What’s the best way to manage your rental properties if you don’t live nearby? Today’s first caller is an international investor, and she’s worried about things going awry while she’s away. On today’s show, I’m sharing the systems you should put in place in order to manage your rental properties from afar.
Before we get to your questions, I’m giving a rundown on the current state of inflation, and the demand for real estate in 2023. I’m also answering listener questions about leasing a commercial space, and how to decide if you should pay off your mortgage. Click play to hear my answers to your questions!
On this episode you’ll learn:
- Tips for managing your rental properties from far away.
- What to consider about leasing vs. buying a commercial space.
- How to decide if you should pay off your mortgage.
Tips for Managing Your Rental Properties from Far Away
For most investors, managing your properties from out of state or even internationally will not be a concern. You should work with a great team that has systems in place. I’d recommend working with a property management company that uses a solid software. This will allow you to see maintenance requests, payments, leases, etc. You can also schedule monthly check-ins with your property management team to ensure everything is running smoothly while you’re away.
What to Consider About Leasing vs. Buying a Commercial Space
In Garrett Sutton’s book, Loopholes of Real Estate Investing, he outlines a great strategy that entails buying a commercial space in one business entity. That business entity can then rent out the property to another business entity. It’s complicated and has to be done correctly, so if you’re interested, definitely check out his book for the exact technicalities.
How to Decide If You Should Pay Off Your Mortgage
I think paying off your mortgage can be a great strategy, depending on a few factors: your overall debt, your interest rate, etc. In fact, I’ve written an entire book on how to pay off your mortgage. However, I will say that I’ve seen situations where people get too focused on paying off debt. If you’ve got a low interest rate and few other debts, paying off your mortgage might not be your top financial priority. Instead of using those funds to pay down your mortgage, consider buying a performing asset instead.
Ask Me a Question at morrisinvest.com/clayton
Book a Call with Our Team
Rhone.com/realestate ← Use promo code REALESTATE to save 20%!
Loopholes of Real Estate by Garrett Sutton
How to Pay Off Your Mortgage in 5 Years
Download the free Financial Empowerment Bootcamp
Download the Freedom Cheat Sheet
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
Ready To Build Passive Income Through Rental Real Estate?
Ready to talk about your goals? We're here to show you the tools and teach you the process to begin earning legacy wealth for you and your family.