CRE in Mayberry, RFD - Posted by B.L. Renfrow

Real Estate Investing
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Posted by B.L. Renfrow on May 27, 1999 at 20:11:09:

…I only go to that job twice a week and work a 24 hour shift. Still, you have a point. Going to one of those 50-mile-away areas twice a week would mean 400 fewer miles on the odometer than my current 600 mile odessey. Hmm…

And you’re right about the competition here…exactly one guy. He’s a wealthy lumber yard owner and he has a RE agent working exclusively for him. They strictly buy below market for all cash and sell retail with owner financing. Nothing else. So, that leaves plenty of other areas untouched.

Now, who would have thought Brandi was a small-town girl? Thought she was in the middle of Dallas:-)

Brian

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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.

Brian (NY)

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Re: CRE in Mayberry, RFD - Posted by JPiper

Posted by JPiper on May 27, 1999 at 18:35:31:

Since my young colleague below has seen fit to bring my name into this, I thought I would give my opinion. So that you know, she lives in an area of 35,000?..and I told her to move!

I’ve always been a city boy?..I can’t imagine doing this business in an area of that type of population. But then again, you probably won’t have much competition. I’d rather have the competition personally.

But I was struck by some of your statements. You say your job is 150 miles from your home. According to my arithmetic that means you’re driving 300 miles per day. Now you mention that some of these more populated areas of 50,000 people are an hour away. Seems to me that an hour might mean 60 miles. Comparing the distance of your job to this seems like a piece of cake.

JPiper

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Hey Piper - You thiught I had it bad! Pff (nt) - Posted by Brandi_TX

Posted by Brandi_TX on May 27, 1999 at 15:46:55:

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Re: CRE in the boondocks - Posted by Gator

Posted by Gator on May 27, 1999 at 11:02:39:

8,000 people in your home town? 50,000 in your county? If I had that many neighbors that close to me I reckon I’d be as ill as a wet pole cat. You are in a metropolis compared to where I live. Look up Macon County Tennessee in your atlas.

I suspect you have plenty of deals and little competition. You may need a wider area of expertise and may need to visit neighboring counties but I got a feelin the deals are there.

Best of luck,
Gator