One of the common practices of a new real estate investor is investing in your local area so that you can manage the property and see it. Marco is joined by Stephanie, one of their clients, to talk about the frustrations with self-managing, the false belief of having to invest in the local area, and the whole purchase process. Stephanie shares how she discovered turnkey real estate investing and turnkey rentals which opened a world where she can actually go to multiple markets and diversify the cash flow. Learn how you can choose the best markets to maximize your returns and put your capital to the best use possible as Stephanie shares her journey from local to nationwide investing.
What goes on in the minds of people who invest in their local market or think that their local market is the best place to invest, then discover a different or better way? I received an email from one of our past and current clients that said, “I wanted to reach out and say how grateful I am to you and your team. I've been working with your team for almost a year now and I'm in the process of buying my fourth, fifth and sixth turnkey property.” It got me thinking, the most successful investors were not made in a day. Learning the ins and outs of the financial world and your personality as an investor takes time and patience. It can be broken down into some key points here. That is successful investing is a journey, not a one-time event. You'll need to prepare yourself as if you were going on a long trip. This is not a sprint, this is more of a marathon.
Second, it involves reading books and taking investment courses. Essentially, my first rule of successful real estate investing is to educate yourself because you want to build your knowledge. Thirdly, nobody knows you or your situation better than you do. You'll find out in this interview that that is especially the case. That means you may be the most qualified person to do your own investing, but most of the time we all need some help. Fourth, your level of knowledge, personality and resources help to or should determine the path you choose. We're all at a different place on a spectrum and we're trying to get to a different piece of that spectrum or a different part. That's just part of the journey. When you have focus and you work with the right people, it moves you along that journey and sometimes a lot faster, as you will learn in this interview.
Fifth, you need to be in this for the long-term. Sticking with an optimal long-term strategy may not be the most exciting thing to do or the most exciting investment choice. However, your chances of success should increase dramatically by doing so. Last, but not least, be willing to learn. Learning to be a successful investor is a gradual process. The investment journey is typically a long one. The bottom line is what you achieve as an investor will depend on your goals, but sticking to a solid plan will help get you there. In this episode, we'll explore the thought process and journey of someone who started investing locally and has her share her discoveries and her revelations along the way.
If you missed our last episode, be sure to listen to How Blockchain Could Transform Real Estate.
Enjoy the show!
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Lessons Learned Going From Local To Nationwide Investing - A Client Interview It's my pleasure to welcome Stephanie. Welcome to the show. Stephanie is a busy mother with a full-time job and she happens to be a passionate real estate investor.