Defining Your Market
Hi,
I wasn't able to find this topic in a previous thread, so I thought starting a new discussion might work. I was wondering what thoughts there are for defining a market. I am from a relatively rural area, so it seems the methods that would be used in suburbs of larger cities, or areas like Cali, with high population density might not be applicable.
In my area neighborhoods are generally viewed as a development that was created when a farm was purchased and divided up, so the number of properties available is limited from "neighborhood to neighborhood".
For a new investor, initially focusing on buy and hold. Is it more important to be near my own residence, potentially limiting supply, or would it be more advantageous to cast a wider net, realizing the management becomes more challenging? Or, like in everything else, does it depend? :-) Thoughts/ideas are appreciated.
Thanks all,
Ben