Selecting a market area
As a newbie, I've determined that my first steps are to establish an area in which to focus, for house flipping and/or renting. I live in Southern California, but properties are far too expensive here to get started in my current financial position. I've been looking in the Jackson, MS area where homes can be purchased at just =< $30K. However, I want to ascertain that y this area (or some other area), would be a great place for back to back, multiple projects (not simultaneously). I want to be certain that where ever I start, it will be an area where selling after reno won't be a big issue.
Since I will be doing business out of state, establishing a team with a realtor, PM, GC & sub-contractors whom I can reuse on multiple projects is essential. So rather than spend a lot of time right now trying to figure out whether a single property is a good investment, my first step is to establish whether or not an (area) has strong potential for me to reuse the same team on at least 2-3 properties in a row. How best might I gain that information. Where can I look and who can I talk to?
Most Popular Reply
Eden, a $30,000 property is probably not a bargain. It's cheap because it's undesirable and will attract undesirable tenants with higher maintenance, evictions etc. Buy where people want to live, not where its cheap (undesirable)