I had an investor that bought close to twenty houses and is now making over $60,000/year from our wise investing. I can start you off the same way.
The best thing is, is that my knowledge and hard work is paid for by the seller and the foreclosures are starting to increase in numbers and some of the best deals come in the winter months.
Bottom line is just do the math. If you calculate your cash flow, cap rate and return on investment you can compare homes in River's Edge, Corrales Heights, Cabezon, Northern Meadows or any other neighborhood with each other. When buying for investment it is a business decision, never chose a house based on emotion, only buy if the numbers make sense. If you want a certain neighborhood, like River's Edge, search there but still check the numbers. Also, if a bargain comes up in River's Edge be ready, they go fast.
Regardless of what neighborhood you buy in do the math; figure your cash flow, cap rate and your return of investment. By doing the math you can compare houses in different neighborhoods.
Congratulations on becoming a real estate investor. This is a great time to do it.
There are a lot of factors to consider. Before looking at locations, one of the first things you'll need to do, which will actually help determine location, is figure out your buying power.
Connecting with a mortgage lender will assist in determining how much you can spend and what you'll need for down payment (likely 20%).
Once you know how much you qualify for and what a comfortable payment would be, you'll then begin to see which areas are an option for you.
While it may be tempting to begin searching first, you don't want to waste efforts hunting in areas where homes are selling at $150,000+, if you're qualifying amount has you at $90,000 - $100,000.
If you have more questions or would like to discuss other important factors, feel free to contact me. Since the seller pays my commission, there is no cost to you for my assistance.
Syan Real Estate
Call/Text: (505) 730-8181