is it worth it to spend 100$ everyday to invest in other cities?

19 Replies

im thinking of investing in another city but it will cost me 100$ everyday to go there with a car, so, do you think its worth it?

@Geordy Rostad Because of the gas It will be like 100$. I would have to go Because I would have to go everytime I find a good deal to do inspection or something or sign something or things like that

@Fili Aguirre

The other problem with this approach aside from the money is the time. Seems like burning $100 of gas would take several hours.

You should go to the area and get a good feel for it a couple times maybe and try to establish a ground team.

Are you planning to do the rehab yourself?

Are you planning to self-manage?

The only way to scale in this game is to create systems.

You should definitely read that book i suggested in my first answer. I think it would really help you in this case.

@Geordy Rostad Im gonna do a "lease option" and wholesale and like 15 strategies more. I want to drop over 500 bandit signs in the area and send voice mails and postcards and get real estate agents find me deals. I could flip,rent,wholesale, or lease option. It depends on what the market gives me. If I drive to the city, it will cost me 100$ and more than 5 hours to get there. I will do a lease options which means I wont need a property manager and I wont have the tenants calling me if something breaks. But I dont know how long it takes to get a deal done and I will have to spend 100$ and 5hr every time I go there. and I dont know how many days it will take to get the deal ready and how many times I will have to go there to sign contracts and things like that. You are right about the team but, im just starting out and im not sure if I should have my own team.

Thanks for the book you suggested me

@Fili Aguirre

Sounds like this strategy would burn me out after a few days!

Originally posted by @Geordy Rostad :

@Fili Aguirre

The other problem with this approach aside from the money is the time. Seems like burning $100 of gas would take several hours.

You should go to the area and get a good feel for it a couple times maybe and try to establish a ground team.

Are you planning to do the rehab yourself?

Are you planning to self-manage?

The only way to scale in this game is to create systems.

You should definitely read that book i suggested in my first answer. I think it would really help you in this case.

 you need a tesla see the tesla thread.. but as for documents I wont do business with a realtor that cant use DocuSign or hellosign or something like that.  no paper docs for me  I even have title companies using it. 

You're plan is wasting a lot of time.  Money, you can always get back, as long as you have the time.  Time you can't get back.  Don't waste either.  You appear to be planning on wasting both.

@Fili Aguirre a more efficient use of your time, and money, would be to take a week or two vacation there, and meet with people that you'll need to accomplish your goal. Then, you can do everything else remotely.

It sounds like you dont have much of a plan yet, and you're ideas are all over the place.

Focus on one strategy, and put your effort into being an expert in that one idea. You should be able to do everything remotely with the right team in place

Originally posted by @Jason D. :

@Fili Aguirre yes, but not all on the first deal. Be good and succeed at one thing, instead of failing at three.

 Actually, once I wholesaled a seller financing deal on an option.  

Once!!

Looking back, it was a challenge.  At the time, it was a pain in...