Hello BP! I am brand new to real estate investing and to Bigger Pockets, so I've been focusing on reading and educating myself. I have read a lot on how to analyze a property, but very little on how to analyze an area. I am in northeast Georgia and have focused on the town of Gainesville. I like it because I think the local economy is pretty stable. Gainesville is the poultry capital of the world (yes, world). There is a huge chicken processing industry here. Along with that, there is a university, a big hospital and the local government. However, the schools are not great. Despite that, I think it could be a good area to invest. Is my instinct right here, and is there any statistical data I should be looking at to judge an potential investment area?
Unemployment rate, job growth, schools, crime, traffic counts and patterns, median home income levels, percent of renters to owners, future land use map versus the current, slated road improvement projects, economic mix of employers.
Example if 5,000 jobs in the town but 70% are held by one employer then that employer can go out of business or reduce workforce which will negatively impact the town. Conversely if the employee mix was spread out more equally with businesses and one had a reduction on workforce or went out it would tend to be a downward small blip versus a large one.
Gainesville is a decent area to invest, but you need to pick areas like north Hall school district, which is the better one. I am selling a rental property in Clermont, GA next week, but I have had lots of interest in it as a continued rental. Look for more affordable, cheaper properties, as most of the population like you mentioned works in the manufacturing or poultry industry.
Thanks to both of you for pointing me in the right direction! That really helps a lot.
You can over analyze an area, house, or deal forever. In real estate you eventually have to do the Nike way "Just do it". Yes, the area is stable with a steady need for people to have housing in the manufacturing or poultry industry. Rental property and buy /hold maybe your best strategy. Start focusing on finding a tired landlord who wants out or long-time on the market MLS properties and put in so low ball offers. Let me know if I can help.
Just remember if it is a manufacturing type town ( factory workers ) you might want to collect the rent WEEKLY.
I have seen in some places like Dalton GA where some places operate more like a hotel for rentals.
You collect the rent weekly on the day the tenants get paid. If you don't and wait until the end of the month they have blown the rent money on booze, women, entertainment, etc.
I live and invest in Gainesville! Construction is back, rent and rehab biz are strong as well as wholeselling..
@Lindsay West It looks to me like it is a good investment area!
Pm me and we can talk
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