I sure most people with have heard the term – “Remote Investing” or “Remote Property Investor”, when starting out in property a question often wrangled with is should I invest locally or should I invest in another area?
Our remote is a whopping : 3473 miles one way!
So if you are considering investing remotely there are a few things to consider:
- Do you want to be hands on and active in your local area?
- Do you want to be hands off and build a power team and target somewhere else?
A very simple question, but one that is actually quite hard to answer!
If you want to be hands on and say manage your own properties; can you respond to an emergency call out when the boiler breaks at 2 am on Christmas Morning (they always do don’t they!) and you live 200 miles away?
Or do you want the benefits of investing in property without getting your hands dirty! Where you have a trusted team to manage your properties at a distance, source and work with you to achieve shared goals?
Considering where you want to invest is vital for your success.
WHY?
Investing in your local area may not be affordable.
- The strategy you have chosen may not suit your area.
- You may not have the time or experience.
- You may not have enough money for the area you live in.
- You live abroad but still want to invest in the UK.
- Some people don’t have a choice; work and family commitments may dictate availability.
- There are hidden costs in travelling to another area; fuel, hotels, food, time; factor these in.
- What are your skills in business and life; how can they be employed in the world of property?
COVID has made these decisions much harder; I arrived in the UK on the 13th of May (our tenants had moved out and we used it as an opportunity to remodel the property). So a number of rule changes by Boris, rescheduling of a property development course, multiple networking meetings, two trips to Newcastle Upon Tyne and a number of catch up appointments! I am still here 🙂
When building a business, there is always compromise, long hours and challenges. For us; we knew this and we were happy to accommodate them! Property is a long term strategy for us 🙂
My time in the UK has been invaluable; from building our #FlexHomes property specification, to meeting suppliers, setting up trade accounts, building contacts with professional and credible trades and working closely with our Project Manager. All these things allow me to have confidence that 3473 miles is a drop in the ocean!
What suits you, your family and your lifestyle? Research and reach out to your network to sense check your thoughts!
If you are a remote investor living in The Kingdom of Bahrain, or the Gulf and would like to find out more about our journey; feel free to reach out.
