Is it really important to get a feel for the area(s) where you will be stashing your money?
Here’s an idea from San Francisco of all places, and it seems to be catching on.
The latest fad in map-making seems to be something called emotional maps, created by having people wearing global positioning devices and the same kind of sensors used in lie detector tests while they walk around exploring neighborhoods. Okay…
Yes, this is kind of bizarre.
I always thought a map was supposed to be accurate or least somewhat accurate.
But there may be more to this than meets the eye.
These people are getting a real feel of the neighborhoods. They’re finding out what makes the heart of an area tick. That’s an important tool as you go in first ahead of the investing crowd.
I’m not saying you have to be as technical as these folks, but have you walked around the neighborhood (s)where you want to invest?
Did you get a feel for it?
Can you pinpoint why your tenants will want to live in that neighborhood?
What is special about it? What are its down points?
We have discovered many of our former tenants are buying houses in the same neighborhood where our duplexes are located. It’s a hot trendy part of [tag-ice]Nashville[/tag-ice], but I think it’s much more than that. And so do they.
Vital knowledge like this can be strong selling points for your next batch of [tag-self]tenants[/tag-self] as you continue to rent out your properties.
I think a lot of investors really miss the boat on this. Often they’ll concentrate only on the one property they are buying. They don’t really investigate the rest of the street until it’s too late. Problems suddenly appear. Then they often want out-fast.
Come to think of it, this is not a bad idea for any property you buy, especially the home you’ll end up living in. (So don’t just take your [tag-tec]realtor[/tag-tec]’s word that it’s a nice neighborhood).