I am looking to start investing in the Gainesville, FL market. What are some recommended homework I should/can do to ensure specific location is worth while. Any tips and resources are greatly appreciated!
One of the best tips I've heard for scoping out a new market is to print out a map and drive the area. Then highlight the streets you like in green, yellow if their iffy and red if your praying not to break down. That way when your cruising the MLS and something looks like an amazing deal you can refer back to your map.
Just a couple of general suggestions:
1. Areas with a lot of "for rent signs" clustered together, tends to be an area with higher turnover rate.
2. Look for schools nearby and how the state has ranked them, meaning the higher the ranking, the more attractive your place becomes.
Overall I think you need to decide what kind of investing appeals to you. Do you want to offer low income (Section 8), buy and hold, invest in SFH, Muti-family, fix and flip, etc. It is easy to pick something in general however it can get overwhelming with so many areas of real estate. The more focused you can become, the greater chance of success. When I first started, I focused on 2 bedroom houses (they are cheap 25K and easy to maintain) and section 8 (paid $600 a month) to help ensure I was making money.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.