Hello everyone! Need a little guidance. I'm so happy to be on this journey of mine. Looking to buy my first property by the end of this year or mid next year. I'm saving for a down payment. I'm looking to grow capital gains a little faster but overall I'm able to save 30k a year from my 9 to 5. I'm pulling a second job to add to it to hit 40 to 50k. My question is, what are the signs, or how can I go by finding a area that's growing so I can step into equity on My first property? Thanks in advance good people. 馃槉馃槉馃槉
Hello everyone! Need a little guidance. I'm so happy to be on this journey of mine. Looking to buy my first property by the end of this year or mid next year. I'm saving for a down payment. I'm looking to grow capital gains a little faster but overall I'm able to save 30k a year from my 9 to 5. I'm pulling a second job to add to it to hit 40 to 50k. My question is, what are the signs, or how can I go by finding a area that's growing so I can step into equity on My first property? Thanks in advance good people. 馃槉馃槉馃槉
Look at areas with favorable demographic trends for population & job growth, construction, income and education levels, median home price growth, migration trends, age.
There's all kinds of data, reports, and articles about growing real estate markets online.
My first real estate investment years ago was out-of-state for various reasons but I don't recommend this. Go local first as you know what area is going down vs. going up.
But regardless if it is out-of-town or local, I use this method.
1) Use city-data.com to check out the crime rates and other statistics. The biggest benefit was the median homes sold.
2) Use xome, Zillow, trulia, or realtor.com to look up the city. Sort by the lowest and highest cost home to get an idea of the range of the area.
3) Look up the local news to see any development or issues.
4) Now to find deals, the homes on the MLS are unrealistic in several areas but they are out there. Start going to open houses now to get used to looking at homes. Check the kitchen and bathroom plumbing. However, a good amount of investors got deals off market. I'll let others chime in on that one.
5) Build your team!! Identify the best, cost effective, set of contractors as even the turnkey homes need work. Get in touch with a realtor who can advise as well regarding areas.
6) Start your calculations now i.e., savings for down payment, loan amount based on credit score, monthly mortgage + expenses. I assume your credit score is great based on your savings. If not, recommend driving that up now. Don't focus too much on interest rates now as they will change.
Big kudos on gaining the 2nd job to further save. Impressive!
Thank you so much! I honor that and really appreciate that. Thank you so much for taking the time out to write this amazing advice. I'm dedicated and driven for this. I will apply the advice and throw offers when I'm ready.