Maybe It Would Be A Closer Trip For Some People, Which Is A Good Thing

Category: Finance.

Real estate investors are always looking for hot markets. It s not that difficult to discover as long as you are willing and able to do away with the clich�s and determine what makes up a" hot market. " According to Ken McElroy, author of" The ABCs of Real Estate Investing" , a hot market is something that is in short supply and high demand.

Where can they purchase, and what can they buy, that will make them though most money? For example, if there is a plot of land on the riverfront that seems unattractive, but is capable of being, that may be a piece of hot property. If a property is overgrown, or needs a, for instance facelift, it might not up here to be a good deal to someone who is not paying attention. Usually, even highlyexperienced investors will be unable to see what is in front of their own eyes. But the very fact that it is on the water, a place where people want to be, might make it worth having. He mentions the Venice Beach area of California, which was featured in a movie called" Lords of Dogtown" .

Another kind of of hot property, is a place, according to McElroy with persona. This is a tough, edgy spot full of surfers and skate boarders. If you can buy a piece of property in that area, there is instant draw, simply by reason of the" cool" factor. It s cool, and the fact that someone lives there says to the world that they are funky, tough and artistic. Not all locations have persona, however. Big companies bring jobs and jobs bring more people, who need homes to live in.

But they may have other things, or a big, like existing industry corporation on the way. If people are coming in from out of town, they are most likely feeling fairly positive- minded, looking forward to a new lifestyle in a new town with a shiny new job. Military bases draw a lot of people as well, and not all military people live on base, as McElroy. points out. Their optimism can work in the investor s favor. He also warns, that investors should, however be careful when counting on military bases, because government budget cuts occasionally mean the closing of these bases. Lots of drive- by traffic can be a good thing.

Plain old visibility can also qualify a property as hot, or at least increase it s" hotness" factor if it is in fact a desirable place to reside. Drive- by traffic is free advertising. Maybe it would be a closer trip for some people, which is a good thing. It also means that there are already plenty of people passing by the property, and probably that the rental unit( s) is on the way to work for a lot of people. What it boils down to then, is that a hot market is property where the people are. If the area has a big population, or is looking forward to an increase in that population, it means there is a good economy, and a good economy is what will maintain your investment property business.

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