What Type of Property Should You Buy?

With spring around the corner (woot woot!), you may be considering buying a property.  Even if you plan on living in it for the long term, it is always good to view your property as an investment.  With that in mind, here is a very informative guide to investing in the right type of property for you by The Bigger Pockets Real Estate Blog

In a nutshell, before buying a property, evaluate:

1.  What are your individual goals? 

-You must first figure out what your real estate goals are.

2.  What is your strategy? 

-Flipping, Buy-and-Hold, etc.

3.  What are your location criteria? 

For example,

-Within an hour driving to/from

-Increasing population over the past 10 years

-Local businesses offering jobs, etc.

Once you have these three questions thoroughly answered, you can begin your search.  Target the area that fits your criteria and analyze growth in that area, focusing particularly on your goals, strategy and location criteria.  Monitor rental activity and compare that to properties for sale in that area, possibly creating a spreadsheet.  Analyze the ratio of housing purchasing prices compared to rents in that area.  Compare ratios of various zip codes within your target area.  This allows you to "score" zip codes and narrow down where you should look to buy a property and the type of property that fits your goals.  Read the full article on The Bigger Pockets Real Estate Blog for more details and contact us today to assist you in finding the right property for you!  

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