The Major Drawback of Doing Deals Remotely
Today concludes my virtual investing mini-series. Today I'm going to talk about one of the drawbacks in my opinion on investing in other markets.
Missed opportunities
Some people might disagree with me here but from my experience, I have definitely missed some opportunities being remote and doing deals virtual that I probably would have gotten if I lived in that market. Sometimes I just want to drive to the property myself to take care of whatever issue might be going on and when you are virtual, that can be challenging. I've definitely left some money on the table not living in the markets that I invest in.
I would not say that this is a major issue but it definitely is something that I started to realize as I started doing my deals virtual over the last year or so.
However, I do believe that there is a healthy trade-off. I am fine with leaving a little bit of money on the table by not living in my market so I can live in Southern California and not have to worry about shoveling snow ;).
Do not let this scare you away from investing out of state. When I say missed opportunities, they are very minimal but I had to find one thing that could be potentially negative about doing deals remotely because there's always positives and negatives with everything.
And as always ….
We are looking for some passive partners who would be interested in getting involved in some of our rental and flip deals in New York from a passive perspective. If you were ever interested in finding out how you could get involved, feel free to reach out and we can talk about some potential options on working together.