Should you invest close to home? It depends on a number of factors, but in most cases I would venture to say that the answer is a resounding no! On today’s show we’re going to talk about the problems that often accompany investing in your backyard.
We’re going to touch on the importance of market research and doing your due diligence. We’ll talk about what you need to do to get comfortable investing out of state, what your rights are as an investor, and the importance of having a great team on your side. Join me for episode 770!
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I guarantee on a weekly basis you will be presented with what appear to be great deals right in your neighborhood. I do not know what the market research would tell us on your neighborhood, do you? Have you spent months to years analyzing the market in which you live? If so, then great! You would then know whether to invest in that market.
If you are simply uncomfortable with the idea of investing your hard-earned money into a property that you are wondering if it actually exists, then go see it for yourself. That brings me to my point, if you are working with a company that is telling you not to visit the property you are purchasing then walk away. There is no reason that you should not have access to your property, it’s yours! Now I understand if there are tenants that need to be worked around, of course, but other than that there should not be any reason to not visit.
More than likely, your best opportunity for investment isn’t going to be in your own backyard. And if you are not comfortable with out of state investment then change that. Go put boots on the ground, see the properties for yourself. Otherwise I would suggest spending countless hours doing your due diligence on your own market analysis to find a deal in your neighborhood.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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