I wanted to know what is most important to investors. I made so you could vote up to 3 times if you feel strongly about more than one option.
Thanks!
:guns
I am buy and hold, so location is very important to me. Location determines the long term possibilities for appreciation. This is my first consideration and determines if I have interest in buying.
Condition doesn’t matter. Money will fix anything and everything that could be wrong with a house. As long as the price reflects the condition and leaves room to pay for repairs.
Price determines if I will buy, but only if it is a property that meets my criteria. I never buy a property just because it is cheap. I think a lot of out-of-area investors just got into trouble around here, buying property because it was (relatively) cheap, and not understanding that it was cheap because the locals wouldn’t touch it. Those are the properties that crashed really badly in price when the market faltered.
Financing, not a consideration. I want a property or I don’t. An attractive finance package won’t make me buy a property that doesn’t fit my criteria.
One thing that folks learn after they’ve been in real esate for awhile: there is ALWAYS something to buy. If one deal doesn’t come through, there are many more waiting. So I have learned to sift through the offerings and only buy the properties that are exactly what I want.
I missed “who I am buying from”. I don’t give a toot who the seller is. I’m not considering marrying them. Once the deal closes escrow, I don’t ever have to see them again.
A lot of my best deals have been good deals because the seller is totally disfunctional. That makes the seller a pure misery to deal with. But once the deal is finished, they are gone (except the one very stoned seller who got his cash and then refused to move out)
Since I mainly focus on wholesaling, I would say price. If the numbers work for my investors, it is a deal. However, location can still play a part in that as well.
For example, if a neighborhood is known for crack dealing and gang hangouts, then I definitely will not be able to move properties. So first price, then location.
So I guess it really depends on your strategy for the property. Location seems to be the most important, but as long as you get it for the right price.
:beer