Many people love where they live, but can tell that the pickings are slim for great real estate investment opportunities. On the other hand, here in the Coastal Virginia area, we can tell you as a Hampton property management company that our rental market has a lot of potential. 'Sure,' you might say, 'But I don't even live in your state!'
Thankfully, you don't have to live in the Commonwealth of Virginia to own rental properties if you are willing to put in the work upfront and find trusted local teams to help you with everything from rental property maintenance to rent collection. Long-distance investing is one of the savviest ways to expand your options as a potential property owner and grow a portfolio with staying power and strong diversification.
Want to Add Properties in the Hampton Roads Area? Here's How!
If you don't live right here in Coastal Virginia, you can still reap the benefits of investing in a community with strong rental value. The key is to start by researching this area and learning what you value in a property: are you looking for top-dollar rent and the benefits of new construction, or are you willing to spend a summer putting in some sweat equity on wholesale acquisition to see a nice return on that time investment?
- One of the fastest ways to get the lay of the land is to talk to a Hampton property management company like Renters Warehouse.
- We can help you understand the best ways to make steady rental income through investing in our part of the Commonwealth.
- We know the ins and outs of the market, and we are aware of what areas are up-and-coming and might yield you a tidy profit over time.
There are, of course, elements to get used to with long-distance investing: you'll have to adjust for any time zone shifts when you make phone calls to your property manager, for instance (or inform them how they should be contacting you). However, if you are prepared to be an attentive and thoughtful property investor, you'll find those traits matter much more than where you are physically located.
A Strong Rental Market Benefits You Wherever You Live
Sure, you won't always be in the area when you choose long-distance investing—but in the modern rental landscape, it really isn't necessary as long as you have the right property management services.
- By signing up for full-service Hampton property management with Renters Warehouse, you can do most of your work as a property owner from afar.
- We handle the in-person details of customer service and outreach, following through on rent collection and rental property maintenance. We get in touch with you through email or phone calls for any judgment calls that you want to make for your own building, such as maintenance that can be deferred or handled now.
- You still want to be an active and involved presence in the life of your business, but a property manager is key when you work as a long-distance property investor.
- Working with property management services means you get to oversee this function rather than having to do all of the late-night calls yourself.
Moreover, property managers have the benefit of scale in one place: if you want to have properties in multiple locations, you'd have to have a separate employee or contact in each area if you didn't have a property manager. Instead, you can work with a property management company in each locale that knows the area and can add your properties to their doors under management, providing good value to you—and good service to your renters.
We Even Take Care of the Research
It can feel scary to jump into a new investment in a place where you don't drive by the property every few days. However, a big part of gaining peace of mind is seeing the track record and reputation of your Hampton property management company.
Renters Warehouse has a history of satisfied property owners and happy residents. When you start investing out of state, you may find that the returns are just too good to not expand—but you need the proper research first to find the right property. At Renters Warehouse, we never pass up an opportunity to help the investors we serve to find better picks for their portfolio.
Getting started with property investing (especially from afar) means seeking out resources to help you understand the business and participate well in it. We pride ourselves here at Renters Warehouse Hampton Roads on offering a variety of valuable resources in addition to our management services, whether you're an experienced property owner or just starting with your first investment property purchase.
You can even get started for free when you download your copy of our guide to successful real estate investing in the Coastal Virginia area!