A good local investor must be a good investor in general. You need to learn how to discern your own investment goals, evaluate investment opportunities, and create a good portfolio to manage risk. For the moment, all these tasks will require some work. Until there’s a local investment fund or a local-friendly registered investment advisor (RIA) in every backyard, you probably will have to find, evaluate, and select local investments on your own, one by one. And just like learning any skill, like tennis or woodworking, becoming a good local investor requires commitment and practice.

That said, there are ways to make the workload manageable. You might focus on one type of investment to gain expertise in it—perhaps ...

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