After reading 5 pages in this thread, these were my thoughts.....
Every area in the country is going to be a tad different. I believe location is what determines strategy. If you are smart, you can make money anywhere in the US investing in real estate. There are different strategies that work better in different areas. It is interesting how some bash buying and holding real estate for cash flow. If your property cash flows, you are also building wealth. Most of you also bash out of state investing. If you know how to run a true business, that should not be a problem either. It simply takes systems in place. I believe with the correct systems in place and if you have built strong relationships with people on your team, you should be able to invest anywhere. I look at real estate as just another business. You will have profits and you will have losses, just make sure your profits are much higher than your losses.
As for this 2% rule, 50% rule, and any other "rules" go in investing, I think that is a bunch of BS. Investing is a craft, not just some formula. Too many newbies listen to that and think it is a must or the secret to their investing success.
ROI is what is critical to building wealth. Your income represents the base upon which you build lifetime wealth. The higher your income (could be your cash flow), the greater your potential for accumulating significant assets (wealth).
There is nothing wrong with multiple strategies and investing in multiple areas. Walmart doesn't just have stores that are within an hour of where the owners live, do they? What is wrong with thinking big? Donald Trump doesn't just own buildings within an hour of his residence, does he? No, he has systems in place and relationships built that enable him to invest all over the world.
Real estate investing can even be accomplished part time. Your results may even be better than your part time efforts. What would be wrong with building a NET worth of over 1.5 million dollars worth of real estate that generates over $11K in NET cash flow (income) part time over a 8-9 year period? I forgot to mention, what if you only used banks as your partners and never did anything over a 15 year ammortized loan? However, what if it is 2500 miles away from where you reside? Oh, I know it's those airplane rides you would have to take to go visit your holdings that would be too much bother. Oh and by the way there is no Motel 6 in the area. LOL SMH.
Why are people so narrow minded..............?
I guess 27 years as a business owner gives me a different view than most.
By the way, I hope you have heard of the old cliche': There is more than one way to skin a cat", not that I would ever skin a cat. Obviously what it does mean is that there is more than one solution to most problems.
I also believe that if we all helped each other, was more supportive of each other and didn't try to degrade or tear apart what someone else is building, we would all go much further. Even Canadian Geese have figured that one out!
Happy Investing!!
