There are many good reasons to get started with real estate investing. For some people, it’s an opportunity to challenge yourself and grow as a human being. Some people are passionate about real estate, and they love learning more about properties and the curve of the real estate market. And of course, some people are just interested in making as much money as possible.
But one advantage of real estate investing that’s often overlooked is its ability to help you travel more frequently. Why is real estate investing often conducive to travel?
The Perks of Real Estate Investing
Real estate investing is appealing for a number of reasons:
- Easy learning and licensing. It might be a stretch to say that learning how to invest in real estate is “easy,” but it’s certainly a lot easier than it’s been in the past. These days, you can learn everything necessary to obtain your real estate license online – and become a licensed real estate agent in a matter of weeks. Usually, it takes several years to get the experience necessary to make smarter real estate investments, but you can get started almost immediately.
- Strategic flexibility. Real estate offers significant strategic flexibility. You can build a massive portfolio or focus on a small handful of properties. You can invest in commercial or residential real estate. You can focus on long-term growth or passive income. The choices are yours.
- Opportunities for newcomers. Some people are intimidated to begin real estate investing because they don’t have much money to start with. Apartment buildings cost millions of dollars, and single family homes usually cost hundreds of thousands – most people don’t have this readily saved up and ready to spend. However, thanks to loans, group purchasing power, and other options, even newcomers have the opportunity to get started with real estate investing.
- Passive income. Passive income is vital for building wealth efficiently, And real estate investing is a great way to establish lines of passive income. With a rental property, you can collect more money in rent than you spend in ongoing expenses, representing a significant monthly profit that doesn’t require much work on your end. This is also scalable, since you can keep adding rental properties to your portfolio, multiplying your earnings without demanding much extra ongoing effort.
- Unlimited potential. Many people have become self-made millionaires and built empires with real estate investing. Even more people have used real estate investing as a small way to boost their earning potential. There’s room for people at every part of this massive spectrum, and real estate investing itself has unlimited potential.
The Call to Travel
So why does real estate investing give you an excuse to travel?
There are a few good reasons:
- Evaluating new areas and new opportunities. Some people focus on real estate investing wherever they currently live. There are some advantages to this; for example, you’ll have a more intimate knowledge of the area and a better sense for how it’s developing. You’ll be able to manage the properties yourself, in person whenever necessary. And you’ll have an easier time touring properties to potentially buy.
However, buying property overseas or across the country could work even more in your favor. Broadening your scope of potential properties we’ll introduce you to far more opportunities, and potentially allow you to buy in at lower prices. You’ll also have a higher likelihood finding areas with potential for explosive growth in the future. However, to be confident in your decision, you’ll need to understand the area inside and out – which means you’ll need to travel there to get the full picture.
- Checking in on existing properties. Once you purchase new properties to add to your portfolio, you’ll need to check on them on a periodic basis. You can hire a property management firm to take care of the property for you, but it’s still a good idea to inspect the property yourself at least occasionally. At a certain point, you may also be able to establish a reliable vacation home for yourself, serving as a vacation getaway and a real estate investment by itself.
- Learning from other experts. Traveling to new places is also a great way to meet new people, which means getting to know real estate agents in a multitude of different areas, with diverse different experiences. Getting exposure to all these experts can make you a savvier and more experienced real estate investor in your own right.
Wanting to travel shouldn’t be your only reason for getting into real estate investing, but traveling is a nice fringe benefit. Once you have your real estate license, and you have a bit of experience under your belt, your traveling will likely only increase your earning potential.