As a real estate investor, your income depends on understanding and executing various investment strategies. Often women investors face barriers for financing, networking and knowledge because men traditionally dominate real estate investing. Breaking into the boys’ club isn’t always easy or possible, but women investors can start their own club. That’s what we’re doing at Real Estate Investing for Women (REIW).
Virtual real estate investing is one strategy that breaks down barriers to entry. Women can access investment opportunities from anywhere. In fact, with virtual investing, you can target the best investment markets in the country all from the comfort of your home.
What is Virtual Real Estate Investing?
Virtual real estate investing is essentially the same as traditional real estate investing. However, with virtual real estate investing you use technology, like the internet, to connect you to markets outside of your local territory. Virtual real estate is simply investing in real estate using online tools to find, purchase and sell properties remotely.
In today’s connected world, virtual real estate investing has opened an entire new domain of opportunities. Even if your local market isn’t in great shape for buying or selling, you can search other markets for great deals. In fact, even when your local marketing booms, you can spread your reach and diversify your investment portfolio with virtual real estate deals.
Tools and Resources to Get Started with Virtual Investments
Knowledge is key to successful virtual real estate investments. Just like with other types of real estate investment, online and onsite training speeds up the learning curve. Another great way to gain industry knowledge is with a real estate investing coach or mentor. You can learn effective strategies and common mistakes from an expert.
Virtual real estate investing is an emerging concept, which means the regular introduction of new technologies. Stay on top of the industry trends and knowledge to ensure you are accessing the most current tools available.
- Real estate websites – Zillow, Trulia, HomeFinder and other sites offer information and real estate listings for markets around the country.
- Local network – In the virtual marketplace, you can connect to contactors and real estate professionals to find support for your property improvements, renter management and even for closing deals.
- Real estate market reports – State and local real estate associations offer online market reports for quarterly and monthly summaries of area real estate activity.
- Local government websites – Most counties and towns have websites with the laws and regulations for their specific area. This usually includes required paperwork and procedures. Many counties also list probate, tax delinquent and foreclosure properties online.
- Online real estate investment groups – REIW offers online support from other likeminded women to answer questions, provide encouragement and build your network.
- Social Media and Website – The internet provides ample options to market your real estate investing business outside of your local area. Through social media sites and a quality website, you can connect with potential buyers and sellers anywhere.
- Google Earth – Google Earth provides a satellite view of properties around the globe. This bird’s eye view shows you exactly what’s around a property.
Types of Virtual Real Estate Investing
Virtual real estate investing includes many types of investment strategies, although some strategies translate better than others. For example, virtual wholesaling works easily compared to probate properties where you may need to be present for a live auction. However, if you are interested in a solid investment market, you may find buy and hold or fix and flip investments work well virtually. With the right team and tools in place, you can explore a variety of properties and investment strategies.
Wholesaling – Virtual wholesaling may be the easiest type of virtual real estate investment. With wholesaling, the investor doesn’t take ownership of the property. Even when dealing with wholesale properties in your local area, you may treat the deal as a virtual deal.
Buy and Hold – With buy and hold investments, the investor doesn’t sell the property right away. In many cases, the investor rents the property. For these deals, virtual investments require support in the local area. This may include contractors or property managers. However, virtual buy and hold works well in communities with new or potential growth.
Fix and Flip – It’s trickier to flip houses virtually. But, it’s possible. The key is to build a strong support team. For fix and flip virtual investments, you may want to stick to specific areas with lots of potential. As you build a local network of contractors, you’ll be able to schedule improvements remotely.
Probate, Tax Delinquent and Foreclosures – Targeting probate, tax delinquent and foreclosure properties make is easy to locate properties in a new market. You must know the rules and regulations for each county to understand the process for purchasing these types of properties. You can then decide whether to treat the property as a buy and hold or fix and flip.
More Real Estate Strategies – Don’t limit yourself to one type of virtual real estate. Try out different markets and strategies to see what works for you. Start with virtual wholesaling since it is typically the easiest and quickest method. Then move on to other investments as you build your network and knowledge.
Benefits of Virtual Real Estate for Women
Virtual real estate investing works particularly well for women investors. Women often must balance family, traditional work and their investment business, especially for new investors. Virtual real estate means you don’t have to be physically present to conduct the deal. This flexibility allows you to buy and sell real estate from anywhere.
Also, being the only woman in the room often feels intimating. When you aren’t in the room, but instead communicate online or over the phone, that intimidation fades. Virtual real estate investing is a great way to even the playing field. Overall, virtual real estate investing offers women another way to reach financial freedom and independence.
REIW Offers Support
At REIW, we offer an online community of likeminded women, training and support. As female investors, we understand the barriers and unique challenges women face in this industry. That’s the reason we launched REIW. We’re passionate about supporting other women and building a community of strong and independent women real estate investors. Contact us today to join our community or to learn more.