You spend most of your time traveling from state to state. By now, you must know the scenery pretty well. You may not know, however, that the scenery can actually help you make more money or potentially even fund your retirement.
One of the things you can do on the road is scout out homes and investment properties. Finding the right investment can be easy when you know what to look for, whether you are trying to find properties close to home or on the other side of the country.
What to Look for When Driving
Up-and-coming areas are often the best options for investment. These areas may not be popular at the moment, but a quick investigation with a professional real estate agent can determine whether they are improving the quality of life for their residents. Do this to avoid purchasing in an area that could result in your property devaluing over time. Identifying these additional things to look for during your travels is important when considering a real estate investment.
How to Spot a Good Investment
Some areas may be rural, and consequently, the housing market is inexpensive. But when investing in real estate, it’s important to consider the market. A weak market can present a problem in areas where jobs are scarce or where a potential buyer or renter thinks the location is too remote. As a carrier moving through rural areas, you will want to keep this in mind and take a look at more than just the housing prices.
Jobs, population changes, and economic growth all matter when looking at investment properties. The property you’re considering should be in good shape without any major defects and it should be located outside of the flood plain. Otherwise, too much money may be spent on repairs and insurance, which will reduce the value of your investment.
Saving Money on the Road Right Now
There are a few ways to save while on the road right now to keep more money in your pocket for future investment opportunities.
For example, increasing truck load sizes—even by a little bit—can add up over time. I recommend using Truckstop.com’s Load Board to find better-paying loads. You can also strategically plan your route by city to scout real estate along the way, ensuring you’re getting paid what you deserve and seeing the best areas America has to offer. Make sure you’re managing your fuel intake with Fuel Desk, and work with vetted brokers so you get paid on time. By keeping careful track of your expenses using the tools Truckstop.com offers, truck drivers who want to invest in properties will have more money to do so.
Kris Lindahl is a realtor, avid fisherman, and blogger dedicated to matching you with the right property. Kris enjoys fishing, spending time with his wife and daughter, golfing, and his favorite high school sport, football. He is named among the best real estate agents in America by Trends and Trulia.
Kris has a bachelors in Education from Minnesota State University, Mantako.