I just need advice in this area
If you’re talking holding properties long term as rentals, you’re going to have to establish a trusted team at each site. That means you’ll need a property manager, plumber, appliance repair guy, lawn care, realtor, etc.
There are definitely places in the US that are better to invest in than others for cash flow. That doesn’t mean you need to just buy a couple places there and then move on to another area.
If you’re speculating and hoping for rapid price appreciation, you’ll be chasing deals in different “hot” areas all over the country (probably hard to find now).
I’m not saying to limit yourself to one area. There may be things that appeal to you and your goals in several different sites across the country, but there’s no reason to buy all over the place just for the sake of having property in many different states.
I am not sure what you are asking. Which area are you looking at?
I think it’s foolish to try to invest all over the U.S. You could be an expert in your market or you could flail around in a bunch of different markets.
Mike
Some of the gurus are starting to promote investing all over the U.S. as a way of getting great deals – better than what you might be able to get closer to home – and in some cases that’s probably right. Certain markets don’t make a lot of sense from an investing standpoint, but if you’re going to do it you’re going to have to learn multiple markets. Real estate investing can be a challenge in the best market conditions, so if you’re going to do this you really need to learn all you can about the markets you’re considering investing in.
Real estate training can take multiple forms, whether it’s inhaling as many Ezine articles as you can get your hands on, reading books, or picking the brain of another investor who’s already done what you’re thinking about doing. If you’re planning on investing cross country or in multiple markets, you should be extra cautious and learn as much as you can as possible – preferably from somebody who is actually doing.
Some of the most successful investor have been those that zigged when everybody else zagged. Unfortunately, a lot of people that run in the opposite direction of traffic are running against a stampede. Without the proper real estate training – and a good deal of common sense – it’s hard to know a good strategy from a bad one.
Learn all you can and then put it into practice. The learning process can take awhile, but you can improve your odds of success by teaming up with someone who knows what they’re doing.
Peter Vekselman
To paraphrase Tip O’Neil, all real estate is local. Like what propertymanager said you have to know your market. Real estate is a business. You have to do the business of real estate. Speculation is not business. It makes some people money but it is like gambling eventually the house wins…and you ain’t the house. The business of real estate doe not work in some places where the speculatiors have spoiled the market. You can’t invest there. If you live in a place the real estate does not work don’t try to make it work there. It is difficult to run a surf shop in Nebraska or a coffee shop in Utah, etc. As kdhastedt used to say you need to move closer to the food.
Now your plan may work. But in order to determine if a plan works you show examples of it working. Are there people that invest the total country and have been successful? If so evaluate their success to make sure it is actually reproducible. Don’t’ let them show you a person that bought a property waited some amount of time and sold it at a profit (speculation) find somebody that did something and created value and sold the property (business). Remember if it can’t be reproduced over and over and over again, it is not a business.
I myself invest all over, but make sure you have people in place that you can TRUST, other than that, some of these guys gave you pretty decent advice.