Long Distance Investing shouldn't be that hard
What better way to celebrate my return to the US after 3 months than to share with you some of the ways I have found to manage my properties with low stress and minimal fuss while living the freedom-filled life I've always wanted!
I want you to fall in love with REI the way I did, not hate it because you feel tied to your property. This week, I will share some tips on how I manage 13 properties in just a few hours a month, and all from the beach in the DR!
Listen to the Full episode on the Lady Landlords Podcast here!
1) Be upfront
You can and must set boundaries! In my leases, I have a communication plan of how and when tenants are able to contact me and under which circumstances.
You want to be super clear with this!
Not everything needs an immediate response which allows you to be more present. Help you tenants understand when and how you will respond. Personally, I always keep everything in email to have it in writing. For emergencies, we have a Google Voice phone number set up for such situations.
2) Have Your Trusted People Set Up! "Boots on The Ground"
One thing that I must stress is that no matter what you have planned for, you have to prepare for worst-case scenarios. For that, I use "boots on the ground", which consists of having keys for all our properties in a lock box in a specific location and people we trust that have access to it.
If there is ever a need for someone to get into one of the units, we can simply notify that designated person, and we can continue drinking our pina coladas on the beach. Surround yourself with people you trust, be that a friend, family, service person or a realtor that can execute that protocol when needed.
3) Systemize Pretty Much Everything!
Here's one of my established systems that I use. This one is how I find my tenants. I post on Facebook Marketplace and Zillow to advertise my properties, which I can do from virtually anywhere as long as I have Wi-Fi. Then I have a pre-screening questionnaire to weed out people that aren't qualified. I have this already made for each unit and I just have to send it out as an automated response.
Once I find tenants that fit my criteria, I will send out rental applications through a third-party site. I personally use RentRedi (Lady Landlords receive 15% off with the code LADYLANDLORDS by the way!) That way everything is electronic for me to review applicants!
4) Be an Effective Problem Solver
When faced with to-do's and a long problem list, I suggest going for the more daunting and/or time-sensitive tasks first. This way, you spend the majority of your time and energy where it is really needed.
Be more focused rather than spread thin by multitasking in various situations. Where your focus goes, your energy flows!
These strategies are what helped me fill up 3 vacancies while being abroad and done multiple renovations!
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