Kevin Bupp explains why investing locally, while easiest, might not always make the most sense.
It’s all dependent on your market and if there aren’t deals to be found, it might make sense to look into a new market to invest in that has a supply of investment deals.
Mike: Welcome back to the FlipNerd.com REI Classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Kevin: Hey, guys, Kevin Bupp here from the mobilehomeparkacademy.com, and the Real Estate Investing for Cash Flow Podcast. Today, I’ll be the host of your REI Classroom tip, and in today’s show, I’m going to discuss choosing to invest locally over logically.
Mike: This show was sponsored by passiverental.com.
Kevin: Now, way too many times I hear investors say that they can’t find deals in and around where they live, and it’s often one of two reasons. And the first reason is that they’re just not taking any action. Like, they’re not actually going out, you know, meeting people, talking to investors, talking to realtors. They’re not networking. They’re not doing anything. They’re sitting on their butt, and they’re not finding deals because they’re not taking action.
Well, the second reason, the biggest reason, is that they live in an area where maybe the particular investment that they’re seeking might not exist, or it might be, you know, what I would consider to be like a needle in the haystack, right, there’s not any of them. This could be due to reasons such as, maybe, the market’s too pricey, like think of San Francisco, or Manhattan, or Boston, or maybe that the asset that they’re seeking doesn’t actually exist locally. For example, like, I’m a mobile home park investor, and if I was looking for mobile home parks in downtown Boston, I’m not going to find any. So, you know, I need to go out of the market to find that.
So this is simple and sweet, guys, just very, very simple and sweet, straight to the point. You have to go and invest where the deals are, even if that means you go to a completely different state. Like, if you live in New York, you can’t find the deals you’re looking for there, you find one in Nevada, and it makes sense and you can make your returns on it, it’s exactly what you’re looking for, there’s airplanes. You can fly to it, right? So invest logically over locally. So if you’re in a local area and you can’t find what you’re looking for, go to an area where you can.
So, guys, that’s all I have for today’s REI Classroom tip. Thank you for listening and spending time with me today, and until next time, get out there, take massive action, and make some cash flow happen.
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