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How to Overcome the Fear of Out-of-State Real Estate Investing with Oliver Fu | PREI 137
How to Overcome the Fear of Out-of-State Real Estate Investing with Oliver Fu | PREI 137
ratings:
Length:
27 minutes
Released:
Mar 19, 2019
Format:
Podcast episode
Description
Hundreds, if not thousands of people are investing every week. However, some real estate investors have this fear or reluctance to invest out of state or what some people call long distance real estate investing. Marco is joined by Oliver, one of his investment counselors, to talk about why people invest out of state, but more importantly, why there's a fear or reluctance and why that's crippling you from achieving far more with your investment capital than you could otherwise.
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How to Overcome the Fear of Out-of-State Real Estate Investing
I have one of my investment counselors here with me, Oliver. We were talking about how some real estate investors have this fear or reluctance to invest out-of-state or what some people call long distance real estate investing. The fact is that hundreds, if not thousands of people, are investing every week and probably every day in markets that are not local to them. They’re long distance real estate investors. I wanted to talk about why people do this but more importantly, why there's a fear or reluctance. Why that's crippling you in a way or holding you back from achieving far more with your investment capital than you could otherwise. The question becomes how do you overcome that reluctance or that fear? There are a lot of reasons and that's what we're going to talk with Oliver about now. Oliver, welcome to the show.
Thanks, Marco. It’s great to be on the show here with you. It's my first time on the show. I look forward to diving in on this topic together.
It's great to have you on. I know you're a super smart guy, a successful real estate investor and valuable addition to our team. When you brought up the subject of the fear of investing out-of-state or the fear of investing outside of your local market, it begs the question of why are people reluctant. Why do they have this fear? Why don't we start there and we'll end this episode with suggestions and recommendations for people to overcome what might be false evidence appearing real.
Out-Of-State Real Estate Investing: If you live locally in a market that makes sense numbers-wise, you're lucky.
Many investors when they're initially starting and they're interested in investing in real estate, they start looking locally. That appears to be the trend most people do. Sometimes investing locally doesn't make a whole lot of sense, but that may be what all of your friends and family have done as well so maybe that's all you know. When someone talks to you about going out-of-state, that brings up a lot of fear because it brings up a lot of insecurities you may have about who is doing what to your property? Who's living there? Who's overseeing it? To get an idea from what is going on at the property at any point in time and trying to get that security and that safety blanket to ensure it's being taken care of at almost all points in time.
One of the factors that a lot of investors tend to be fearful of is going out-of-state and not having that “drivability factor” to the property. This means that at any point in time you can drive by the property. See what it looks like, see what the tenants are up to and making sure they're keeping the property in good standing and that it's looking good. That's one factor that I find a lot of people tend to have as an issue, not being able to do that.
Released:
Mar 19, 2019
Format:
Podcast episode
Titles in the series (100)
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