Location. Location. Location
It makes a HUGE difference in your success in real estate.
This was a large lesson learned for me that a great deal in a rough area isn’t always a great deal especially when you have very little control of the location the property is in.
We learned that its extremely important to identifying good neighbourhoods first before putting any offers in. Do your due diligence on the area by identifying a few things to determine if your ideal tenants would want to live there.
These are some of the things we look for when we choose an area:
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Is it close to transportation?
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Are there jobs in the area?
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Amenities, can you get to what you need quickly? Stores, restaurants, fast stations, banks, grocery stores.
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Tenant profile, would you live here? What type of tenants would?
These things matter especially if you are looking for a solid buy and hold property. Go over the fundamentals and make sure you know the answer before pulling the trigger on that property.
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