There are a lot of abandoned and distressed homes on my home town. I haven’t lived there in years so I know nothing about it’s market or economy. How do I find out whether it would be a town to invest in?
@Cheree Harris is there job growth? What industry provides the jobs? Is there a university or military base? Will local rents pay your mortgage? These are a few questions I tend to ask myself when looking for small town properties.
@Account Closed There is private university there and at one time it had a military base and one of the largest oil companies. I’ve noticed a lot of retain chains coming in but no big business.
GDP growth -> job growth -> in migration -> people growth (not height, population) -> price increases -> rent increases
Don’t have to be a Scientologist to see it coming. Don’t overcomplicate basic economics.
@Cheree Harris Do more research and find out where you can make your move into the market.
Great strategy, IMO.
Watch the prices closely in the big city. As prices rise in the city, look for opportunities in the easy commute bedroom communities that surround your big city. Look closely at freeway drive times and ease of access on/off the freeway. Stay within a 30 minute drive time of your downtown core, if possible. If your are buying SFH, look to school district quality and rankings next.
My apartments are located in a smaller town between Spokane,WA and Coeur d'Alene, ID. They are one block from the freeway entrance that connects the two commerce centers. They are also close to the town's City Hall, which ensure that our streets are snow plowed first! These are easy to fill units, and I draw tenants that work in both cities.