How do you get out of the mindset of finding the perfect market? For example, I'm interested in long distance investing which opens up so many possibilities. I could spend all year just researching different areas.
I know I need to just focus on one area which I have done but it's still in the back of my mind that I can find a better market if I keep looking.
@Justin M. The whole time you are not finding deals because you keep changing markets, you are missing out. There is no perfect market. Find one that makes sense, interests you, or gives you some sort of advantage. whether through past experience there or an established network, and work to become an expert in it. The "perfect market" myth is just a way we trick ourselves into not pulling the trigger and taking action out of fear. I had it for a while as I'm sure many others have. Select a market and take action.
@Justin M. Great topic! What I have done personally is find very knowledgable groups to invest with that specialize in markets I "generally" think are good markets. I invest mostly in apartment syndications. For example, I currently like many of the Florida and Texas markets, so I invest with Ashcroft Capital in those markets. There have also been markets in the past that I really liked in Ohio, Arizona and Georgia so I invested with groups that specialized in those markets. Best of luck!
@Justin M. You do not want to get analysis paralysis. There will always be a better market as they are always changing. You just need to pick one and go with it. I would look for one with strong job and population growth like Columbus, Ohio.
@Justin M. I think you have to weigh market vs. human capital. You can have the perfect market, perfect systems, but the human factor will be large. IMO the answer lies somewhere in the middle.
Maybe there is a market where you have some connections already and have some people who can be your eyes and ears on the ground. Look into a market where you have some sort of asset or connection like that. Use what you have available to you.
Maybe even try to do all of this within an area that is a 4-5 hour drive for you, so you can monitor, be a little more hands on, and work at developing systems.
It still all boils down to one simple fact. You can have a great market, great financing, great people to work with, etc., but in the end there is still some degree of risk/reward involved. What is the best way to mitigate risk and reasonably maximize reward?
@Justin M. I bet a great opportunity is 45 minutes or less from your house. Why not focus on finding those? Researching other markets sounds exhausting.
@Justin M. any reason you're not investing locally in SA?
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