07 Oct How do I find a good area to invest in?
Great question, the best advice (and the way we ourselves find good areas) is to do some research online.
Start thinking backwards…
Meaning if you plan to sell the properties on Craigslist or eBay after you buy them then look on Craigslist and ebay now to see what area are selling, get the most activity (bids) and which areas do not.
Likewise if you are going to list the properties with a realtor then research on Truila.com or Realtor.com and look at recently sold properties.
What we have found is that it really doesn't matter what state you are in, but each state has pockets of activity where people are interested in buying land. If you go after those areas then 1) you know the market values and 2) you know when you buy a property at 5% to 10% of market value you will have a buyer quickly because you can list it at 90% or event 80% of market value and that discount will set you apart form other listings in that area.
One last note: You never want to go into an area that has no activity, the reason being is that it is a 50%/ 50% chance of being a “good area”. On the flip side going into an area that has a ton of activity (like 100s of properties for sale) will also effect the speed of which you can sell. The trick is to find an area that has some activity where you can see that 4 to 20 properties (that meet Jack's criteria) are listed and you see a historic record of properties being sold in the last 3 months.
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