One of the first steps to take in the Real Estate Investment world is:
Define your Target Criteria then your Target Neighborhood
This will help you focus your resources so you can find the best possible investments. In addition it will lower the cost per investment opporunity, spend less time filtering and rejecting unwanted investments and you will become the expert in your target neighborhood enabling quicker assesments of what houses sell for and what the fix up costs will be.
Flipping houses is primarily about buying at a great price and adding value with well-chosen improvements.
Things to consider for your Target Neighborhood:
- how close is it to your house and work
- Appeal and charm of neighrhood
- Ages of homes in neighborhood
- Sales activity in neighborhood
- Safety of neighborhood
- Selling prices og homes in neighborhood