1. Educate Yourself
Talk to other investors. Make sure you receive solid advice from accomplished investors, not from broke family members! There is nothing wrong with asking for free advice. There are many eager people out there to talk to you about investing in a property.
2. Read, Read, Read
It’s very important to read a variety of different authors who have different approaches. Reading will help you to see patterns and form your own opinions and strategies.
3. Know Your Market
Buy in an area that you are familiar with, at least for your first few properties. If you’re not familiar with an area try spending a few weekends in your target area driving around, talking to neighbors, local shop owners, property managers, etc. You need to have a feel for the area and the potential clientele you’ll be dealing with.
* 3 Categories
A Class - "Pride of ownership", neighborhoods occupied predominantly by homeowners. Well maintained with green lawns etc.
B Class - These usually serve the greatest number of people within the community and largest amount of inventory. Try to target an area with blue-collar workers and where there is a 35/65% ratio of homeowners.
C Class - “Run down” neighborhoods occupied predominantly by renters. High crime rates here. Typically investors here keep a tight operation and a specialized team in property management.
For more information call the #1 Cranberry Township Agents at Berkshire Hathaway HomeServices: Pierre Khoury and Gia Albanowski 724-964-6873