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Updated about 4 years ago on . Most recent reply
Analyzing real estate locations
Hey Bigger Bockets members!
I’m new to investing and was wondering if anyone had advice in researching optimal locations for rental properties.
I am looking to start off by house hacking and would like to narrow down areas in my state. Are there any websites or resources you guys use research best locations? And if so what are things that I should look for? Thankyou!
Abby :)
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@Abby Link the conversation has to be more detailed than hearing a city is A great location to invest in. While that is great, your decision has to be based on your personal goals and what you want to accomplish. Do you want to pursue properties that will have higher appreciation in the long run, but cash flow less now? Do you want to invest in cash flow properties that will have average appreciation, but you can replace income on? You need to decide that first.
You will have plenty of people try to sell you their services as a realtor etc., but if your not going to become a realtor and you want to invest out of state, this is a critical decision and you have to get this right. My tips.....do not choose any realtor that relies solely on commission checks and does not have a decent size investment portfolio themselves otherwise they will push marginal deals at you and scoop up the great deals for themselves or another investor with higher priority. Once you find an investor/realtor, make sure they are not going after the same strategy you are or you will only get the crumbs. Example, I pursue large multifamily currently and do not buy for hold anything smaller than a 16 unit and they have to be value add. With that, I will not be a realtor for anyone that is looking at the same strategy, but I have tons of clients we buy duplexes, triplexes & quads for. And I have clients we buy turn key large multi-million dollar properties for. See, none of those conflict with my strategy.
I started investing in 2012 and built a large portfolio, but I only got my realtors license a year ago. I highly suggest it. Access is easier and you can act faster. You meet more people and get access to lots of off market deals through relationships. Best part is that it is another stream of income. I do not advertise or market as a realtor and only work with people I’ve developed a relationship with, but I made 45k in commission just in November. I’ll make 65k minimum in December unless something crazy happens. I only got my license so I could save myself money and handle my deals, but now it’s a separate stream of income as well, so you make the decision if you should get your license or not!!!! I wish I would have years ago.
Now, my suggestion to you is that if your looking for cash flow, you stay away from primary markets and start looking at secondary markets in the Midwest where you can buy turn key quads for 120-130k and cash flow 1k a month. That’s an easy way to build a strong portfolio, but again, realtor is key and you need someone that owns the off market game!
don’t be fooled by imposters! Lol