what makes a good farm area?

Question

i read that i should have a farm area. what characteristics makes a farm area good? how big should a farm area be?

Sam T. · Answer

thanks for the tip jon. i haven't received a return call back from the person. in the voice message he claims to be a doctor doing this part time.

Jon Holdman · Answer

I'd guess this is a recruiter for Noveau Riche.  Read the old threads about these guys.

Jim Wineinger · Answer

I would pay mothly, until I get to know more about this paticular REI. There are some REI's out there who promote the Guru's and are not truly a good REI.

There is good and bad in every area of this business and you must due your due diligence with this.

Jon Holdman · Answer

I assume you mean an area where you can find good RE deals, vs. actual farming.  At least, you need to figure out what kind of deals people buy in your area.  What makes a good deal will be different depending on what your buyers want to do with the property. Rentals are usually better in lower price areas.  Fix and flips better in a higher priced area - about median price. You need an area that has good deals, yet that will work for the intended purpose.  Fix and flips are more difficult if there's tons of inventory in the same price range.  Rentals are more difficult if there are lots of vacant rentals and few prospective tenants.

Try to find an investment club, attend, and talk to people about what's working.

Sam T. · Answer

thanks for all the suggestions guys. i appreciate it.

i've been calling ibuyhouses signs, people that post on craigs and for rent signs to find buyers. i live next to a supermarket and walked over there to get some bagels. my wife spotted a sign that said "real estate investors seek students part time ###-####" i'll be calling that tomorrow to follow up.

i intend on attending a REI club meeting next month. do you guys recommend paying for a year membership or paying monthly?

Sam T. · Answer

i'm still building my buyers list.

Jim Wineinger · Answer

I will repeat Jon's first question. What do your buyers want. A good farm area for cattle, hay, wine, ect will all have different answers to your question.

Sam T. · Answer

jon,

i want to do wholesaling

Jon Holdman · Answer

OK, then what do your buyers want?  Rentals or fix-and-flips?  Do your buyers have a price range or an area?

Jon Holdman · Answer

What are you trying to do?  A good farm area is one that has plentiful, profitable deals.  So, what makes a good one depends on what you're trying to do.