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I have rehabbed a couple houses over the past 10 years, but am starting a real estate investing business full time. I have a mentor who is currently buying and selling houses (he sold 8 houses in July for $167k pretax profit), and we are going to be meeting a few times a week starting next week. He invests in Pennsylvania, where he currently lives. I would ask my mentor, but he's on vacation at the moment. I am preparing my marketing materials right now and will launch the business within the next 5-7 days.
I currently live in Northern California. In my experience, a lot of successful real estate investors live in Florida, Texas and Colorado. I haven't met many from California; just a bunch of "do as I say, not as I do-ers." I have the ability to focus my business practically anywhere in the United States, but I'm also not sure that running a business from 1,000 miles away is a good idea.
My question is this: How would you determine if an area is a good area to start a real estate investing business? The area I'm currently living in has 38,000 single family homes within 1 1/2 hours driving distance, an unemployment rate of 14.7% and spend 44% of their gross household income on their mortgage. The average house costs $160k and the average household income is $44k.
Do any real estate investors that are actively investing have any input on how to figure out if there's an area that would be good or bad to invest in? What numbers should I look for before I pour thousands of dollars into marketing? What patterns? Thank you in advance!
I currently live in Northern California. In my experience, a lot of successful real estate investors live in Florida, Texas and Colorado. I haven't met many from California; just a bunch of "do as I say, not as I do-ers." I have the ability to focus my business practically anywhere in the United States, but I'm also not sure that running a business from 1,000 miles away is a good idea.
My question is this: How would you determine if an area is a good area to start a real estate investing business? The area I'm currently living in has 38,000 single family homes within 1 1/2 hours driving distance, an unemployment rate of 14.7% and spend 44% of their gross household income on their mortgage. The average house costs $160k and the average household income is $44k.
Do any real estate investors that are actively investing have any input on how to figure out if there's an area that would be good or bad to invest in? What numbers should I look for before I pour thousands of dollars into marketing? What patterns? Thank you in advance!
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