All Forum Posts by: Payton Pearson

I was wondering, for newbies and pros alike, what are your thoughts on long-distance investing? Many people see real estate as kind of an anchor and therefore exceptionally difficult to invest at a distance, but if you look at people like Grant Cardone, eventually it becomes an absolute necessity.

What do you all think? What are your experiences? Positives, negatives? Theories that are true, theories that haven't seemed to be true for you or your friends, etc.?

@James Gates Yes, I am trying to discern how difficult it is, because there may come a day where I move away from my primary location of real estate acquisitions. That is, people typically see real estate as an anchor, and in some ways it is, but it doesn't have to be.

So what have been your difficulties, what has been easier than expected, etc...?

I would love to hear what you think about long-distance investing--your experiences thus far.

To put it in perspective, I live in Ohio. You can typically get a house for $70,000, and a halfway decent one at that. That comes to around $450/month with a 30-year mortgage.

Working at $15/hour, 40 hours per week, you will make about $2100 after taxes per month. Including ALL expenses (groceries, car gas, electricity, internet, gas, etc...), you can expect to spend about $750-800/month if you're a normal person. That means you will save about $1350/month which is $16,200/year. This can be a 20% down payment on an $80,000 duplex around here (typical price) which you can use as an investment property.

It's clearly about how much you spend, because you don't need to make that much money to buy properties.

@Nicholas Cangialosi 41% in perpetuity. They're partners in the property. If they decide they no longer want to be a part of the venture, I'll buy them out.

@Ronald Rohde I could have, indeed. But my parents put their trust in me. I have a track record of sound financial decisions/helping them with their finances.

@Benjamin Gallant Well, an inspection prior to buying the property is always key for discerning needed repairs, but typical time of useful service for any component of a house are only estimates. The actual time something can last varies fairly widely.

I know eventually though, that my 4-unit will need to have its roof replaced. Repaving the garage and driveway, while not entirely necessary, are things that I want to do for beautification purposes.

@Ivan Richards Thank you, you as well!

@Justin Bonsignore By all means, feel free! The question/answer format was given to me by the forum.

@Cam Jimmy Exactly. And then justify their discouragement of others when they get in the arena.

Man in the Arena quote by Theodore Roosevelt: 

"It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat."

Let everyone take this away in their minds and hearts today.