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Where to Buy Investment Properties?
To buy or not to buy? Is that the question that real estate investors grapple with on a regular basis? Yes, but there is more to it. The real question isn’t simply about whether to buy or not to buy. It is about where to buy or where not to buy. That is the real question!
The saying “Location, location, location!!!” is popular for a reason. Knowing where to buy a real estate investment property is key to being able to create a strong return on your investment. It is one of the key factors in deciding whether to buy a property.
If this is such a critical issue, how do you make sure that you are making the right choice when you are buying a real estate investment property? There are a few questions that you should consider asking yourself before making a final decision.
Questions to Ask Yourself About Buying Investment Properties
Are you planning on managing the property yourself
This is such an important question because it will determine in what areas you can buy a rental property. If you are going to be managing the property yourself, you will want to buy something close to or within a reasonable commute of where you live. That way, when it comes time to do maintenance, show the unit to prospective tenants or anything else related to the rental, you are not far away.
However, if you are planning on using a professional property management service, the options for investment opportunities increase dramatically. By not needing to personally attend to all the matters that are relating to your rental, you can look at buying in a different area. One that may be more desirable or profitable.
What is the local economy of the area?
Knowing the market factors in the area you may be buying a rental property is critical to understanding many aspects of your rental journey. The type of tenants you will be seeing in your property, the average rent prices that you can charge and the potential return on investment are all relative to the local economy and market factors.
Are there unique and desirable features in the area?
Having interesting and unique attractions or locations in the area are always welcome when looking for a rental investment property. If there are tourists or if an area is world-renowned for some reason, the average price of a property is likely to be higher. There is also a good chance that there will be an industry built around these aspects of the area, tilting the economy and market factors in your favor.
Salem, Oregon
Let’s consider Salem, Oregon as a potential site to buy a rental property using the questions listed above.
Salem is the Capital City of Oregon. This means that there will always be a large number of government workers living in the area. There will also be a lot of through-traffic of other local, state and federal government agencies as they do business with their counterparts in the Oregon offices.
Capital cities often have a large and diverse base of companies that are founded in the area and operate the majority of their work out of the capital city. It also isn’t uncommon for companies to transfer offices and move into a capital city as they grow to be closer to the center of state commerce.
Salem is only 46 miles to Portland and 66 miles to Eugene. The proximity of Salem to these cities as well as the proximity of the I-5 is a very positive economic factor. Being close to other major urban centers and being close to a busy and well-traveled highway are all good signs when considering buying a rental property.
Salem is also centrally located within the world-famous Willamette Valley. World-class wineries and thousands of acres of vineyards are found here. You will also find some of the best farming soil known to man as well as beautiful rivers and tributaries, making this valley one of the most beautiful valleys to see in Oregon state.
The Pacific Northwest is known to be one of the best places in the world to live and Salem is in the heart of it.
When taking into consideration all the available factors, Salem, Oregon (and the entire mid-Willamette Valley area) are perfect examples of great places to invest in real estate. You have the desirability factors and the economic factors that you would want to have.
You also have professional property management companies like Centurion Property Management to do the managing for you. This means that you can invest and buy in the area even if you don’t live close. Centurion takes pride in providing only the highest quality services and exceeding the expectations of the owners they partner with every day.
Reach out today and contact Centurion Property Management to discuss your property management needs.
