One of the potential benefits of having a self-directed IRA is being able to use your knowledge and experience to invest in what you know. For some individuals, real estate is their profession and being able to build their retirement by investing in property may be a natural fit. Others may still be learning what makes a particular property a viable real estate investment.
Whether you fall into a either of these groups, there is a chance you may find property that may have great investment potential, but is outside of your area – or state! This raises an important question: “How do I evaluate a property when I don’t live in the area?”
In the article “10 Ways to Find Out About a Neighborhood Without Being There
,” Fox News offers some ideas to help you get started researching properties when you live outside of the area. For example:
Real-life success story
If you want to learn more about the quality of schools in an area, nonprofit websites such as Greatschools.org can provide information just by typing in the area’s zip code.
Websites like MyLocalCrime.com and spotcrime.com can give you an idea of what criminal or concerning activity has occurred in any area.
Equity Trust’s 2014 Self-Directed Investor of the Year winner is an example of long-distance investment success. You can read more about client Arnold B. from Michigan here