Most real estate “investors” (I put that in quotes because they are really speculators, not that there’s anything wrong with that) follow the trend in values not the demographics. Demographics create the trend before the mass media is publishing it.
Under the demographics are the trends in population growth, the trends in the underlying local economy, the available supply of developable land etc.
These will dictate what a market does in price. Do your homework, visit and study your target neighborhood. You may often find that if you visit your local administration building you will find statistics on given areas of your city, in terms of population growth and decline. You may also want to contact the representative in that particular district to find out what any future plans for the area.
Another good idea is to take a drive through the area to check the condition of homes and commercial areas. What kind of condition is the neighborhood in, what kind of commercial storefronts are there? Liquor stores and gunshops? Or, the local barber or clothing store?
In my case there have been several times that I have invested in condominium developments on the perimeter of the “clean” part of town and skid row. As the city developed and with land at a premium the only choice for builder/developers is to of course purchase the old and renovate. This will cause a momentum in city improvement and before you know it you will be sitting in a desireable area of town.
I hope this has been helpful. Feel free to contact me if you have any questions.
Glenn Wilbor is President and owner of California Equities, a nationwide Wholesale Mortgage Company that has had a presence in the downtown San Diego area for more than a decade.
Glenn and his company specialize in residential and commercial mortgage finance, real estate and development and have been instrumental in influencing the look of the San Diego skyline. For more information about California Equities, refinancing with Glenn or employment opportunities, please visit http://www.CaliforniaEquities.com or contact Glenn at glenn@californiaequities.com
Tags: glenn wilbor, mortgage refinancing, real estate investing
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