Re: The Right Property - Posted by Tim Conde
Posted by Tim Conde on January 22, 1999 at 24:53:08:
The “right” property for me is one that makes money, and looks like it will continue to do so in the future. True, I look for local employers, local shopping, walk-to schools, etc. but the bottom-line is my ability to rent the property, and have it make money.
If you perform a detailed analysis of the costs of ownership, the potential rents, along with a subjective analysis of the area, I think you will be able to determine the “right” properties for you.
True, Carlton Sheets talks glowingly about bread and butter properties (vaguely defined as a 3BD/2BA house), but I don’t necessarily follow that. You would do better to determine what there is a need for in your market, and address that need. Example: I build duplexes in an area with a large cultural bias toward a large family consisting of several generations. My answer to that was to design and build 4 bedroom duplexes. I have a five year waiting list for units. In other areas, I couldn’t give a 4 bedroom unit away and I know it.