Re: real estate market - Posted by NW-Russ Whitney RE Cons.
Posted by NW-Russ Whitney RE Cons. on March 22, 2001 at 07:10:21:
It has been my experience that small towns can be a great place to gat started! Lots of times beginners are always looking for the grass to be greener on another side,when in fact, you have many diamonds right in your own back yard.
There was a time when Russ Whitney was giving the Real Estate Counselors here in our office a training session. I was in attendance and he was discussing the experience he had when he first moved to Cape Coral/Ft. Myers, Fl.
He started to buy up a bunch of cosmetically distressed properties with decent cash flows. However, there were not a lot of bigger multi-families in the area. So he went 2.5 hours (driving) to Miami where there are many of these. He spent months working on these big deals,only to have none come through…
He said he went back to Ft. Myers, continued his prospecting in this smaller town and this is where he turned a thousand dollars into 4.7 million dollars in 18 months.
Much of this story can be found either in his very first book "The Hurdles and Pitfalls of Real Estate Investing, or in his book Builiding Wealth.
Hope this helps. Stick to your own back yard. Keep it close for a while until you get some experience and a few deals under your belt. When it is time to move on to a bigger city,you will know.
Best of Luck
Russ Whitney R.E. Consultant