I ask myself from time to time whether it is better to live near a property that I want to live in long term than a rental property that I want to keep. Of course, the “right” answer is the one that’s right for you – the one that fits your goals, interests, and needs. But I have a clear answer myself, so below is my choice and my reasons.
- I have over 100 properties for rent and all are within 20 minutes of my house, probably 95 percent within 15 minutes. What’s up? Because I’m starting to take care of myself and I don’t want to:
- study more areas than necessary: city ordinances, zoning changes, priority areas, school districts, etc.
I spend a lot of time maintaining, maintaining, and testing products, etc. I don’t have money to get behind the wheel of a car.
And over time, I learned that when there is a real danger, being close is definitely beneficial.
- We had a lot of ice storms (which caused damage and power outages)
- I was burned at the scene
- Water will leak if the homeowner can’t find the water shutoff valve (which you should always explain when you move).
- and so on.
There are many reasons why we want to have a place nearby. Another important thing is to be able to monitor what is happening in these places:
- Market value
- changes in spatial structure
So for me, closing is important for a house that I’ve owned for a long time. If I keep buying something, I will refurbish it and sell it. My first rental was 45 minutes from my house. I sold it after 18 months. Traveling drives me crazy.
That means people who live in big cities like Atlanta think I’m crazy. He told me that he drove for an hour to get to where he wanted to go. My answer is that I don’t live in Atlanta…
And, of course, many people want to live abroad or abroad. I don’t know those places, their laws, management companies, etc., so I don’t care. This does not mean that it is not a good choice for some.
Another factor is the number of people in your area. Our city has a population of 250,000, so there are many assets to be had in an established community. Some parts of the country are rural and sparsely populated, so it takes a long time to drive to carry a heavy bag.
Basically, you can do anything. Find something you love, focus on it, and do it well.
I can assure you that real estate is the BEST way to build long-term wealth and over time you will find an area and type of property that you love.
what is your reason?
My name is Karen Rittenhouse and I have been selling real estate since 2004. I currently buy about 60 homes a year, 80% of which are sales. Our goal is to use this money to pay for our products.