Real Estate Investing to Find The Location Before It Becomes a Hotspot
Location, Location, Location!
The first 3 rules in real estate investing.
This is talked about all the time but what we don’t focus on as much is the importance and value in purchasing in the right location before everyone else wants to be there.
Before it becomes the hotspot, and putting it plainly, before the prices are higher than most other locations.
There are many ways to find up and coming developments and locations.
Getting information from local chambers of commerce is one, this helps to shed light on future plans for the area, what business are there and/or will be there in the future.
A big obstacle that I see a lot of people face is mistaking proximity with commute.
A few things to consider:
1. You pay a significant premium to be in highly developed, sought after real estate communities compared to areas that are in development and not as well known or sought after.
Not only will the homes typically cost more but property taxes will also typically be significantly higher.
2. How close you are to something doesn’t always dictate how quickly you will reach that destination, especially if you are in a highly congested metro area.
Those of us in Houston area probably familiar with The Galleria Area and its’ traffic.
Contact me if you have any questions are would like to discuss scenarios.
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