Many real estate investors are cut from the same, exciting cloth. They want to do new things, and many real estate investors, or prospective investors, have the travel bug. But don’t you need to be present to make a real estate investment?
It may seem like a life of travel may not fit with a life of real estate investing, but that might not be exactly the case, according to Nick Trimble. This real estate investing pro has an impressive investment portfolio and history, and also loves to travel.
We sat down with Nick to talk about options for investing while abroad, and why flipping homes from far away may not be such a far-fetched idea.
Remote real estate investing is a thing
The real estate investing industry has changed a lot over the past few years, and now, there are endless digital resources which enable remote real estate investing in general. According to Trimble, it makes perfect sense: plenty of investors want to get involved in properties which are far from their own backyard.
Many investors buy out of their home state, for example. So, in general, remote real estate investing is very much a practice, and according to Trimble, it can also be applied during travel.
Some of the tools that enable remote real estate investing
According to Trimble, there are certain tools and tricks you can use, if you’re looking to get involved in remote real estate in general. You can easily hire experts to renovate your property from afar, for example.
If you want to manage a rental property, you have the option to put in place a property manager, so you don’t need to be present. Plus, certain technological advancements make remote real estate much more possible.
You can do market research, check out the competition, and even find potential clients (such as renters) from the comfort of your couch. Or that beach you’ve been dreaming of.
What’s the best form of remote real estate investing?
There are several different methods of remote real estate investing for you to consider. There has been a surge in fix-and-flip properties during the coronavirus pandemic, because there are plenty of good deals sitting on the market. And it’s definitely possible to fix-and-flip homes while you’re abroad.
You would need to be able to get a good idea of the property, and coordinate repairs, but it’s possible to outsource these tasks to a person in the area, as well as a contractor.
If you’re concerned about the “fix” part of fix-and-flips from abroad, you could always turn to wholesaling.
Wholesaling involves you selling properties without any renovations. You simply act as the middleman, finding a buyer for a property already on the market, and sell that property at a markup. This would involve excellent networking and negotiating skills, but it’s definitely possible, according to Trimble.
More from Nick Trimble
Want to learn more from Nick Trimble? This real estate investor has recently just launched his website where he shares his experience in rental properties, fix-and-flips, and everything in between.