I talk to a lot of investors every week (that is my business). I've sold over 500 investment properties and there are some differences in types of investors.
I flew to LA yesterday and met with some great investors that have purchased from me before. They wanted me to speak to their friends that were interested in my process.
I told them that I purchase properties in multiple areas like Ohio,Indiana,some in Michigan.
They looked at the numbers on some properties that I had done and new ones they could purchase that. They could not believe the cap rate, in fact one of the investors that had purchased from me, informed them that he made 25% on my product. They of course decided to buy some real estate from me.
I say all that to point out that these investors lived in California but wanted to buy elsewhere. They also understood that staying in one area my not be the best way to invest. The properties I showed them where considerably less money than what they were used too. The profits were considerable higher.
These investors understood that there are other places to invest in besides their back yards. I hear investors all the time that say if I can't see it or touch I'm not buying it. That is a costly mistake and can cost you a fortune in profit. I personally have real estate in three states and 4 cities.
I've learned especially in this market, that you have invest differently and learn how to make money in other states and cities. In the Ohio area we do $50,000 plus a month in rental receipts. Most of my investors have never seen or touched their properties, they just get their checks in the mailbox every month.
So don't get stuck in buying one type of real estate investment, what will you do if that runs out? Keep your options open and you'll be richer for it. Brett Young Valley Realty
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