One of the biggest questions to ask when investing in real estate, is where? I am new to real estate investing and what like some insight on how everyone decides where their farm area will be. I often find myself looking way too far away, I feel like narrowing down the areas I look in will make it a lot easier. How do I know if I am looking in the right city, county, township, or neighborhood? As a beginner, what would your best advice be?
Get in the habit of looking at and inspecting what's happening re listings and sales in your local area. Local = no more than 30-minute drive from your home base.
Yes, I mean going out and looking at the neighborhood, the property, the surrounding amenities, etc. The more property you inspect, the more of an expert you will become in your area.
Once you feel comfortable with inspecting properties, learning the right questions to ask, understanding your local market, and HOW to evaluate each potential deal, THEN you will know a good opportunity when you stumble upon it.
You can transfer those skills into looking at other markets and will have some clues as to what makes a good deal.
Get in the habit of looking at and inspecting what's happening re listings and sales in your local area. Local = no more than 30-minute drive from your home base.
Yes, I mean going out and looking at the neighborhood, the property, the surrounding amenities, etc. The more property you inspect, the more of an expert you will become in your area.
Once you feel comfortable with inspecting properties, learning the right questions to ask, understanding your local market, and HOW to evaluate each potential deal, THEN you will know a good opportunity when you stumble upon it.
You can transfer those skills into looking at other markets and will have some clues as to what makes a good deal.
Thank you! A 30 min drive was kind of what I was thinking as well. I have my real estate license so getting inside properties is easy for me.
Start where you can get in, and get good. For most people, that will be in their own backyard. The name of the game is getting into the game, and then figuring it out. Obviously do your due diligence, but don't over analyze.