Staying in tune with your local market
Hello BP Community,
As I have been researching developing markets lately, I have taken the time to immerse myself within my community that I live in to learn more about my immediate market. I currently reside in Gloucester City and If you are not familiar with this part of New Jersey, it is directly over the bridge from Philadelphia. I have found that it is extremely beneficial to get involved with your city’s community if you want to gain a little extra insight on your own market, and the “5-year plan”. I am lucky enough that my wife is involved as well, I get to hear all the details and the ongoing city plans, discussions, and new businesses and investors coming into town.
For example, there has been a plan in place for years now to incorporate a high-speed rail line that extends from Glassboro (South Jersey) to Gloucester City/Camden area and this would give a more direct line to connect with Philadelphia. As I said, the plan has been in place for many years but being connected with community and attending meetings has led me to believe that there is a high possibility that this will come to fruition sooner than later. With this, there is potential value in the areas that would have train stops. There are a few other plans in the works to connect Gloucester City directly to Philadelphia as well.
Rutgers Camden is another area that is being continuously built on and it seems that a lot more students that attend class on the campus are looking for affordable housing for rent. I have seen the slow migration into Gloucester City in search of these affordable rentals.
We all know that you can never count on all the hearsay to be followed through with and should not put your monies into investments based on speculation. However, paying attention to your surrounding communities and the proposals that are being thrown back and forth can always lead to some ideas; as well as, give you better understanding if plans look to be moving forward. Currently the team I work with works with investors of all levels and at all aspects of the so feel free to PM me with any questions.
I am curious to know if others find beneficial to get themselves involved in the communities they plan on investing in? Don’t hesitate to share your thoughts.