We’ve all heard of “shop local” but how does “invest local” really impact our property plans?
I am from the South and invest in the “North East” 💸, and add in to the mix the fact I spend large amounts of time visiting my husband who lives in Bahrain! ✈
🏡 When getting started in property this is probably one of your first considerations, but as I have now been “remote investing” for nearly 3 years I have a pretty good handle on some of the things to consider. 💻
“Invest local”
- Option to self-manage and easy to “pop” into projects 🤩
- Attend local networking events and build your peer group 👨🏻🤝👨🏻👨🏾🤝👨🏻
- Get known in your local area and know your area like the back of your hand 📍
- Less travel time and costs 💰
- Consider that the starting threshold to buy a property may be much higher than you can afford 📈
- Return on investment may be lower in relation to spend 📉
- Properties supply may not meet your chosen strategy 📊
“Remote Investing”
- Depending on how remote either a flight and / or long car journeys! 🛫
- Factor in “down time” when driving and time spent in the car. 🚗
- Cost of travel and hotel stays 💸
- Impact on your home life and job if working 💻
- Greater time researching and getting to know your area 📌
- Harder to manage problems from a distance 🗺
- Networking opportunities not on your doorstep 🚪
- A big plus – potentially more economical to start your property dream from afar 🌍
- Technology makes this so much easier to undertake DD 👩💻
- Greater portfolio diversification 🌐
Whether “local” or “remote” there is no better time to start! ⏳
