Real estate investing is a very remote-friendly career; many investors can purchase and manage their properties from anywhere. Local real estate agents, contractors, and property managers can handle on site operations while you oversee investments digitally. While many beginner investors choose to stick close to home for their first property, it’s not long before they branch out to many different property types and locations. If you’re looking to start investing for financial freedom and remote income streams, you’ll need to know the best strategies to get started.
Find Online Seminars and Classes
You’ll need a strong education in finance, particularly regarding real estate. Many real estate investment classes and seminars are highly accessible, even online. Browse your real estate education options and select courses that fit your schedule and budget. The more educated you are in finance and real estate, the higher your return on investment (ROI) will be. You can even network and learn from other popular real estate investors online to maximize your rental income. You can also find real estate market information online, making research a breeze.
Learn Digital Marketing
You will likely want to hire professional digital marketers to advertise your investment portfolio and properties. However, you will also want to be familiar with digital marketing yourself to make the most out of your career and investment portfolio. Learn the ins and outs of what makes a real estate rental listing marketable and understand all of the listing platforms. Zillow, Airbnb, and Apartments.com are great platforms for posting rentals, but you’ll need to know the algorithms and listing optimization techniques. You may also want to advertise yourself or your website to invite investment firms and partners to work with you. Digital marketing skills are very important for digital businesses, particularly in real estate.
Find the Best Investment Markets
While the typical recommendations of investing in major cities like New York City, Los Angeles, or Chicago aren’t incorrect, they are extremely competitive and may be intimidating to enter. For newer investors, you may want to start with promising markets that are less competitive and saturated.
Colorado
Colorado isn’t the most populated state in the country; in fact, there are a lot of rural areas and populations. However, this real estate market is quite strong and is seeing continued growth. The entire state has a booming economy, outdoor recreation, and steady population increases. Larger cities like Boulder and Denver attract young professionals and families, which boosts rental demand. There is also a prospering aerospace and technology sector throughout the state, nurturing the economy and generating regular job growth. You can see both long-term and short-term rentals with Colorado’s strong economy and natural beauty.
Ohio
Ohio ranks third in the country for commercial real estate, and for great reasons. The state is very affordable compared to other states, even in the Midwest. You can purchase great properties at affordable prices while maximizing rental returns, as rental rates are higher than property costs. For this reason, you can find great rates on investor-friendly loans. There are plenty of larger cities in the state, including Columbus, Cleveland, and Cincinnati, which are steadily growing due to revitalizations in healthcare, tech, and manufacturing industries.
Florida
While Florida is already a popular state for investors, there are a lot of rural or smaller towns in the state that have untapped potential and revitalization efforts, like Tampa or Flagler Beach. Investors and renters alike love Florida for its population growth, sunny climate, and lack of state income tax. You’ll also see a wide variety of tenants, including retirees, remote workers, young families, and vacationers. Large cities like Orlando, Jacksonville, and Miami will also offer steady returns and growth, especially with the recent major booms in the finance and healthcare industries.
Start Small
When you’re new to investing, you may not want to make it your sole means of income. You may want to start with a smaller but promising market to reduce stress and competition. While you get a feel for real estate investing, paying too much for a property or buying too many units at once can easily lead you to overwhelming debt. Take it slow at first, especially if you’re looking for remote-friendly investment options.
Choose an Investment Method
There are many different methods and strategies for real estate investing, and some may not be as ‘online-friendly’ or ideal for every investor. Evaluate your options and determine which method or approach you want to use first. It may be smart to choose only one at a time.
Buy-and-Hold
Buy-and-hold investment strategies involve purchasing properties to rent out to tenants over long periods. If the location is right, this method can easily pay off purchase loans and guarantee steady rental income. You can also manage your property from anywhere, making it a remote-friendly choice.
Flipping
Flipping is another smart investment strategy. It involves buying a home for a lower price that needs renovation and repairs. You’ll make those renovations to spruce up the property, then sell it for much higher profits. While you can hire contractors and interior designers from any location, frequent in-person visits may be required to tour properties and determine which ones you want, so it’s not as remote-friendly (until you can hire a team to do tours for you).
REITs (Real Estate Investment Trusts)
REITs are a lot more hands-off than other strategies, but they can still provide a lot of income. You’ll invest in real estate stocks instead of purchasing properties yourself. Monitoring stocks is usually the most remote-friendly investment option, as you can do this anywhere at any time. Generating income from stock investments may take longer, though. Many investors start with REITs before diving into other methods.
Conclusion
All beginner real estate investors will see more success with proper research, goals, and mentors to guide them through the process. Regardless of your goals or investment methods, decent returns can bring you financial freedom and a steady career from any location you desire. Online-friendly real estate investing makes entering the market accessible and efficient. By leveraging digital tools and resources, you can build a diversified portfolio from anywhere.
