en McElroy, author of “The Look at the newspapers and
ABCs of Real Estate business journals in every city
Investing,” has a method he that interests you. Follow the
uses to find prospective links. Discover everything you
investment real estate. He's been can.
at it for a long time but, he
says, no matter how much Now you're ready for Level
experience he gains, he always II—choose a city and make
uses the same method. contact.
Research, research, research. “I What you want to do now is begin
have never purchased a single setting up your team. This is not
property without going through something you want to skimp on.
this process,” he says. These are the professionals you
are going to have to employ to
His process is one that allows get things going, experts whose
him to quickly narrow the scope opinions you will want to use.
of his search, and he describes Your team will be able to see
it in terms of levels. Level I things that you cannot, because
research, he says, is something of its areas of expertise and
you don't even have to leave your because of its familiarity with
house to do. He calls it “the the city. Your team members will
very preliminary stuff.” be people in the industry and who
have contact with the
You may go online and research industry—such as lawyers,
the major markets in a given area accountants and brokers.
of the U.S. to discover the best
cities in which to invest. You Not all of your meetings at this
want to look at quality of life, phase are about setting up your
economy, industry and population. team. In fact, you are simply
attempting to gather information you don't think you can afford to
about the city at this point. But buy there. You never know what
the knowledge that your contacts you will find. According to
demonstrate at this point will McElroy, there are deals
clue you in on whether you want everywhere, even in the most
them on your team when it is time desirable locations. Something
to make that step. that needs a lot of cosmetic work
may actually be in fine
Level III happens when you return structural condition. A place
home. This is when you fill in like that can be a real “diamond
any gaps that are left in your in the rough,” according to
knowledge. Sign up for McElroy.
newsletters, have your contacts
set you up with lawmakers and He advises that you take a
other business people who can skeptical approach, and says he
give you accurate projections of never actually expects deals to
the sub markets in the area, go through. This isn't
crime statistics, construction negativity, he says. It simply
plans—anything that may influence allows him to retain the option
how good an investment a piece of of walking away, keeps him from
property is. putting too much effort into
making the deal happen. If you
When it is time to make a have to try too hard for it, then
decision about which area in it isn't a good deal. You have to
which to look for property, start be willing to walk away from any
in the place you would most like piece of property.
to invest. Start there even if
About the Author:
Alex Anderson Connects Investors With Minnesota Real Estate Investment and Florida Investment Properties in Appreciating Markets.
Read more articles by:
Alex Anderson
Article Source: www.iSnare.com 
