Comments on: Checking Out Local Property As An Investment

By: Money Reasons

Money Reasons — Mon, 25 Jun 2012 15:44:46 +0000

Sound advice, very sound!

My area isn’t growing at all, so although all the books say try to find property 30 minutes to 1 hour away, I don’t see much growth potential, I think it would be better to go where they growth is too. I might by my first property local (just to figure out if I enjoy it or now), then pick an area that better growth prospects.

I didn’t think of going with the largest bank for preapproval, but that makes perfect sense

By: Crystal @ Prairie Ecothrifter

Crystal @ Prairie Ecothrifter — Sat, 23 Jun 2012 02:43:00 +0000

I think I would get preapproved by the biggest bank we could – one that is everywhere. Then do your shopping where the best rentals are – cities that are growing and have lots of blue collar and white collar workers. Then, when you pounce, you can get the best rate possible from places like small banks.

By: Money Reasons

Money Reasons — Fri, 22 Jun 2012 18:04:12 +0000

Good point on the credit hit! I’m kind of floundering right now, trying to carve my way through the muck. The real estate agent I’m working with recommended that path.

It’s always that way for me though, the first time doing something new like this is slow and inefficient, but then next time I’ll be three times as fast…

The mining city has some nice elements that make it a nice area to live (like an excellent golf course/country club). It’s secluded but close to a major highway. I’m not sure if I’ll buy there or not, I might try to pick up a foreclosure in my city instead.

By: Evan

Evan — Thu, 21 Jun 2012 15:14:41 +0000

Sounds like if the mining dries up you are stuck with a property and absolutely no renters? Why are you getting pre approved if you don’t know where you are buying? I only ask because you are taking a credit inquiry hit and will take another one (or 4) if you don’t find a home before it expires.

By: Money Reasons

Money Reasons — Thu, 21 Jun 2012 12:56:14 +0000

Poor wording on my part, I really meant to say duplexes than rentals. I’d say at least half of the units on the street were duplexes.

thanks for the suggestion about property management companies!

By: Money Reasons

Money Reasons — Thu, 21 Jun 2012 12:53:47 +0000

That’s a great idea, especially since I just noticed that a tree branch from the neighbor’s house is practically touching the roof of the rental property I’m looking at!

lol, yeah perhaps a 6 pack would help!

By: Money Reasons

Money Reasons — Thu, 21 Jun 2012 12:51:55 +0000

Yeah, “Drunk Drive” was a hoot… It gave me a chuckle too when I saw it

Thanks

By: Michelle

Michelle — Wed, 20 Jun 2012 20:02:20 +0000

Drunk Drive is where it’s AT! Sorry, but that’s hilarious. They sound fun at least? Good luck with your hunt!

By: Jonathan

Jonathan — Wed, 20 Jun 2012 17:06:11 +0000

What do you mean that driving through you saw a lot of rentals, but not a lot of for rent signs? How can you tell if it’s a rental or not?

Try talking to property management companies to get a feel for whether rents are in high demand or not, trends, renter preferences, etc.

By: First Gen AMerican

First Gen AMerican — Wed, 20 Jun 2012 16:33:16 +0000

I’d go one step further. Find a house that interests you and then knock on the neighbor’s doors to talk to them.

You’ll quickly be able to assess what kind of neighborhood it is and if it’s a transient place or not. I did this several times and most people are surprisingly willing to share what they know with a perfect stranger. If you bring a 6 pack, you might got a lot more info from the sounds of it…