Shhhh! These Are The 5 Best Kept Secrets In Real Estate, Right No
We’ve cross-referenced various publications, online sources of information and relied on some partner advice to do this research and while the list is in no way comprehensive, we hope that it’s going to inspire you to look at areas that you may not have thought about previously.
Now, some of these locations are predictable, others may surprise you and which way you decide to invest, if at all, there are going to be a few things for you to think about and certainly, before you even haul out that check book, get the right advice first.
LET’S ESTABLISH SOME GROUND RULES FIRST
OK, so just before we get into revealing these fabulous locations (we know you’re just salivating to know more), it’s important that we establish a few ground rules first:
Your appetite for risk:
It’s all good and well have a pocketful of dollars if you’re lucky enough to
be in that league, but the easiest way to make a bag of dollars turn into a wallet of dollars, is to make a “dead” investment in property. So it’s vital that you establish before you start exploring opportunities what your appetite for risk is. If you have a family, you may find it more comfortable to operate in the medium but steady growth ballpark but if you’re younger and more adventurous then higher but managed risk could be where you want to play in or, you can operate in a number of these areas and spread the risk.
The level of advice you can access:
It’s great getting advice from your friends, family and contemporaries, but they can only get you so far. Take the time to research real estate developers that know what they’re talking about and take some more time to research them. This is no time to be timid especially when you consider that the average investment rises from around $500 000 for entry level players to upwards of $1M. It’s not small change.
How do you plan to finance:
Are you planning on making use of saved cash, cashing in investments, mortgages or combinations of those along with private investments? All of these scenarios have ramifications and will need to be carefully managed by developers and legal teams and make sure your understand escrow and what that means to your situation.
What is the long term purpose here:
So you mean to become a player in the market or are your “flipping” the property to take the profits and run, reinvest or expand. You have simply got to get your intentions down at this point of the game and if you have partners, this is beyond important and it must be contractual. You’ll thanks us later.
Commercial, residential, office space or mixed purpose:
This goes without saying, but we’re going to say it anyway. A rudderlessvship is going nowhere, no matter how good the captain is.
OK, LET’S GET STARTED
So this was a surprise even for us, but turns out that this Canadian city, long favored by families, creative types, students, business men and entrepreneurs thanks to a thriving I.T and design industry (as well as travel, financial services and business), tops the list. The 2019 “Global Livability Index” of 2019 placed Toronto at #7 of the most livable and business friendly cities in the world. Pack something warm.
MOUNT AIRY, NORTH CAROLINA (MAYBERRY)
It’s been a widely held belief that the next generation have not even been thinking about owning their own homes thanks to rising costs and stagnant salaries and if they would, certainly not outside of the urban core of cities. However, new data is showing the opposite. Millennia’s are falling out of love with tight urban spaces and overpriced broom closets and opting for space and fresh air where growing families can still allow their children to play in the streets and where neighbors know your name. Turns out, Mount Airy – is such a place. Check out The Realty Alliance for more.
When you think about California’s state capital, exciting and innovative real estate options are probably not what you’re thinking about off the bat. But while San Francisco continues to demand the types of rents that even a $100k a year salary will see you living in shared accommodation (Rent control! Rent control!), Sacramento presents a fabulous California style standard of living, a vibrant business community a fabulous place to raise families and way more bang for your property buck if you’re prepared to do some snooping. But you’ll have to be quick, the region is calling more and more tech-types and that means that silicone valley prices are not that far behind.
SAN ANTONIO, TEXAS
While Texas has long drawn upwardly mobile families wanting to keep more of their money (thank you limited State tax), San Antonio has seemed to lose out ot the more urban spaces of Dallas, Houston and Austin, and while it’s true that Austin is still attracting younger people who can afford the property there – San Antonio is also attracting a foodie and more vibrant cultural scene adding to it’s livability.
So this is our wild card, but make no mistake it ticks just about all of the boxes. In recent years the decline in the motor industry and associated industries have caused something of a massive decline in property values – but that’s exactly what we find so interesting. Detroit is the only entry on our list that makes sense for both residential, commercial and industrial property as you’re going to be able to stretch your dollar a lot further here than in most places. Get the right advice, find out who is moving there and get some “background” advice from detractors too – somewhere in between you’ll find the truth.
Look, we know that not all of these options are going to be attractive for most people. Sometimes you have to stick with what you know even if that means fewer returns in the longer run. Slow and steady returns is still better than fast and quick, ZERO.
Have fun, take your time and remember: easy does it.