How To Reduce Risk As A Remote Property Investor | TIPS
Hey guys, my name is Masud and in this video i discuss how to reduce your risk as a remote property investor. The first way to reduce your risk to losing money on your investment is to firstly buy at the right price! Sounds simple enough right. But how exactly do we do that? Well the first step is diligently researching your investment patch and understanding what the sold prices are for the particular type of property you’re after. Once we have a clear understanding of how much a property is worth, that’s when we can look to see if we can get a deal. Other ways of doing this are speaking to local investors or people on social media. For instance if I was looking to invest in say Manchester as a Londoner and I’d never been there before, the first thing I would do be to go on Rightmove and check out the sold house prices of the properties which fit my target spec. 2) Buy in a good location The next thing we can do to reduce our risk as remote investors is to invest in a good location. Now what’s a good location you ask? Well a good location is relative to your objective. And what I mean by that is for instance if your goal is to invest in buy to let properties tenanted by growing families because you want good long term rental income then investing right in the centre of town may not be the most ideal place for that demographic as it’s full noise, bright lights and all the action. You probably want to go away from the centre a couple of miles somewhere more quiet, with good schools around and close by to shops. 3) Get a good letting agent You probably want to get a good letting agent simply because they will collect your rent, inform you of any repairs and generally be your eyes and ears at the property. One thing I’ve learnt through experience is to ask around other investors for their best letting agents and any they would recommend, that way you can skip the time wasters. Another thing I’d say on letting agents is even though you’d like to trust them with being fair and reliable. The truth of it is not all people are. And because of this you’ll run into the odd bad egg or two over your time who may try and quote you an extortionate price for a door handle repair or to fix the shower. I’ve heard countless stories of landlords being sent invoices for hundreds of pounds to fix something that could take a couple of minutes with a reliable handyman. So that’s exactly what I recommend. Getting a local handyman in the area and becoming friends with them will help you should you need any fixing around your property. Get good tenants - I know what you’re thinking, Masud I could have come up with that one myself! Well yes that’s true but I’d just like to add that you might want to find out what is the vetting procedure your letting agent carries out and if you want to add in anything to help you feel more secure with your tenants. Hope that helps guys, leave me a like, comment and subscribe and see you in the next one! _______________________ Connect with me: Instagram: https://www.instagram.com/masudsaeedi/?hl=en Facebook: https://www.facebook.com/masud.saeedi.73/ TikTok: https://www.tiktok.com/@masudsaeedi?source=h5_m&lang=en Snapchat: masudsaeedi #remotepropertyinvesting #remoteinvestor #buytolet
Hey guys, my name is Masud and in this video i discuss how to reduce your risk as a remote property investor. The first way to reduce your risk to losing money on your investment is to firstly buy at the right price! Sounds simple enough right. But how exactly do we do that? Well the first step is diligently researching your investment patch and understanding what the sold prices are for the particular type of property you’re after. Once we have a clear understanding of how much a property is worth, that’s when we can look to see if we can get a deal. Other ways of doing this are speaking to local investors or people on social media. For instance if I was looking to invest in say Manchester as a Londoner and I’d never been there before, the first thing I would do be to go on Rightmove and check out the sold house prices of the properties which fit my target spec. 2) Buy in a good location The next thing we can do to reduce our risk as remote investors is to invest in a good location. Now what’s a good location you ask? Well a good location is relative to your objective. And what I mean by that is for instance if your goal is to invest in buy to let properties tenanted by growing families because you want good long term rental income then investing right in the centre of town may not be the most ideal place for that demographic as it’s full noise, bright lights and all the action. You probably want to go away from the centre a couple of miles somewhere more quiet, with good schools around and close by to shops. 3) Get a good letting agent You probably want to get a good letting agent simply because they will collect your rent, inform you of any repairs and generally be your eyes and ears at the property. One thing I’ve learnt through experience is to ask around other investors for their best letting agents and any they would recommend, that way you can skip the time wasters. Another thing I’d say on letting agents is even though you’d like to trust them with being fair and reliable. The truth of it is not all people are. And because of this you’ll run into the odd bad egg or two over your time who may try and quote you an extortionate price for a door handle repair or to fix the shower. I’ve heard countless stories of landlords being sent invoices for hundreds of pounds to fix something that could take a couple of minutes with a reliable handyman. So that’s exactly what I recommend. Getting a local handyman in the area and becoming friends with them will help you should you need any fixing around your property. Get good tenants - I know what you’re thinking, Masud I could have come up with that one myself! Well yes that’s true but I’d just like to add that you might want to find out what is the vetting procedure your letting agent carries out and if you want to add in anything to help you feel more secure with your tenants. Hope that helps guys, leave me a like, comment and subscribe and see you in the next one! _______________________ Connect with me: Instagram: https://www.instagram.com/masudsaeedi/?hl=en Facebook: https://www.facebook.com/masud.saeedi.73/ TikTok: https://www.tiktok.com/@masudsaeedi?source=h5_m&lang=en Snapchat: masudsaeedi #remotepropertyinvesting #remoteinvestor #buytolet