Drink only water while gambling!

Anyone working a regular job who is living paycheck-to-paycheck or  month-to-month, and without any substantial savings is taking a huge gamble. 

While I am not one to gamble, I do think I have a lower risk aversion than others. 

Throwing a dart at the map in a market you don't know intimately and putting your money in the hands of complete strangers thousands of miles away seems like the greater gamble in this situation to me.

I'm not gambling on appreciation, but I do assign a value on the benefits of owning and holding real estate outside of cash-flow as well because there is a value there and it isn't the same in every deal.

I'd Rather go to Vegas and get a good meal and entertainment if I want to gamble ;-)Jim

I asked Elliot the same question, and he forwarded me over to the following link: https://www.biggerpockets.com/forums/12/topics/715057-out-of-state-brrrr-stepsSome good information there that speaks to having more equity in your deals and not gambling on a major renovations with the assumption that a refi is going to go through.

others would be wiped out.all because they sold or did not want to buy lower yield.. chasing yield is gambling as much as those that say buying for appreciation is gambling.. probably worse actually.. 

I don't mind gambling a small fee to each interesting property to discover whether or not there is a problem, but to stumble into a million dollar liability will end me.

It also comes down to goals if you in Seattle and do a Heloc or refi just know your doing it for appreciation (which I call gambling) but others will call investing.