If you were to look at 100 properties, you may end up buying one good deal! Property is very much a numbers game. The more you look at, the more familiar you’ll become with your market and the chances of you finding an absolutely amazing deal are greatly enhanced.
As a serious property investor, you should be looking at property every day – if not physically, you should be analysing deals in the local property paper or online. Using the latter method, you will be able to literally analyse hundreds of deals in one sitting. If you’re not already familiar with several locations you might want to invest in, I would recommend you start doing some research.
Call several agents in your area, visit local property websites and check the local paper to help you to familiarise with the market.
Prior to investing even 1 penny of your hard earned cash, you need to verify that there is market for your property for your preferred tenant class. There is little value in buying a property and then deciding whether you can let it out or not.
The best locations for your property will depend on your target tenant. If you want to rent to students then you will need to source a property close to a large University or College. Alternatively, if you want to rent to professional tenants then you will need to provide a house close to a large employer or within easy reach via good transport links.
As a rough rule of thumb, you should always try to purchase properties in ‘up and coming’ areas with good transport links to the local employers. The properties tend to be cheaper here, and with the added benefit of HUGE growth potential. Furthermore, tenants don’t mind living in these areas for slightly lower rents than they would otherwise be charged in more prestigious locations.
When looking for these ‘hot spots’, you should firstly look at locations adjacent to ‘nicer’ areas. Scour the high street of these areas looking for new shops that are opening up, for example Marks and Spencer’s or ‘trendy’ coffee bars.
Place ‘ghost’ adverts in the local paper advertising for a property that you do not yet currently own. If you only receive one phone call for a 4 week slot, then you can safely say that the location is not a tenant hot spot. However, if you receive 20 phone calls a day for a week, you can probably risk a bit of money and buy in this location!
Learn how to search for the best property locations by claiming Your FREE Limited Edition CD and eBooks Right Now:
http://www.PropertySuccessFormula.com
