Comfort Zone Vs Taking Risks

[Mark C.]

Hi guys, i have been investing for a while and only recently (past 4/5 years) explored options outside of my comfort zone and luckily this has been with great success.

My previous model was as any first time or newbie investor should be following which was to buy in my home town, in an area I knew and had friends/family living there or I was living there myself to keep an eye on things. I had a specific unit strategy and kept to it.

I have recently explored options WAY outside my comfort zone not just nationally but internationally as well. Im now looking at options in Detroit and some other areas that I believe can really be cash cows if held. This is not something I would ever recommend until you are on the ladder and have made some money and are comfortable if the decision does not go in your favor but I believe this is the next step in an investors career path to grow and enhance your portfolio.

Are others venturing outside their comfort zone and if so what has been a success for you and why and when did you decide to venture away?

Mark

[Brie Schmidt]

@Mark C. I am in a similar situation. Been doing well in my market and now looking to expand to other markets. I talked to a few investors in that market before deciding to look there. Then I set up keyword alerts on the area so I can keep up on what is going on and read old posts on the market. All of that information made me more comfortable with my decision.

Not sure about international, but there is a lot of conversations about Detroit on here and a lot of people who have some good knowledge and thoughts about that market in a few years.

http://www.biggerpockets.com/forums/48/topics/93435-investing-around-the-detroit-area

http://www.npr.org/2014/03/04/285711091/chinese-investors-arent-snatching-up-detroit-property-yet

http://www.biggerpockets.com/forums/311/topics/99314-buy-and-hold-in-detroit-your-opinion