Security is something we all value. We want to live our lives without having to worry about money. Whether that means having the confidence to pay for unexpected expenses or the ability to take a vacation worry-free, we all crave that kind of comfort and confidence in our personal lives.
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New real estate investors usually have the impulse to invest where they are. They want to stick with the market they’re familiar with, the properties they can visit and see, the things they can control.
The idea that they should invest outside of that in markets that are thousands of miles away sounds preposterous! In actuality, remote real estate investing isn't as crazy as it might sound. In fact, it offers some of the best investment opportunities you'll find in real estate.
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Remote real estate investment: it’s a topic that’s a source of contention among investors. Bring it up, and you’ll have two divisions immediately.
One side will swear by it, saying that they love the freedom they found once they took the plunge and started investing outside of their local real estate bubble, while others will say no, no, no...they’d never dream of investing remotely. They say it’s too risky and too expensive.
Which side is right?
Should you invest out-of-state? Can you find success through remote real estate investment? Is it right for you, or should you just keep your investments local? In real estate, after all, they say location is the single most important factor.
If where you invest matters so much, then the remote versus local debate should probably be talked about a lot more than it really is.
For investors who have stayed local thus far but have wondered about expanding outside of your usual range, we’re going to explore some of the common fears and myths, along with the pros and cons, of investing in real estate remotely—whether that means in another city or in another state, or across the country.
Hopefully, we’ll shed some light on the subject.
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Stepping into a brand new real estate market isn’t easy. Your local market is like that childhood friend you grew up with. You knew him, his parents, his third grade teacher, that embarrassing incident in the cafeteria in the fifth grade, and every awkward step all the way through high school.
You know him like the back of your hand. You could not talk to him for years, but meet him for coffee right now and pick up where you left off.
But a new market? There’s so many years you’ve missed out on! So much history you don’t know! How can you ever hope to catch up to people who’ve known that market for years and years?
Here’s the thing: it’s not a lost cause. Plenty of real estate investors successfully invest in out-of-state markets and go beyond their own local areas all the time. Is it more work? Yes. But it’s very, very possible, especially in our Information Age.
If you’ve confined yourself to local markets up until now, you may be a little nervous about breaking into a new real estate market for the first time. But don’t worry: we have tips!