How many markets should you be in as a rookie?

[Cory Sperle]

I am strictly an inter-provincial investor in two markets and it is one too many. The only property I own in BC (and plan to own) is the house in which I live. One of the WORST, and most expensive mistakes a rookie can make is investing far from home.

 

[Thomas Beyer]

I am strictly an inter-provincial investor in two markets and it is one too many. The only property I own in BC (and plan to own) is the house in which I live. One of the WORST, and most expensive mistakes a rookie can make is investing far from home.

I'd say you can successfully invest in another place where you do not live if you know that market and property type very well ie have researched it well, eg apartment buidlings in Dallas, TX, single family houses in Phoenix, AZ, duplexes in Seattle, WA or 8-plexes in Quebec City !

 

[Cory Sperle]

Yes you certainly can, but as a rookie why would you? Learn to swim in your backyard pool before attempting the ocean. When you are starting out your chances of failure increase dramatically the further away your asset is.

 

[Thomas Beyer]

Yes you certainly can, but as a rookie why would you? Learn to swim in your backyard pool before attempting the ocean. When you are starting out your chances of failure increase dramatically the further away your asset is.

The backyard pool might be contaminated, too deep and dangerous, and full of sharks. The ocean you want to invest in might be much shallower, warmer and safer !


Thomas Beyer, Asset Manager, Investor, Community Improver, Author, Father, Mentor www.prestprop.com

 

[bb2]

I am strictly an inter-provincial investor in two markets and it is one too many. The only property I own in BC (and plan to own) is the house in which I live. One of the WORST, and most expensive mistakes a rookie can make is investing far from home.

TOTALLY AGREE!