We’ve all heard of “shop local” but how does “invest local” really impact our property plans?
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
If you want to discuss more of this, send me a message and let’s chat!