Purchasing in the sticks

I am just starting out in real estate. I am in the question mode. I live in a VERY country area and I was wandering if it would be a wise decision to buy properties in this area, or stick with a more populous area. I know you probably need more info, but I am speeking in general.


In general real estate is local. You buy where you understand. My wife just sent me a house from the MLS that was 3 bedroom, 2 bath 2 car garage with a huge back covered patio with an outside fireplace. This house was on a lot of land and priced at $45,000. It was in the country about 3 counties away. I have no idea if this is a good deal or not. I don’t know what it should rent for and if it is where a house like it would sell. If I lived there, I would know those answers and would be able to tell if I should buy it or not.

I just got surprised in a neighborhood right down from one that I already own a rental house. This house was a 3 bed 2 bath 2 garage about 1700 sqft. This house was for sale for $74k would take about $15k to fix up. I looked at the neighborhood and thought is should comp for about $115k, it actually comped out at $105k. I thought it should rent for about $1200 and the rental comps came back at $900. So even places that you think you know can surprise you.

There are plenty of guys in the country that own rental property and do great. That could be you.

Dave, I don’t know what you consider the sticks, or what’s nearby…but sounds like a ‘getaway’ lease purchase… get away from the city, the kids, the job… weekly rentals vacation type.

what’s the potential for that?

You probably need to let us know where “sticks” is. I probably live in the sticks but we have very few sticks and most of them are mesquite or tumbleweeds. Town of about 10,000 (depends on whose counting), in the decline overall (schools are losing about 100 students/yr.)
I go one county over to a “metropolitan” city of about 100,000 for most of my deals. However, we have in contract an 2/2 SFH that we plan to use as a rental. We are getting it cheap and it is of hispanic type architecture which ethnic group comprises the biggest group of renters in town. So it seems to be a winning deal.
You have to know your area and your market so you can be successful in what you are doing. That should be obvious.