Your Question Answered: Is It Possible to Invest in a Location You Don’t Live?

Spoiler alert! I’m ‘Harvey: The Remote Property Investor,’ which may give it away slightly that YES, I do think it is possible to invest in a location you don’t live. I get asked this question all of the time, as often those new to the industry will have been told to only invest within an hour from their own residence. However I’m living proof it is possible, can be relatively stress-free, and most importantly, very lucrative when done well.

There are a few reasons I had to make remote property investing work for me:

• My wife’s from Holland, meaning we travel there 5-6 times a year
• One of my non-negotiables is going away at least once a month to reset my mind
• I live 250 miles from my portfolio and had no desire to move

Due to the lockdown, even the most sceptical have had to pivot to operate virtually. Everyone was given the option: stop or working, or make it work. And those that have made it work are slowly coming around to the idea that it could also be a viable option in the long run. As with everything, there’s pros and cons. For me, the pros outweigh the cons; as I’d rather travel a little further or manage remotely than have to raise £100k each time I want to buy a property locally. Especially when I get such a poor yield and return on that £100k in comparison.

Unless you’re lucky enough to have bought a single let in the South at a high-yield years ago, you just won’t see the same return now. Your single let properties are the foundation that will support all the other strategies in your property businesses; they will give you the experience and stability needed. So, if you do want to look at multiple streams of property income such as HMOs, commercial conversions or serviced apartments, for example, you need a strong foundation to support your higher risk/higher reward revenues. 

With that and the current investing climate in mind, you’ll need to invest in a single let up North. And for those of us in the South, that means working remotely. Ideally, look at towns with a built-up infrastructure. Obviously, Liverpool and Manchester have been the highest capital growth for ages – but most areas that aren’t too remote will work.

The key to working remotely successfully is building your network. Where you can’t always be there and, if you’re anything like me, don’t actually want to be that hands-on – you need a team you can trust to delegate to. Additionally, you need to look beyond your comfort zone. Break your belief barriers! Recognise what of your fears has been falsely ingrained into you, and confront them; the first one being that you can only invest where you live.   

So, over to you! Having read this far, do you think it’s possible to invest in a location you don’t live? Are you held back by limiting beliefs?

Let me know in the comments below!

And remember, if you don’t evolve your ideas, you’ll never live on your own terms.