Seattle, including it’s surrounding areas such as Bellevue, is one of the best parts of the U.S. to invest in property, but if you aren’t necessarily in the area, then you have to think smart if you still want to get started investing. The Puget Sound area offers high long term returns, compared to most of the country which offers immediate high returns and then lower long-term. The result is that the entire area is prime for large investors who want to set themselves up for a few years of losses, and then profits. If you don’t live in the Seattle or Puget Sound area but still want to invest in property in the area, you can do so following a few simple steps.
Find a Good Realtor
The first and most important part about investing in long-distance property is finding a good realtor. Unless you want to fly to Seattle and then tour properties before you buy them (which is a good idea if you are buying larger units), you have to trust the realtor to find you a good property. Whether that involves finding the most affordable home or units you can find and buying those in hopes of fixing them up, or trying to find a good deal on ready to rent property is up to you.
Find Your Property Manager
The most essential part of owning long distance rentals is finding a great property manager that you can trust with the day to day details of finding a tenant, handling maintenance, collecting rent, and paperwork. You want to find a company that works in the same specific area as your property. For example, if you’re buying specifically in Bellevue, then you need a Bellevue property management company. This is important for ensuring that the company not only works in the area, but also that they have the contacts to handle the repairs and maintenance, which you won’t be able to do. You also want to check their qualifications and credentials before you make a hire to ensure that they are worth your time.
If the home is in need of repair then you either have to hire a property management company first or take a trip to see your new property and hire a contractor to fix it up. In either case, it is important to do your research and check reviews because unless you are already quite sure of their reputation.
Investing in long distance property has its pros and cons but so long as you find a property management company you can trust, then all you have to worry about is choosing how much you want to invest and choosing the perfect rental property. Of course, you will have to do a good deal of your business via phone or email, but you do get to invest in property that otherwise would not be accessible to you.