Hi Ladies,
I've never purchased an investment property (or personal home!). I live in New York City so I thought it would be best to start in the area near where I grew up down South for two reasons: one, I love the area, and two, compared to Manhattan its a lot cheaper!
So, I've compiled a list of things to research about the area from a real estate perspective. I would appreciate your thoughts and ideas.
Please comment only if you have actually purchased investment property. No offense but I am looking to hear from women who have done it already. If you are like me and haven't purchased anything I hope this partial list will help you get motivated, too.
Thanks!
Okay, here's the list of things I'm going to find out as I start my research — what would you add?
- the town's population
- the town's demographics
- figure out the local real estate trend the last five years (Zillow.com - any others you'd suggest?)
- the college enrollment (yes, its a college town: I am hoping to buy something to rent to people associated with the college, either professors or students)
- college rules about off-campus living
- of those allowed to live off-campus, how many actually do?
- of those enrolled at this college, how many actually attend school on campus? (sometimes colleges count online enrollment and that could skew my view)
- where in town do professors/grad students typically live? (they'd be my first choice as tenants)
- get the names of three or more local management companies (as I will still live in New York)
- ask for management company's references and see if anyone has had problems being a non-local owner
- find a local home inspector
- ask my local relatives if they would be able/willing to be involved in any way (I'm guessing not, but, you never know)
- check with town clerk (?) re: broad view of yearly property taxes & trends (is that where I find that info?)
- research approximate insurance I'll need for that area and target tenants (starting with my existing insurance carrier)
Ladies, I haven't even begun to figure out HOW I will afford this purchase. Right now I'm trying to cover my bases in understanding the market. How do you research an area? Anything I'm forgetting?
Thank you!
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