an’t say it was worth all the time and headache that it caused. From this experience, I learned the lesson of “stay close to home” the hard way.

Over the years, I have been involved in many real estate transactions, and this same rule always holds true. You can use your local area knowledge to your advantage. For instance, if you have knowledge that the construction of a new company is about to take place or a new elementary school is going to be built close to a particular neighborhood, start to keep your eyes open for new propertie

As an Investor, one of the most vital things to be done to aid your success is to create a Target Market. This is an area that will be your focus for finding properties. What you will want to do is determine a location that you know the best. This needs to be an area where you feel like an expert; it is the part of town that you can take a hundred different side streets and you always know where you are.

This is so important because the world is changing everyday so your focus needs to be on an area that you can be aware of new changes and capitalize on them. Knowing where and when new developments will enter the area is just as important as knowing how long homes are sitting on the market.

For my first investment property, I did not follow this rule. I swayed outside of my comfort zone and area of expertise. I was offered the home through a mortgage broker that had knowledge of the property. After viewing the home and making note of what needed to be done, I made a very low offer and they accepted.

My thoughts on the deal were somewhat mixed. I knew I had just acquired a property that had a large upside for me, but I also knew it wasn’t located in a very good part of town. The uneasy feeling that I had in my stomach seemed to just get worse as time went on. As my partner and I were having repairs made, we started realizing that the crime in this particular area was very high. It seemed as quickly as we could install some changes and make some repairs, the items would be stolen almost as quickly.

During the day, the crime was not a factor, as there was always somebody around, but at night was a different story. After a few weeks of this, I decided it was time to make this a rental property rather then to just flip it. After several interviews with potential renters, I found an excellent couple that just fell in love with the home. I made them an offer that if they could watch the home at night for me, I would lower the amount of the deposit. They accepted immediately to save some money. It was a win-win for us both.

Due to the deal that I got on the home, it still ended up being a profitable investment, but I can’t say it was worth all the time and headache that it caused. From this experience, I learned the lesson of “stay close to home” the hard way.

Over the years, I have been involved in many real estate transactions, and this same rule always holds true. You can use your local area knowledge to your advantage. For instance, if you have knowledge that the construction of a new company is about to take place or a new elementary school is going to be built close to a particular neighborhood, start to keep your eyes open for new properties

es and capitalize on them. Knowing where and when new developments will enter the area is just as important as knowing how long homes are sitting on the market.

For my first investment property, I did not follow this rule. I swayed outside of my comfort zone and area of expertise. I was offered the home through a mortgage broker that had knowledge of the property. After viewing the home and making note of what needed to be done, I made a very low offer and they accepted.

My thoughts on the deal were somewhat mixed. I knew I had just acquired a property that had a large upside for me, but I also knew it wasn’t located in a very good part of town. The uneasy feeling that I had in my stomach seemed to just get worse as time went on. As my partner and I were having repairs made, we started realizing that the crime in this particular area was very high. It seemed as quickly as we could install some changes and make some repairs, the items would be stolen almost as quickly.

During the day, the crime was not a factor, as there was always somebody around, but at night was a different story. After a few weeks of this, I decided it was time to make this a rental property rather then to just flip it. After several interviews with potential renters, I found an excellent couple that just fell in love with the home. I made them an offer that if they could watch the home at night for me, I would lower the amount of the deposit. They accepted immediately to save some money. It was a win-win for us both.

Due to the deal that I got on the home, it still ended up being a profitable investment, but I can’t say it was worth all the time and headache that it caused. From this experience, I learned the lesson of “stay close to home” the hard way.

Over the years, I have been involved in many real estate transactions, and this same rule always holds true. You can use your local area knowledge to your advantage. For instance, if you have knowledge that the construction of a new company is about to take place or a new elementary school is going to be built close to a particular neighborhood, start to keep your eyes open for new propertie

d just acquired a property that had a large upside for me, but I also knew it wasn’t located in a very good part of town. The uneasy feeling that I had in my stomach seemed to just get worse as time went on. As my partner and I were having repairs made, we started realizing that the crime in this particular area was very high. It seemed as quickly as we could install some changes and make some repairs, the items would be stolen almost as quickly.

During the day, the crime was not a factor, as there was always somebody around, but at night was a different story. After a few weeks of this, I decided it was time to make this a rental property rather then to just flip it. After several interviews with potential renters, I found an excellent couple that just fell in love with the home. I made them an offer that if they could watch the home at night for me, I would lower the amount of the deposit. They accepted immediately to save some money. It was a win-win for us both.

Due to the deal that I got on the home, it still ended up being a profitable investment, but I can’t say it was worth all the time and headache that it caused. From this experience, I learned the lesson of “stay close to home” the hard way.

Over the years, I have been involved in many real estate transactions, and this same rule always holds true. You can use your local area knowledge to your advantage. For instance, if you have knowledge that the construction of a new company is about to take place or a new elementary school is going to be built close to a particular neighborhood, start to keep your eyes open for new propertie

night was a different story. After a few weeks of this, I decided it was time to make this a rental property rather then to just flip it. After several interviews with potential renters, I found an excellent couple that just fell in love with the home. I made them an offer that if they could watch the home at night for me, I would lower the amount of the deposit. They accepted immediately to save some money. It was a win-win for us both.

Due to the deal that I got on the home, it still ended up being a profitable investment, but I can’t say it was worth all the time and headache that it caused. From this experience, I learned the lesson of “stay close to home” the hard way.

Over the years, I have been involved in many real estate transactions, and this same rule always holds true. You can use your local area knowledge to your advantage. For instance, if you have knowledge that the construction of a new company is about to take place or a new elementary school is going to be built close to a particular neighborhood, start to keep your eyes open for new propertie

an’t say it was worth all the time and headache that it caused. From this experience, I learned the lesson of “stay close to home” the hard way.

Over the years, I have been involved in many real estate transactions, and this same rule always holds true. You can use your local area knowledge to your advantage. For instance, if you have knowledge that the construction of a new company is about to take place or a new elementary school is going to be built close to a particular neighborhood, start to keep your eyes open for new properties. In cases like these, there will be a new demand for housing, either for new employees for a company or for people wanting to live near a school.

Surprises are not typically a good thing during a real estate transaction, you can help to put yourself in a better situation by staying close to home in the areas that you are very familiar with.