i live in a really small town with not much bigger ones surrounding it the market here is not great. my question is how far should you go for investing? any rule of thumb to use?
As far as it takes to make $$ on a deal. Frequently in your backyard but at times an hour away. The best question is what are you trying to do? and what have you done there?
I am in China, have one home in Portland, working on one in Baton Rouge. Why Baton Rouge, have brother there who is checking around his area for me. You may want to use friends in other area that have a potential.
I use the internet to research comps and also PI for local knowledge of area.
Personally, I invest only within 45 minutes of where I live.
Why?
You have to go to the house a bunch of time to talk to owners to purchase the home, rehab (if that is what you do), sell the house, etc. and I am too lazy to drive an hour each way a few times a week multiplied by each house I own.
If you live in a small town, you might want to consider the nearest large town and pick ONE area with a 1/2 hour radius to invest. Then each day, drive into town and work that area.
As far as it takes to make $$ on a deal. Frequently in your backyard but at times an hour away. The best question is what are you trying to do? and what have you done there?
Hi,,
I am in China, have one home in Portland, working on one in Baton Rouge. Why Baton Rouge, have brother there who is checking around his area for me. You may want to use friends in other area that have a potential.
I use the internet to research comps and also PI for local knowledge of area.
So this can be done from a distance.
Personally, I invest only within 45 minutes of where I live.
Why?
You have to go to the house a bunch of time to talk to owners to purchase the home, rehab (if that is what you do), sell the house, etc. and I am too lazy to drive an hour each way a few times a week multiplied by each house I own.
If you live in a small town, you might want to consider the nearest large town and pick ONE area with a 1/2 hour radius to invest. Then each day, drive into town and work that area.
Hope This Helps,
Mrs. Meltzer