Do I need to live where I invest?

Question

Hey, i haven't been on this website long but I've seen that investing in the midwest, such as parts of Michigan and Ohio is the best but I have no interest living there. I have no family there and it just doesn't appeal to me being close to a big city currently (NYC). I would like to build a big portfolio of properties to make a decent passive income from it, but would living like 8 hours away from my properties be reasonable? Have people done this before?

Nathan Killebrew · Answer

Check out David Greene's book on long-distance investing. Just to piggyback off of @Joe Villeneuve's point, it talks about building teams and systems. I would check it out if I were you! Good Luck

Remington Lyman · Answer

@Corey Russo I agree with @Joe Villeneuve. If you are interested in long-distance REI you need a Realtor, contractor and property manager in that area. I am a Realtor and property manager in Columbus, Ohio. I regularly work with local contractors on rehabs and general maintenance. If you have any questions about getting started in this area please let me know.

Joe Villeneuve · Answer

This is quite common.  You just need a team in place for your rehab and property management.

Thomas Dougherty · Answer

There's no need for you to live in your investment property. Do more research and gather a great team.

Gary Carver · Answer

@Corey Russo.  You don’t need to live where you invest. Just do your research and homework. Get a good team in that city and stay in contact

Ritch Bonisa · Answer

You need team in place first, then you will know what the real opportunities (properties) are, and you can evaluate before you buy.  It is so crucial, especially out of state, to understand your costs prior to purchase. No matter what anyone tells you - it's always ok to pass on a property (especially if you don't think you have all the information.)  Overall, out of state investing does not have to be a risky venture if you have the right contacts in your target market.

Do I need to live where I invest?

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