The Essential Guide to Managing National Real Estate Investments
To receive the largest ROI, we tell our customers time and time again that you need to get out of your comfort zone and start investing outside of your own backyard. For example, Fannie Mae and Freddie Mac sold $22.2 billion in Non Peforming Notes during the first half of 2019. Nearly half of these loans were located in New Jersey, New York, and Florida. If you live in any of the other 47 states right now there is ample opportunity for investing nationally.
But, what is the secret to managing nation real estate investments? How does an investor manage their assets while sitting at their home enjoying their morning coffee?
We have the essential guide to managing national real estate investment:
1. Educate yourself on the area: Do your research and find local realtors. Nobody will know an area better than the professionals who are constantly learning home prices and fluctuations in a local economy. By speaking with a professional you can get a good understanding of the investments, local prices/comps, local economic situations, etc.
2. Find local service providers: To carry on the actual management of your investment properties, you will need to find reliable contractors. Electricians, plumbers, or even painters and HVAC contractors are essential in maintaining the upkeep of a home ensuring you keep your home value as high as possible. One of the benefits our customers receive when they purchase real estate investment properties with us is a list of servicing companies who work nationally, so you can contact one company to handle all your property management needs.
3. Automate financial collection efforts: If you are the owner of a re-performing distressed note, it will be beneficial to automate your monthly mortgage collection efforts. A note servicer plays a very important role in managing your assets. By hiring a note servicing company you can delegate the time-consuming tasks to them…. such as debt collection, loan modifications, foreclosure proceedings, etc. They worry about the heavy lifting, and you can worry about more important tasks. We have list of servicers who can handle any financial collection efforts at your direction.
Managing out of state investments does not have to be daunting or unattainable. Setting up a network of reliable resources will help your investments run on autopilot, ensuring your real estate investment properties are well managed.