Wait, just how can real estate be both a local and a national market at the same time? This was something a real estate professional asked me at a local meet and greet the night before a property investment convention, and I really had to wonder how much he had been drinking.
I actually found myself explaining to him how the Internet made it possible for investors outside of an area to look at and even buy or rent local pieces of property. That could happen for folks outside the city, outside the state, and even outside the country.
I even recounted a story about how a billionaire in Shanghai had contacted me and had me personally visit a number of properties around town. He was looking for a home when his daughter and son-in-law to live in when they move here for the next year.
I found eight that seemed to fit his criteria, and he bought them all. He said his kid could pick one and he’d use the rest for rental income streams. I didn’t think it’d be worth it since he’s already a billionaire, but he reminded he’s a billionaire because he’s always looking for any chance to make money.