Remote Investment in Real Estate has made great strides due to the advancement of technology. Before the internet, apps along with FaceTime as well as all the other fun things, investors were taking risks of a significant magnitude in the event of buying rentals outside of their own local market.
Today…not so much. However, despite the advancements in technology, there’s a lot of people who are propagating falsehoods regarding remote investing. Let’s debunk a few of those today!
Myth #1 — It’s Too Risky
The most common reason people believe in investing in real estate from a remote location is that it’s risky. Of course this is a myth that has a legacy from the past when investing remotely was the sole option for those who were extremely wealthy or extremely (seemingly) insane. As I’ve mentioned, however, everything has changed over the past 10 years or so. A lot of the risks that are typically associated with properties in remote locations have been eliminated with the introduction of technology like Google Street View and Task Rabbit. Nowadays it is possible to do everything from screen users via video chat, to applying for a mortgage using an app that you can download on your smartphone even if the house that you are interested in is thousands of miles from you! Before, purchasing the property without ever walking in it seemed utterly insane and a lot of risk. Now? Maybe not as much.
Myth #2 — You need to be Nearby In Case of Emergencies
Another commonly held belief is that you need to be close, geographically-speaking, to your rental property in the event of an emergency. In reality, you do not. That’s the reason the companies that manage properties exist! When you sign a contract with a management company they will assure you that they will take care of the emergencies as well as all the other tasks that you’re not on-site with. They’ll be there throughout the day and night to handle issues, repairs, and almost everything that goes through your property and tenants. It is important to locate an excellent management team that you can trust to be able to keep their word. However, with a little study, you’ll be able to locate one of the most experienced managers who can manage the day-to-day duties associated with your property — emergency not excluded.
Myth #3 — Property Management is Too Expensive
Myth #2 is the next myth on the list: managing properties will be “too expensive.” To that, I’ll ask, how much time is it worth? And, no, it’s not that expensive. Take it as follows. You can either invest in an asset and pay an affordable amount to manage the property and then do the job by yourself, and get the smallest savings, if any, saved since you don’t know how to do it. Let me be honest with you here. Are you a skilled handyman? Do you often collaborate with contractors? Are you able to create successful marketing strategies? Are you able to streamline the process of collecting rent? Do you have a thorough knowledge of laws regarding eviction? Most people’s answer would be “nope, not really.” But, let me reiterate how much you really value your time? When you consider the amount of time and work required to manage your property the cost of property management doesn’t appear to be that much, is it?
The truth is that remote investing can be a bit shady with a myriad of myths surrounding it, but ultimately, they are “myths. There are thousands of investors who purchase properties that are far from their homes and, when they make the right choices they are successful! You could be, as well, especially if you select an experienced turnkey firm that will guide and support you through the entire process of the process of investing.
Vairt is a Crowdfunding Platform for Investing, tokenizing and liquidating real estate assets through Block chain. Once you are ready to make an investment, you can make an investment in less than 2 minutes. Sit back and relax as your property gets funded. Vairt analyzes Property Investment Opportunities using a 100-point proprietary screening tool and independent third-party market data to assess the investment attractiveness of each property. We give you the opportunity to invest in Real Estate for as little as $5000. All properties on our platform are listed for 30 days to give investors ample time to raise funds.