Location location location.

3 Replies

I am brand new to RE investing.  I am trying to decide my focus territory.  I am thinking Springfield Ma, since i live close.   Anyone have any ideas as to how to determine if it is a good location?

Ben - I'm just getting in to - but have been listening / learning for quite awhile. I'm between you and Boston, in Harvard, MA. So far I've been looking at the local surrounding towns (Ayer, Hudson, Boxborough, etc). Depends on what you're looking for - but prices vary dramatically from one town to the next - so the numbers work out entirely differently. My best advice is to find some properties (doesn't matter how - just look on the MLS) and start "running the numbers" on them. Make guesses, just get going. Every day, I evaluate at least one property. Over time I'm building local knowledge and seeing which areas seem to have the types of properties that appeal to me.

Not an exact answer - but it just takes some leg work to start building local knowledge and see if Springfield (or an area therein) will appeal to you.

Are you buying and holding? flipping?  multifamily or single family?

Why wouldn't you try to get a good deal on a home in Belchertown and rent it out?  Get something that is run down a little but needs a little TLC to bring it up to rentable condition.  The schools are good there.  Do you know what the market rents are in your area?  If not, figure that out and run the numbers.

If you go into Springfield, the first question people will ask is if you take Section 8.  Do you know the answer to the question, if not, you could wind up in court for discrimination.

Tom

Originally posted by @Benjamin Hoisington :

I am brand new to RE investing.  I am trying to decide my focus territory.  I am thinking Springfield Ma, since i live close.   Anyone have any ideas as to how to determine if it is a good location?

 Hello and welcome!  I am 59 years old and I found BP about 3 month ago and I am still learning.  You have to know your market well and how it's doing.  The basic that I keep hearing from those that are doing it, is just be focused and do your due diligence on everything.  Do not do anything that you don't feel good about.  You can find a good deal anywhere.  I graduated from college and got my broker license in 1980.  I have been in the construction business since I was 17.  If you think I can help you please contact me at any time.  Good luck!

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