We just got back from our 3 week vacation to Alaska and Canada. We saw tons of wonderful real estate opportunities. Enough to make us really think about relocating to better economic areas when it comes to making money in real estate investing.
However, it would break our number one rule in real estate investing. “Never ever leave your backyard” when it comes to buying and renting real estate. By “backyard” we mean that you should know every detail of your particular area when it comes to prime real estate in certain sections of town or your whole town in general. Besides, you should never have to travel more than 20 minutes one way to a property that you own in case you do have an “emergency issue” that should arise.
We have met a few that own homes and multi-plexes outside of their own town only to be gone half of the time and lose lots of money on airline fares and hotel rooms while solving or dealing with their property emergency issues! It makes no sense whatsoever to us if the money you earn from a large apartment complex is spent on all those airline fares and hotels!
Case in point, was one of our investors, who had to spend at least 4 months out of state at one of their investment properties where the main manager had up and left their post without warning forcing that investor to run the apartment complex on their own while trying to find and spend time training a new manager for their property! This was time lost to their own family not to mention the loss in money spent for hotel and airfare! Remember that money can always be remade, but never time. Once the moment has passed, it is gone forever!