When most people think of real estate, the first thing that may come to mind is a real estate agent. Then they might think of the hours of work, hard work connecting with new clients, and the negotiating and paperwork that comes with all of it. Being a real estate agent is simply one way to make money off of properties. There are plenty more, and most of these options can be done remotely, from the comfort of your living room or wherever you are in the world. It’s important to create good systems that support your real estate business, but here are a handful of the best remote real estate opportunities.
Virtual Wholesaling Contracts
One of the more emerging business options is virtual wholesaling real estate. While traditionally, wholesalers are located nearby and go look at properties before they buy, the virtual wholesaler operates much differently. First, they can be anywhere. Because technology enables them to view contracts, sign, pay money, and more remotely, this opens up a world of opportunities when it comes to buying and selling wholesale contracts.
The wholesaler is the one who bids on a property, then gets the property under contract. When they do this, they are agreeing to purchase the real estate themselves or assigning the contract to someone new. This someone new is typically a real estate investor. These investors may be looking to buy properties for rentals, flip and resell, and more. The wholesaler has no intention of keeping the property long-term. Instead, they sell the wholesale real estate contract for a wholesale fee, or they can go to closing and simultaneously sell the property to another investor as soon as the closing is complete.
Because they do not need to be present to view the listing, this entire transaction takes place remotely.
Industrial Property Leasing
Industrial properties are used for many purposes from warehouses to large-scale manufacturing facilities. As companies expand operations, they may even need locations for data centers. Owning industrial properties in high-demand locations means that you’ll always have a tenant who wants to use the land for their business purposes. The great thing is that you don’t usually need to worry about things like maintenance and other repairs because the lease agreement can be designed to put the responsibility for these things on the business that leases the property.
They are a bit of a niche, so it’s important to understand the ins and outs of this market, but the good news is that you don’t need to be present to do it. You can be on the beach in Florida, making a deal for an industrial property in Texas using your computer and your phone.
Retail and Strip Malls
Retail can be a finicky thing. While big-box stores seem to do okay, smaller businesses can be impacted more when the economy slumps. It’s important to consider retail options that incorporate a mix of both bigger and smaller retail stores. You don’t need to be present to invest in this type of real estate, but you do need to do some big market research before you go all-in on the latest abandoned retail property you find online.
Once you find a good opportunity, it may be important to make a few upgrades to the exterior, the parking lot, and other visual aspects of the property to make it more desirable not only for shoppers but for the businesses who end up leasing there. Additionally, it may help to find businesses for the leases before you commit to any properties.
Multi-Unit Residential Properties
Did you know that the person who owns the average condo or apartment building doesn’t live nearby? In fact, sometimes the company is in a different country. What does that mean? It means that these multi-unit residential properties are the perfect remote real estate opportunity. What you need is a fabulous property management company, the resources to get started, and the ability to identify your business goals. You don’t want to jump into something just because it sounds cool. The more knowledgeable you are in the real estate arena, the more likely you can cash in on some great deals. You don’t need to be present to invest in and make money from real estate.