Rental Property Investor · New York City, NY · Member since 2019 · 8 posts · 3 votes
Hey BP Community!
I want to hold a valid discussion; “What is more important choosing a market with high potential or just finding a good deal?
There’s a lot of research that goes into identifying a market with potential: I.e. population growth, unemployment, job growth, average home sale prices, average rent, sales forecast and etc. Opposite of that (for the purpose of this discussion) you can come across investment opportunities in varying markets. You do your due diligence on the property and so forth.
I know there are many other factors to take into account (I.e. goals, strategy and etc.) when making these critical decisions.
So I pose this question to the BP community: Are you focused on the market or are you focused on just finding a good deal? Please provide an explanation for your response.
Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
5y
Yes.
You can't move a property in a bad market to a good market. A bad deal in a good market is still a bad deal.
It's like how the wheels and steering wheel in your car are both important, market and deal quality are both important! Wheels fall off? That's bad. Steering wheel falls off? Unless you have that self driving Google or Apple car, that's bad too. Don't settle for anything other than both!
You can't move a property in a bad market to a good market. A bad deal in a good market is still a bad deal.
It's like how the wheels and steering wheel in your car are both important, market and deal quality are both important! Wheels fall off? That's bad. Steering wheel falls off? Unless you have that self driving Google or Apple car, that's bad too. Don't settle for anything other than both!