What I Look For In a Neighborhood When Buying Investment Real Estate
I often get the question, What do I look for in a neighborhood?
My answer is always the same. Easy. Value!
I usually get a strange look, but it’s true. In a neighborhood, I am looking for clues to assess the value of the property, plain and simple.
Well, maybe not so plain and simple, I know. So let me explain.
Normally, my rehab properties are not in the expensive areas of town. It’s rare that you’ll find a rehabber meeting his or her investment goals buying in the expensive parts of town. There are generally fewer homes needing rehabbing and the fixer-uppers that are there are going for top dollar. It’s safe to say the bulk of the investor activity is taking place in the mid-to-low range of home prices.
That’s not to say I wouldn’t look in, or buy in, the swank neighborhoods. Occasionally there are bargains to be scooped up there, but not with enough regularity to focus on.
But, there are some places I definitely WON’T invest in.
I won’t TOUCH the urban war zone. Let me describe what I mean. ...
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