It’s no secret that I am an avid traveler.
In fact, I’ve spent almost the entire summer adventuring across Europe.
But a question I’m often asked is how do I manage it all. Meaning…how do I wrangle together entities and bank accounts, invest out of the country – all while adventuring through enchanting cities of Europe and meeting up with friends in all corners of the globe?
I’m not going to pretend it happened overnight – because it didn’t. But once I mastered my systems and workflow processes, the investor lifestyle most consider too good to be true became almost effortless.
How complex and robust is this system? Very. Getting into it through one email may not do it justice, but I’m thinking a quick overview of how I manage properties could be helpful.
Check out my workflow at a glance:
Asana Project Management:
I use an Asana template to onboard new investment properties. We’ve made it so I manage tasks for acquisitions, financials, and finances while my husband deals with PM and contractors. It’s these systems that ensure we don’t miss a step when making these investments remotely.
Create an LLC:
After due diligence, I create an LLC for the property. I’ll either use a third-party company or file myself depending on if the state requires a local registered agent. Then, I’ll file the EIN.
Bank Account Information:
Articles of Incorporation, an EIN, and operating agreement all go to my banker. And nope, no need to visit in person. This is all remote!
On to the Next Deal:
Finally, we sign up for an auto-pay for the mortgage, hand everything over to the PM and our bookkeeper, and start the process all over again for the next deal!
Got questions about systems for managing entities and bank accounts remotely or the tools behind these workflows? Reply and I’ll get back to you with more information.
And if travelling, fun, more time with family, and building passive income sound like the life you want to lead, I encourage you to join our Facebook Group Network of other like-minded investors to get started on your journey!
Alright, I’m off to enjoy my next adventure this afternoon. Until next time!