Real Estate Investor · lagrange, GA · Member since 2008 · 46 posts · 0 votes
18y
investers and especially the buyers want properties in good safe places, like close to schools, parks, sports areas ect... places with low crime rates in up kept areas.
Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
18y
Originally posted by Carey Harris:
investers and especially the buyers want properties in good safe places, like close to schools, parks, sports areas ect... places with low crime rates in up kept areas.
I disagree. I want properties that make money! I don't care where they are.
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
18y
I have to agree with Mike. The most profitable areas don't always meet those "nice areas" criteria. I wouldn't buy a rental in an area where I was afraid to go, but it doesn't have to be an area where I would live.
Investor · Bellefonte, PA · Member since 2008 · 1k+ posts · 88 votes
18y
Location location location is said by those who don't understand real estate. Donald Trump never buys the most optimum location, he buys ok locations then makes them the best location. If you can improve the current location so that is creates a draw in and of itself then you can have some wonderful success. Buy the ugly house and make it a hair nicer than any of the other houses on the street.
The number one rule in REI is to always buy from distressed sellers at deep discounted prices. This of course only happens after you know the market you are purchasing in.
Residential Real Estate Agent · Long Beach, CA · Member since 2008 · 432 posts · 63 votes
18y
I agree the best location is not always the best cashflow BUT if you can get a great deal in a good location it's hard not to make money.
And, Donald Trump has plenty of properties in locations that were already great before he bought or developed--he has a golf course in Palos Verdes; oceanfront condos in Baja; a casino on the Vegas strip; a hotel on 5th Avenue, condos with Lake Michigan views in downtown Chicago, etc.
Real Estate Investor · lagrange, GA · Member since 2008 · 46 posts · 0 votes
18y
i just posted this from a logical point of view, please don't get me wrong on where the property has to be, but i will speak for those who are looking to buy in those areas to raise their families, like jon said, i was just contemplating.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
18y
Originally posted by Jason Hanson :
Moitvation, motivation, motivation.......if the seller's aren't motivated it doesn't matter how good the numbers look.
Only if you have to purchase sub to or lease option. If you have the cash or the partner with cash, you never pass up a great cash flow deal. That would be silly to throw away money!
I would think in today's really slow market ......... price and location is paramount to buying and selling (flipping)
There are days in my City (100K + pop ) when only 2 properties are sold.
Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
18y
In the end, what makes an investment property "work" is YOU. If you are not a good investor or a good steward of your property, it does not matter how good the numbers on paper are, it will not work. An person who buys very well and doesn't make money is not an investor - they're simply a buyer.
Case in point - I have two friends who had purchased two houses on a block and had been passively working on tenanting the property for 6 months with no success. To motivate them (and because it was a good deal), I bought a house on the same block, 3 houses down, and had a signed lease 3 days after closing. This was about 40 days ago and they now have both of their houses tenanted and cashflowing very well. The location was fine, their price point was excellent, they just needed a little tweaking to their system.
Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
18y
I told them to change their system to maximum 4 business hour delays in returning tenant inquiry calls and showings within 24 hours at a maximum. Frankly, I drop projects in process to show units and get application fees in hand. Once the application fee is acquired, I can slow things back down and get back to what I was doing. I've found that once the application fee is paid, over 90% of the tenants go forward with signing a 1 year lease.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
18y
Nice response Tim. I thought the problem was deeper than that from your first post. This validates the fact that quality management is the #1 most important aspect in rental units. I too require that my tenant prospects receive prompt return calls and asap showings.
Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
18y
Not a problem Will and you're absolutely right about quality management. The difference between quality management and poor management is usually 5 minutes more effort and just a little more sense of "urgency".
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
18y
Jeff,
I am sure every investor will have a different take on the original & your statement. Numbers are very, very important, but for example's sake, it would not make a difference to me how great the numbers are, if the area was a "war zone" or other area in which I would not want to invest.
Developer · Seattle, WA · Member since 2008 · 1 post · 0 votes
18y
Originally posted by Michael Rossi:
Originally posted by Carey Harris:
investers and especially the buyers want properties in good safe places, like close to schools, parks, sports areas ect... places with low crime rates in up kept areas.
I disagree. I want properties that make money! I don't care where they are.
Mike
Are you currently looking for real estate investment?
Good properties appreciate faster when the market is going up. They drop value at a much slower rate when the market is going down.
They are much easier to find good tenants for and they are certainly easier (and faster) to sell for a higher market price and less reduction in the asking price.
Contractor · Bronx, NY · Member since 2008 · 22 posts · 1 vote
18y
I'm currently investing in an area that is not so great, but as long as you see potential in the property, you'll make a good profit on it.
Whats a bad area to one person seems to be a descent area to another.
numbers depends on location, accessibility just like what the other poster said, everything that was given here are all important it just depends on what you are really after too.. Tim you got a nice point.