The American dream is all about passive income and working for yourself. However, you might also want to pepper in “being an expat” when it comes to crafting your dreams. One of the best ways to do this is by becoming a landlord in the US, but still living overseas. This can seem impossible when you need to collect rent, deal with maintenance, fill vacancies and basically be on stand-by around the clock for your tenants. There’s a way around this.
When you depend on a reputable property management company, you can pass off the daily landlord tasks to the professionals. Pick and choose which tasks you want others to handle, whether it’s just one item or everything. An a la carte menu gives landlords the freedom necessary to earn that passive rent income from anywhere around the world. However, not all management companies are created equally.
There are landlords who rarely set foot in the US, yet have rental properties around the country. Do your research and choose a management company that specializes in the city where you have a rental. You can enjoy peace of mind by meeting the experts in person, but that’s not a requirement. A great management company will work with you no matter where you are in the world, providing regular photographs of the property and updates.
A rental property is an investment and, just like stocks, you might have the eye for a great investment and the cash, but not the time or experience to manage it on a daily basis. That’s why you use a stockbroker, and that’s the exact same reason why you need a property manager. It’s easily a full-time job managing properties, and suddenly that passive income isn’t very passive.
Choosing your destination
No matter where you plan to put down roots, whether you want to travel the world or become a permanent ex-pat in paradise, all you need to link up with a property management company is decent Wi-Fi. Even in rural areas of developing countries, that’s easily feasible with options like transportable hot spots. There’s no reason an investment property has to keep you tied down geographically. When travel calls, you can answer.
Many people still think of becoming a landlord as something you do when you retire, but it can actually allow you the freedom to travel the world at any age. Get the right managers on your side, and the stress dissipates while the travel options boom