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How To Opportunely Buy A Property In Any Major City

Originally published on David Taran’s website.

If you are looking to buy a property in any major city, especially if you are investing, it’s crucial that you are mindful of how strong the area’s domestic and international demand curves are. The international demand curve is what will influence the rise in prices during positive periods.

When you find a city that you believe has a lot of potential, there are a few other best practices to keep in mind before you finalize the property you envision yourself buying, whether it be for yourself or for investment purposes. Ask yourself the following questions – and if you can confidently answer “yes” to all of these questions, the property you have been looking at may be the best option for you:

Is it in an up-and-coming area?

While “up-and-coming” can often be interpreted as meaning an “okay” neighborhood, there are definitely variations of what up-and-coming is defined as these days. If there are signs that the neighborhood is actively improving, you may want to hit the sweet spot of purchasing the property before the area is completely polished up. Not only will you reap monetary benefits, but you won’t have to worry about your property being vacant for long since homebuyers will flock to your area to find their next dream home.

Does the property have a feature that makes it unique?

Just like every city is unique, so is every home. One property might be situated ocean-front, while another may be surrounded by a park. Even owning a property in a certain location, like in San Francisco, can be seen as an advantage. For every property you look at, be mindful of its unique features that set it apart from other properties around the area.

Are there reputable schools near the property?

A renowned and highly reputable school district will also be something that homebuyers will look for before buying a property. Even if they don’t currently have kids, they will want to invest in a home to settle into so that their future children will have the opportunity to get a good education. It also allows for a higher selling price since it is such a hot commodity.

Have you searched for properties in an unknown part of the city?

If you can find a property in a major area, you have found the most opportune investment. However, it is almost impossible to purchase a property in a neighborhood that every individual constantly has their eyes on. Don’t fight for these properties. Instead, look for beautiful neighborhoods surrounding these more common areas and purchase a property there. The homebuyers looking for a place in one of the major cities will begin to peruse your area once they realize how limited their options are where they are currently looking.

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Networking And Why It’s Important For Real Estate Investors

Networking isn’t just for amateurs or professionals with little experience. Even seasoned real estate investors could benefit from networking with other people in the industry. Connecting with other professionals doesn’t just mean going to networking events anymore. There are other methods for getting your name out there and forming rewarding relationships with other people that share a similar passion with you.

Set aside time to attend related conferences and events.

When people think of networking, this is what they picture: a mass of business professionals listening to a lecture followed by free time to mingle with one another and talk real estate. Participating in conferences, classes, and events are not only crucial in forming contacts with valuable, like-minded individuals, they are also an opportunity for you to expand your knowledge of the industry, keeping up-to-date with the latest real estate trends and news. Stronger connections are generally formed in face-to-face interactions when you have a chance to show your personality.

Build and develop a strong online presence.

Physical interactions during networking events are important, but they aren’t the only way to build connections. Now that we live in a world run by technology, it’s imperative that you build a strong online presence as well. If you already have one, continue to develop it. This is just another place where professionals, clients, and prospective clients can get in touch with you.

Be present within your community.

At the heart of real estate investment is your community, so one of your main priorities should be becoming as personally involved within your community as possible. Consider becoming a key member of a local charity or organization. Take up space in various indoor and outdoor spaces and socialize more with active members of the community. Showing that you are invested in your neighborhood will increase a person’s trust in you, which will lend itself to increasing word-of-mouth referrals.

Become active in clubs.

Networking at conferences and events is one thing, but joining a stable, more long-term organization has its benefits as well. Consider joining some kind of real estate club. Because these individuals all share similar goals as you, it is a great way to meet people and form meaningful relationships. Many investors find mentors through these clubs and, then, eventually become mentors themselves.

Get your name out there on both a local and national level by becoming a networking pro. It is all about participating in events and building connections with other individuals both in person and online.

Interesting read! Check it out!

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Small Vs. Large Homes: Size Does Matter For The Return On Investment

Originally published on David Taran’s LinkedIn.

Does size really matter? Homeowners often ask the question of what size home will potentially have the best return down the line - small or large?

Will a smaller home give you the best investment? Will a larger home provide you with a greater financial return on investment when you go to sell it in the future? While most homebuyers are focused on the size of the home, they are missing out on one crucial facet of homeownership that is just as important - location.

The physical structure of your home will depreciate over time; it is the value of the land that actually appreciates as time passes. The home itself will not have a direct impact on the increase of land value. Instead, it is these areas that will influence the majority of your return on investment:

Quality of the surrounding school district and neighborhood.

Aside from the physical features of the home, the quality of the nearest school district and the entire feel of the neighborhood are at the tops of the lists for families who are looking to settle down. If the home is in an area that will provide their (future) children with a good education and both themselves and their family with a thriving community to connect with, that will be a desired property.

Proximity to amenities.

Millennials want to buy a home that puts them close to the social and active lifestyle they crave. Seniors want to be close to the essentials - a doctor’s office, the grocery store, the bank, etc. A home’s walkability to certain amenities can have a direct impact on the value of the home.

The size of the home.

From mansions to tiny houses, the ideal size of a home has fluctuated over the years. Once, larger homes were more popular due to their elaborateness and spaciousness. Recently, tiny houses that measured in at 1,000 square feet or smaller became the newest real estate trend. Now, smaller homes are sought after again as the younger generations begin to grow their families.

The Final Verdict: Small Vs. Large Homes

When all of these factors are taken into consideration, it seems that smaller homes offer the greatest return on investment. The down payment is much smaller when compared to larger homes, which means lower debt, and they often come off the market quicker as there is a larger number of families looking to settle on small- to moderate-sized homes.

How are cities keeping up with the fastest growing industry in America?

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