How To Get Passive Income Through Real Estate Investing in Boise

agentoperations • January 18, 2022

There are two types of investors in the investing world: active and passive. An active investor owns investments and manages the properties, finds tenants, hires professionals for repairs and projects, and collects rent. With all those tasks, it’s likely to be a full-time job. A passive investor doesn’t require as many intense and repetitive tasks as an active investor. Instead, they fund the investment then outsource for the property tasks. If you want to be a passive real estate investor, here’s how to get passive income through real estate investing in Boise. 

Step 1: Assess Your Finances

The first step is doing a financial analysis of what you have saved and still need to save. This is the time to budget out how much investing will cost you. What’s the maximum amount you can pay for a house? Are you paying in all cash or taking out a loan? How much of a down payment will you put down? Do you have enough saved for emergencies? Do you want to buy a property that’s move-in ready or do you want to remodel? All of these are crucial questions to ask yourself before making a big financial purchase like investing in property. 

Step 2: Create Your Goals for Real Estate Investing

Now that you’re financially stable or have a path planned out for it, you can move forward to your goals. With passive income, it usually implies the property will be a long-term investment so create goals that match the long term. Will the property be used for short-term or long-term rentals? When do you want to pay off the mortgage? Or if it’s already paid off because you paid all cash for the property, how much money do you want to make off the property in one year, three, five, and ten? All these questions are S.M.A.R.T goals: specific, measurable, attainable, realistic, and time-bound. 

Step 3: Hire A REALTOR® for Real Estate Investing

Now that you’re clear on your finances and goals, you can look for properties. The most effective use of your time and money is to hire a REALTOR® and one familiar with buying investment properties for clients. At Boise Turnkey Properties , we work with each investor individually to find properties that meet their criteria and negotiate a great deal on their behalf. This means doing the research on the location, price, area surrounding the location, and more. 

Step 4: Hire A Property Management Company

Once you close on the property, it’s time to turn that investment into a profit. The quickest way to do that is by hiring a property management company. The company will market your property, find tenants, maintain the property, collect rent, etc. A benefit of working with Boise Turkey is having access to our sister company, CohesionProperties.com , which will screen, place, and manage high-quality tenants for you. 

If you’re ready to make some passive income and get into the Boise real estate investing industry, contact us! We make investing fun, attainable, and easy. Call (208) 957-0870 or email Info@BoiseTurnkey.com. 

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