7 Strategies For Investing In Real Estate When You Don’t Have Time
Real estate business is a very profitable business…
It is a business many individuals go into to make massive wealth for themselves while some wish to go into but are not able as a result of the time it takes.
…..Real estate is time-consuming.
To make massive wealth in real estate business, you have to give yourself enough time. When you for pay a nice property and let it out to tenants, you have to wait on a monthly basis to receive rental collections from them.
It also demands that you put in time in some areas as you will have to face the consequence of delayed checks, requests to renovate properties and other issues requiring time. There are times when you have to wait long enough to resolve issues.
It will not just be peculiar to only one property, as you will have to face same in greater dimension when you add up more properties to your collections. All these facts are enough to discourage someone from venturing into real estate business as many individuals cannot give their time fully into it.
If you are one of such, I have got a piece of good news for you. Are you a very busy professional that desire to invest in real estate but don’t have the time?
Do you engage in a full-time job with great responsibilities that leave you with limited time to consider real estate business?
There is the possibility of venturing into real estate business despite your busy schedule……..
I want to help you out with some time-tested and proven ideas you can implement as a busy person to venture into real estate. These tips will help you in reducing the time it would have taken to engage in real estate business actively.
…….Don’t see real estate as something unachievable with your limited time.
Even if you don’t have time, you can still invest in real estate.
Here is how:
Get the service of a property manager
If you want to invest in real estate properties despite your busy schedule, one way you can achieve this is to get the professional services of a seasoned property manager. Property managers are individuals who engage in the service of taking care of the duties of a landlord.
They are professional in rendering the services of examining your would-be tenants, the collection of rents, giving attention and response to house maintenance issues, and also the management of new and outgoing tenants. With the services of a property manager or a property management organization, you are at peace as they will carry out excellent works on your behalf.
As great as this strategy is, the only disadvantage is that you will pay for such services…..
It might look unwelcoming as it reduces your end profits…..
Since your time is important and limited, it is a great idea that will pay you off.
But I advise that you carry out due diligence before settling for this decision as not all property management service worth your time and investment.
Get someone to inspect on your behalf
Managing your limited time as a real estate investor involves you to use the available resources at your disposal.
A great way to do this is to use the time of other individuals……
You can get trusted persons to help in some aspects or issues of your real estate investment. There is no way you will view all properties you are interested in investing as it will be boring and time wasting.
A good way to go about this is to get someone to do the inspection for you. Some properties will demand you take few days to get to their locations. As a busy person, it will not be feasible on your part to go for the view and inspection.
….Getting someone to do it on your behalf makes your work easier and faster.
To get a reliable person to inspect properties on your behalf is not hard as there are online platforms where you can easily engage someone to examine prospective properties remotely from their places of comfort.
You will get them and pay them a little few. Without having to leave your office, they will provide you with the full details of your intending properties including their interior and exterior features…….
It is a great idea to follow which is most applicable in situations when you desire to invest in properties far away from you in other cities and countries.
Do the screening of tenants proactively
In real estate investment, you have to be proactive especially when you have limited time….
The screening of tenants takes too much time and may seem unimportant…..
But it is good you are proactive about this task as it will help prevent the unnecessary delay in rent collections. One way to be proactive in the screening of tenants is to look for tenants that have track records of consistency and dependability in paying rents and will likely not delay in paying you when due.
Reliable and consistent tenants will also save you the stress and money in property repair thereby saving you of precious time which you can use in other concerns. Do not see this strategy as insignificant as prevention is always better than cure…
….Get proactive today and save yourself from unnecessary time wastage.
Go for properties that will take little or no maintenance
One way to save time in real estate investment is to be selective.
Not all properties are worth your precious time…..
As a busy professional, your time is valuable. Some properties will end up taking too much of your time as you will have to put things in order and right shape before letting out. It takes time to do this.
But avoid such by going with properties that require little or no time for maintenance and upgrade. Examples of such properties are newly built properties as they still maintain their good looks and shapes.
Such properties are the ones built within the last ten years.
…..As such, they will require less of your time.
Make use of automation tools
Automation of the processes of real estate investing is a great way to invest in real estate properties when you don’t have the time.
It makes things easy and convenient for you while you still retain your profits….
You don’t have to physically meet with tenants and clients to strike deals or receive payments. If you don’t value the strategy of engaging the services of real estate property manager as a result of the monetary implication, you can automate the majority of your duties as a landowner and real estate investor by engaging the service of online real estate platforms.
…..An example of such online real estate service is cozy.
You can search online for others……..
These online real estate services provide the advantage of time-saving as you can easily collect payments for rents by tenants online. You can also make requests for the maintenance and upgrade of your properties in an automated way by filling online forms and asking your tenants to do same.
Such a strategy will save you a lot of time and leave you to actively engage in your job and other ventures while passively making money from your real estate investment.
Do your research on prospective properties
To invest in real estate properties even if you don’t have time involves you doing your due diligence on prospective properties.
Many real estate investors have jumped outrightly at prospective properties without doing their homework well.
….They were expectant without adequate knowledge about properties they invested, and they wasted their time. Ensure you conduct adequate research on properties you intend to invest on as it will help in saving you from unforeseen circumstances.
Do not jump at every property thrown at you…..
Researching on properties to invest on will save you a lot of time…
Though it might seem tasking at the beginning, it surely worth it. After you must have done the first phase of research, go ahead to conduct another research.
Do research as much as possible until you are convinced to go with such investment. Some good looking properties might end up wasting your time as you have to spend on renovation, maintenance, and repairs. But where you have done adequate research, you prevent such time wastage. Study the terrain where your prospective properties are. Carry out background checks on your tenants.
Do not leave things to chances…
Network with other investors
Do you intend to invest in real estate without having enough time?
Then you need to pay close attention to this tip…
Do you know that you can leverage on other fellow real estate investors?
……Reach out to other investors.
Go to where they meet.
Connect with them online and leverage on their time. You can ask for their time in helping you to inspect properties.
You can take advantage of their knowledge and information about prospective deals in real estate.