The Importance of Knowing Your Target Market
Many will say that real estate investing is all about “location, location, location.” That’s true. That’s because the same property in two different cities can have drastically different rents, quality of residents, and values. And the same applies to two submarkets in the same city, two neighborhoods in the same submarket, or two streets in the same neighborhood.
One of the most difficult things about buying a rental property investment is to avoid getting emotionally involved. In a hot real estate market, it’s easy to make the wrong decision when other home buyers are lined up and ready to make an offer.
Successful real estate investors always say that money is made when the property is purchased, not when it’s sold. That’s because it’s much easier to add value to a rental property than to try to turn a profit on an overpriced house.
In this article, we’ll discuss in detail how to do a real estate market analysis to buy a property that makes good business sense.
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