Long-Distance Investing - is it really that straightforward?

[Charlotte Kelso]

I am just starting out on my investment journey, beginning with getting educated. Hoping to get some insights from some more experienced investors! 

Because my market is expensive (Victoria, BC), I am considering long distance investing. I have listened to podcasts where David Greene has shared his experience with long distance investing using BRRR saying it's not that different than investing locally. However, I recently listened to show 63 of the podcast where J Scott shares his experience with long-distance rehabs. He says "The only thing harder than rehabbing at a distance is rehabbing at a distance if you're not experienced." J's description of long-distance rehabbing seemed to involve lots of travel, obstacles, and difficulty finding the right people to help him.

Can anyone share their experiences with long distance investing? Was it really so similar to investing in your local market? Would this strategy work for a beginner? Why might J and David have these differing perspectives?

[Joe White]

@Charlotte Kelso Warren Buffet spoke about why he didn't take advantage of the 90's tech boom. He said he saw people making fortunes; but he doesn't know tech and he doesn't invest in what he doesn't know.

The number one investor skill?

Know Value. You must be able to identify an investment's value.

If you know something is worth 100 and you can get it for 99, why wouldn't you take that free 1?

For that reason, I tend to only invest within my own city. I Philadelphia extremely well - including each little neighborhood. That said, a city has a great many markets.

I see the value of choosing a great market; but I stick with what I personally know first hand.

K