with an experienced property manager and buying a turnkey rental property is the fact that you won’t have to worry about screening tenants, which can be both tricky and time-consuming. Also, with vacation home rentals the “tenants” are all just short-term visitors, so there’s no worries and no hassles compared to long-term rentals like apartment homes or single family units. If you do have to screen tenants for a long-term lease agreement, take the time to run background and credit checks – in this case, an ounce of prevention is worth more than ten pounds of cure.
Fortunately, many of today’s top property management and real estate investing companies offer easy automation to handle many of the aspects of managing a rental property, including collecting payments from guests or tenants, distributing income to owners and scheduling, as well as basic repair and maintenance requests. This has provided buyers with the freedom to invest in vacation home rentals and other turnkey rental properties in popular destinations around the world with ease and has opened up a whole new world of alternative investments designed to beat the stock market and provide ongoing investment income.
What are your go-to real estate investing strategies? Let us know your experiences with a comment!
Click the following link and learn more about “No Worries No Hassles Ownership,” including How to Spot Profitable, Well-Managed Vacation Home Rentals, and jumpstart your journey to financial freedom today!