Choosing Your Ideal Market

[Jonathan H.]

Hello,

I am looking to start hopping into the real estate business with my partner and we're both new. Although I'm sure we'll run into many issues along the way, the first step we're both struggling with is how to choose the appropriate market. We're both currently located in Kentucky, but are not opposed to moving to other states. How should we go about finding the best current market areas? What kind of criteria should be filtering through to find the ideal location? We will be forming an LLC if that will make any difference in the location selection.

On a side-note: I personally know a reputable GC an a real estate agent in the Daytona, FL area. They are family friends and have worked with my grandfather in the past. Assuming the previous business ties, they should have our better interest in mind. I know these are key members to have in the "team", but should this play a crucial role in our location selection process?

Thanks,
-Tyler

[J Scott]

Welcome to BP, Jonathan...

My recommendation is to start in your backyard. Not only do you know the area well (presumably), but that way you can keep a close eye on your investments.

You don't mention what type of investing you want to do. Are you thinking landlording, flipping, multi-family, commercial, mobile homes, etc? If you tell us more about what type of investing you're considering, we can probably provide some additional info...