Are you Geographically Challenged?

Are you set on building your property portfolio near where you live or are you happy to chase the bargains wherever they are?Challenged

The main reasons investors give for staying close to home is that they can control the property more easily, deal with issues more quickly and save money by not using a Management Agent.  If you happen to live in an area where there are lots of bargains then this strategy works well.

However, if you happen to live in a very desirable area and you find that house prices are generally high or even increasing then finding property below market value can be a real challenge.

So what are your options?  You could either find an area within a reasonable travelling distance that fits your buying criteria, or find another area of the UK and buy there instead.  This will cause many investors to worry about how they are going to be in control of their properties.

Do you actually know how to plumb in a bathroom, or fix the electrics? Can you fix a washing machine or take time to redecorate?

If the answer to any of these is YES then you could be at a disadvantage. For those who have these skills, the desire to fix the situation ourselves is strong.  It’s true that no-one will do it better than you, but if you are able to pass this on to other people then you are beginning to leverage your property business, not to mention your time.

For those without these skills then the argument for having property nearby is weaker. There are two elements to an area being local – proximity and knowledge.

The only way to change your proximity to good buying areas is to move. However there are many ways to increase your knowledge of another area without having to move house.

If the better bargains are further away than you’d like then you will have to make a mental decision to find the strategy that works and the area it works best in. You will need to build up your local knowledge and key contacts in a different area.

Right Move can show you the cheapest areas near your postcode. www.rightmove.co.uk – check within a radius of up to 40 miles.  Use www.upmystreet.com to find out more about an area.  Do you know people in areas where finding bargains is easier?

Enlist the help of the Letting Agents – this has been key to my success in buying and renovating from a distance – what I call a ‘virtual renovation’.

  • Find a really good Lettings Agent who will hold a set of keys for you.
    • The Agent has a vested interest in the work being done properly and they get first shot at renting it out.
  • Tradesmen collect the keys from the Agent.
    • They are often recommended by the Agents and so they also have a reason to do a good job so they will be recommended again.

If I need to buy a replacement kitchen or bathroom, I select it from my local branch and have it picked off the shelf at a branch near the property.

If you happen to live in an area where property prices and renting potential are brilliant and you can’t possibly buy them all yourself then you need to learn to package the deals to create more income for yourself.

Are you near a networking event, or are you a bit out in the sticks? If no-one has set up a networking event near you, then how about trying one of my MINI Groups which I’m bringing to a town near you.

For a minimum of 3 people and a maximum of 6 in your area who want to meet monthly and have training, mentoring and coaching then these MINI Groups could help you build your portfolio and passive income more effectively.

Visit www.YvonneEmeryCoaching.co.uk/Coaching for further information or call 01733 689567 to let me know where you live and we’ll get a group set up.

Happy Investing
Yvonne

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