I recently hosted my monthly Denver women’s investing group, and the focus was long-distance investing, a theme that remains attractive and frightening to the masses. That said, here’s a quick recap of what we learned about long-distance investing from a pro (BiggerPockets member Linda Stowell).
5 Smart Tips for Successful Long-Distance Real Estate Investing
1. Be clear on your goal.
This is mission critical for anything you do in life. What is the goal? Is it to have passive monthly income? Is it to gain appreciation? Is it to have your money somewhere besides the stock market? There’s a lot of reasons to get into real estate and investing, and some paths align with goals better than others, so be clear on what you want.
2. Know and understand yourself.
Are you a control freak? Are you hands off? Are you old or young?
This was probably the most interesting part of our discussion because it’s inextricably linked to the goal. I want my rental properties to be hands off after the first month, so I’ve hired a property manager to deal with the day-to-day stress and am willing to absorb that cost for the gift of never thinking about it. But other people in the group disagree, wanting to proactively be involved in their investments.
Another interesting aspect of this topic is age: If you’re younger, you can rely more on an appreciation play and invest in hot markets that aren’t…