Driving for dollars, market research, and defined criteria.

[Benjamin Shaw]

We are working on developing our search criteria by matching market research results with our current financial status and network. Due to the lengthy process, steep learning curve, limited finances, and our desire to take action now, we are also driving for dollars.

We live near the border between two towns, ours (Danbury CT) has a population of 84,000, the other (New Fairfield CT) 14,000. Our town's median home cost is $250k, the other being $325k. 

While driving our town, so far we have seen very few distressed properties. The other day I took a drive into our neighboring town of New Fairfield CT and found 12 within an hour. We are trying to figure out why this is the case. The area I drove was very nice, right next to a school, a nice lake, although a bit further away from Danbury where we have stuff like Home Depot, Target, and a mall.

So the question is: How do we figure out why there are so many distressed properties in New Fairfield? Should we pursue finding the owners even if we have not even developed our criteria yet?

[Craig Bellot]

Distressed properties could be a result of absentee owners, bad landlords or a sign of the market deteriorating. 

I congratulate you on taking action and driving for dollars. I would encourage you to talk to the owners and keep taking action until you have your criteria defined. 

Are you looking for buy and hold or fix and flip properties?