Can your property management company help you achieve your net worth goals in multiple markets?
As an investor, your creating-wealth strategy might work in your immediate market, but could a multiple market strategy be a better choice? Does diversifying your investments across different markets sound like a better plan to reach your net worth goals?
Why invest outside your market?
- You live in a small town and want to invest in a larger city
- Housing prices are too high in your area, so you are looking for a more affordable investment property
- You want to diversify your portfolio across markets as you might do with stock investment, so if something happens (natural disaster, market prices significantly increase/decrease, etc) in one market, your entire portfolio is not affected.
- You can make more money investing outside your city. If you pick a market that is on the upswing, you have bigger potential of that property increasing significantly in value.
- You have a larger selection of properties to choose from to find the best deal to fit your investment goals.
“There are dozens of markets across the country that have high rental demand, growing economies, and cheaper real estate. These factors make it possible to own a rental property and often mean better returns.
Additionally, some states have higher property taxes or property insurance rates than others. This can affect the overall profitability and return of a rental investment. Investing in markets with a low cost of rental ownership may increase the rate of return.” – Source
Now that you have decided to explore investing outside your market, you will need:
- Someone who knows the rental market in that area to help find a good investment property in a growing area.
- A reputable property management company to take care of the investment for you, the out-of-town investor.
There is a significant advantage to working with a property management company that has a presence in a variety of cities and can help with both.
Does your property management company have the ability to help you invest in multiple markets?
Can you take advantage of better investments in cities you do not live in while feeling secure that your property is being managed with the same level of service you expect across your entire portfolio?
The best strategy might be investing outside your market
If you are new to investing in out-of-town property, it can be a scary step forward. Partner with a property management company that has the resources, experience, and connections to help you take that next step with confidence. Steve Rozenberg discusses the importance of surrounding yourself with the people that can get you to the next level in the video below.
Going From Small Time Real Estate Investor To Big Time
Mynd Property Management has a presence in over 16 US markets (Washington, Oregon, California, Nevada, Arizona, Colorado, Texas, Georgia, and Florida) and can help you build a strategy to achieve your investment goals and create the net worth you desire. Whomever you are working with, it is important to have conversations about your ability to grow and scale without the limits of geographic location.
Mynd offers investors a wealth of information for investors
- Search available investment properties using our INVESTimate® Investment Marketplace. Each listing gives you important investment statistics like projected rent, gross yield, and more.
- We have a library of articles full of information on the markets we cover in our Investing Blog as well as several eBooks like “A Successful Landlord’s Starter Kit: Achieve Healthy Rental Returns Without the Stress”
- At Mynd, we believe that data helps people make the right decisions. We make it our business to equip our owners with real estate trends that help them grow their portfolios. You can download a complimentary research report by region on our market data page.
Ready to expand your investment portfolio in other markets?
If you are looking to invest either inside or outside your market, we’d love to talk to you at Mynd Property Management. We will help you create strategies and identify markets that fit your goals. Contact Mynd today.