Sunday, October 22, 2006

To Become Wealthy: Where I began in Real Estate.

I began my search a short while ago on the internet. Anyone in the world can tell you that when it comes to real estate it is all about “location, location, location.” So, I listened to other people’s advice and then added some logic of my own. My objective was to find cities that were growing, but had not yet reached their peak. Some people tell you to buy only in those cities at the bottom because they have the most potential for growth, and therefore more room for your equity to grow. I decided to play it safe and look only in cities that were already growing, but have not yet reached the insane peaks of New York, California or Miami. Sure, there are still good investments to be made in these areas, but they probably require more skill and money than I have right now. I want to start out easy. Basically, I was looking for cities that were middle of the road, growing but still affordable. We are planning to purchase our first investment home with conventional financing. I have a limited amount of money that I can put down on any one property, so the purchase price is a limiting factor for me.

The two big sources I used to find cities to invest in were Forbes and Expansion Magazine. Of course Google is also an invaluable resource. Just put in simple phrases like “growing real estate markets” or “cities for real estate investment”. The tedious research has already been done. You just need to find other peoples results.

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