Invest Locally Not Remotely
For some reason I frequently see people not investing in their local market and trying to buy properties across the across the country. I don't know if this is the 'grass is greener on the other side' effect but I strongly recommend against it. This is specifically for people buying 10 unit or less properties. When you get into the large multi unit buildings it becomes a different beast that can trump the concept of local investing. For your average investor, being geographically local to your property is not only ideal, but sometimes a necessity in order to protect your money. If you live in Philadelphia and buy a property in Texas, what is the plan if your tenant stops paying, you find out you actually purchased in a war zone and the property manager decided to leave the business? Are you going to spend hundreds of dollars and days off of work to fly there and handle the issues on a property that is spitting out $75-$100 per month in cash flow? If your properties are local, you can handle any issues that might arise very quickly. Be sure to learn your local market before investing as learning your own market can be tricky enough let alone a market 1000 miles away.
Ian Walsh
215.839.3271
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