Hello, a lot of the times when I read about planning before a flip it includes looking through contractors, getting your finances in order but what I need help with is choosing where to buy and sell property. Can I buy and sell all over California or do I stay in a specific city or county.
Real estate investing is exactly what you make of it in terms of where you go and what you do! This should be heavily affected by what your goals with real estate investing are, what types of strategies you are hoping to deploy to reach those goals, what assets you are looking at, and from what position you are starting your real estate investing path! If you are in the very beginning of this, I would highly recommend hashing out the items listed above and then become OBSESSED with learning as much as you can, networking, and following your curiosity to something that has a lot of interest.
It looks like you may have interest in flipping, so if you have anyone in your network that does real estate and may have the skinny on certain areas, it may be worth it to focus on that area as you begin gaining experience. You could then leverage this into other areas (close or far) and potentially out of state! Of course, speaking with a tax and legal advisor about all things listed above would be to your benefit and may help you decide on things as well.
You are in the right place to begin!
The key is finding a value add property where you know the local market and can get easy access to the subject.
Hello Miguel It is better if you like what you are doing? You should have short and long term goals and try to head in that direction. Whatever it is it can be changed to reflect your current beliefs. For your short term goals might just tell you to keep learning or get into some type or style like Fix and Flip with wholesaling. You do not have to pick one style. That could be changed to suit you current feelings. I would probably go to an area that is hot and making the most sales. Part of that depends on your flexibility or ability to relocate. Go to an area that is performing well and near your living place at first. Just do what is average and not unique to the area you choose. In an area you choose do not worry about the competition and learn all you can about that area. It is recommend that you have decided on a lender and have a pre-qualification letter before you look for a property. Just locate your concentration on a location that is either hot or soon will be. Do not try to do anything unusual and is doing well there. Wholesaling is pushed by many "salespeople" but I personally would not pick that as the primary resource for making a good living even though it does not require much cash. Eventually, if not immediately, think long term as a good solution to your wealth. Properties like apartments could satisfy your long term goals and helping yourself as a long term solution through positive cash flow. Keep things under your control that you are responsible for. Do not assume that something that will happen that you are responsible for. Your ability to get the proper financing might factor in as what you end up doing. The best areas are larger cities that are diverse economy and have increasing population and increasing jobs available. You need to try to select an area that is on the way up. Good luck to you!