"Opportunity is missed by most people because it is dressed in overalls and looks like work." - Thomas A. Edison

"Get off that couch and go buy that rundown duplex" - me

Sunday, December 7, 2014

The Grass Is Always Greener...

I get a kick out of these "experts" who recommend buying real estate far away from home, or even in another country.

Many advise buying without looking at the buildings or going to the neighborhood! They are speculators. They tell you to buy in an area that is "hot". They believe that the other lawn is always greener...

I would never buy a place sight unseen, or in a place where I would have to bring my passport to visit!

You can never really get a "feel" for a place till' you've been inside and walked around. Tasted the air. Smelled it, felt it. Pictures can hide bad layouts, excess moisture, mold, fire separation issues, life left in major systems, appliances, roof, etc., etc...

And what about the location, location, location? Ever look on Google street view and see a completely different impression when you actually stood on the street? Also, things can change very rapidly in the short amount of time since the streetview car had last been by...

Also, there is the issue of management. Are you going to trust these managers you have never met in person? How can you "check up" on them? Who are they renting to? Who are they hiring as contractors? (try and find a good one yourself, it's not that easy!)

Unless you live in the middle of the arctic circle, you can find good deals nearby. You know the idiosyncrasies of the area. You know the tenant profile. You know the reputable people to work with. You can check out your places whenever you want. Just jump in the car...

And besides, if you truly think your area is no good, why are you living there?


  1. The best rental property is one you can walk to. All 24 of mine are all within 7 miles of my house.

  2. Thanks for the comment.
    I think this is one of the main reasons landlords run into trouble with management. Whats that old saying? The best fertilizer in under the owners shadow?