Are you thinking about getting into Rent Estate™? There are many reasons to do so! Buy-and-hold real estate (what we refer to as Rent Estate™) tends to be a good long-term investment—even when economic conditions are not ideal.
However, owning rental property is more than just owning a second home that you don’t live in! To build a successful DC property portfolio, you have to choose the right strategy.
As your professional DC property management partner, we have some key tips to help you achieve this goal of financial freedom!
What Strategy Is Right for You?
There are many ways to invest in real estate. Ultimately, the strategy that is right for you is the one that fits your unique needs as an investor and benefits your financial freedom.
- Keeping your spare home, maintaining it well, and selling it later may yield some profit as the DC market heats up.
- You may even consider buying homes in poor condition, putting considerable time and effort into fixing them up, and then selling the property as a fix-and-flip investor.
The above strategies can work if you have the skills to do so. Yet, there is a much more straightforward option for building a profitable, effective real estate investment business: owning Rent Estate™.
As a professional DC property management company (and founder of the Rent Estate™ strategy), we support buy-and-hold property investing as a way to truly generate long-term wealth—and financial freedom!
However, there are certain ways to approach investing that benefit investors more than others.
Why Not Trust That Sign on the Side of the Road?
When you decide to invest in real estate, you need to know who to trust. Unfortunately, a lot of people will take advantage of those without investing experience to generate a profit. Do you think you should trust a sign that is taped to that streetlight by the local Starbucks? If these people were profitable, would they advertise in this way in a market like DC? Not likely.
Other scams could put you at risk, too—especially on social media. They tend to point out just how easy it can be to buy homes and profit from them using their 'unique method.' Other scammers target those who need to sell their home fast because they're strapped for cash or tired of the property. These are not ideal opportunities to earn wealth: they are high-risk real estate scams.
This is why you need to know who you can trust before you ever start investing—which means you need to start building these connections first!
Forge Trustworthy Investing Partnerships
One of the things any professional DC property management company will tell you is that you need the right type of investment strategy to achieve your financial goals. One of the best ways to do this is to find an investor group with a proven track record or work with a skilled, local property manager who understands the DC market. You can learn about these types of investors in many ways, but the key is to recognize what you can 'get' from a group.
For example, there are various ways to invest in real estate.
- Some methods require a significant amount of capital upfront.
- Others require a considerable level of expertise in home renovation.
When you work with a team of investors who are rental property buyers, they can help you to learn the process. They can also guide you towards choosing ideal properties in the right neighborhoods around DC to maximize your return on investment. Working with seasoned investors also helps you gain knowledge of the industry in your local area, which can help you find better renters.
Are You Ready to Make This Trek Alone?
Some people want to build their real estate portfolio on their own; that is, they want to buy a property and rent it out. This is an exceptional opportunity for you to build a solid rental business that is realistic in terms of profit potential. However, even with a solo approach to investing, there are some strategies that will help you achieve the best outcome.
- One approach is to invest in turnkey properties. As its name implies, this type of home is rent-ready from the start and often comes equipped with a renter already—meaning you start earning fast.
- Turnkey properties don't require considerable renovations: the work is already done for you! These homes don't need modernizing. You can buy the property today and move your renters into it tomorrow.
- The value here is that you do not have to put in any more work or money into the property to profit from it—especially if you choose a turnkey property that's already under the care of a professional property partner.
Stay Out of the Weeds with Property Management!
A skilled DC property management partner can make investing easier for you from start to finish. At Renters Warehouse DC/NOVA, our Rent Estate™ Advisors will work closely with you to help you establish your business.
- This can even include helping you find an ideal first (or next) rental property to buy after analyzing the market to provide you with insight.
- We then help you to get your Washington DC property marketed to the right type of renters that fit your criteria as an investor, followed-up by our thorough screening process.
- We can even make the entire investing experience hands-off with our detailed inspections and online rent collection services!
With our Rent Estate™ Advisors, you can build a strong and healthy real estate investment business using a proven investment strategy.
This is not a gimmick: the right property management is something that every seasoned investor in DC relies upon! You can make a strong portfolio from rental properties—especially with the help of an expert DC property management team like Renters Warehouse DC/NOVA.
How can we help you start growing your financial freedom? Get started with your free copy of our Guide to Real Estate Investing: Grow Your Portfolio!