Investing is one of the most invigorating games to play, especially when it comes to real estate! Receiving that first rental check is a rewarding experience because you were successfully able to buy a home and fill it with a respectable tenant. With any rewarding experience, there is always some form of risk. My business partner made a tool for he and I to reduce our risk when it comes to investing close to home or over a distance.
Common difficulties that arise when investing are; where to invest, local pricing is too expensive, and will the property appreciate based off of the location. My business partner and I ran into these exact issues. We figured we'd invest out of state as a means of finding something more affordable, but had no clue where to go? My business partner created a simple tool that filters the top cities/towns in America, based on population growth, income growth, crime rates, and school districts. In one simple click, the tool filtered out 2000 cities that met our criteria and we began calling agents. Within a month we had a property cash flowing with a cash on cash ROI of 40%. I was astounded. We have used this tool moving forward and have been able to buy more cash flowing properties that we know will appreciate due to the great stats of each city the tool filtered for us. We have also been able to help newer investors find their first investment properties and have put them in contact with local agents in the desired area.
This helped us tremendously in starting out as early investors and got us out of the "analysis paralysis" phase. Create a strategy that works for you and run with it. If anyone needs help picking areas to invest, I am happy to help.