Flip Tip Summary
As a real estate investor, it’s critical that you know the facts about markets you’re investing in, down to the neighborhood level. Sometimes a matter of a hundred yards makes a huge difference. Scott Abbey and Shane Sauer tell us more in this FlipNerd.com Flip Tip. Don’t miss it!
Flip Tip Transcript:
Mike: Hey, it’s Mike Hambright from FlipNerd.com and we have a quick VIP tip to share with you from Scott Abbey and Shane Sauer who are going to share a tip on how to better understand the neighborhoods that you invest in.
Speaker 1: It’s really important that you understand the dynamics of the neighborhood of the properties that you’re considering. In any city throughout the country, you’ll find that neighborhoods vary dramatically even adjacent to each other. Understanding what those differences are and where those boundaries are is critical in making good decisions. As a property manager, 100 yards can make a big difference to the outcome of the results that you have in real property. So using data to find those differences, to help your decision making and your strategies of how you manage that property so that you have the best possible outcome for the demographic that you’re in is a desirable tip for you to be successful in your investing.
Speaker 2: As an investor and a lender of many a year, I always recommend to people, “Don’t necessarily go through . . . you’ve got all the time and check the facts first.” Use data and then go with your gut at that point, but knowing the data from crime and schools and vacancy and ownership percentages and [inaudible 00:01:20], and it goes on and on of your neighborhoods you’re investing in or looking at investing in is a great backbone to any decision you might make.
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Mike: Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.