CRE in Mayberry, RFD - Posted by B.L. Renfrow
Posted by B.L. Renfrow on May 27, 1999 at 10:23:53:
First, let me say that this is NOT one of those posts asking, “Can this work here?” I’ll admit to being a relative newbie, although I’ve done a couple of deals, so I know very well it can work.
Rather, my question is, what’s the population base below which one cannot practice CRE to the extent necessary to provide a reasonable standard of living?
Of course, I realize there are many factors involved in doing successful deals, but my situation is this: The city where I live has a population of about 8,000. In addition, the county has about 50,000 total, although many are rural or in very small towns, and 20-30 minutes from my residence. The nearest “large” cities (50,000+) are an hour away.
So what I’m asking is whether this is a large enough population base that my goal of being able to quit my job - or at least work when I want - after doing CRE deals for the next five years is realistic. Now, I actually like my job, and it pays well, but it’s 150 miles from home and it would be nice to be able to do it when I want to versus having to. Thus far, I’ve limited my investing area to the city where I live, and the immediate surrounding areas, otherwise I fear I’d be spending all my time driving around the county, but as I get more involved, I’m realizing I’ll probably need to expand.
I have noticed that almost all the “successful” investors who post here are located in much larger metropolitan areas. So, am I unrealistic to suppose that I can have similar results given my rather rural environment? I realize that to do so will likely require the ability to work with many different strategies rather than specializing in one or two areas. If anyone’s working in a similar environment, I’d like to hear it.
As always, any and all input is appreciated.