Rural Investing

[YooperChef]

Hello all - brand spanking new.  Just an inkling that this may be a good supplemental income until my wife and I sell our restaurant; beyond, we would like to ensure our little one sees us as he makes his way up the ladder of life.  All of which means I am intrigued by this industry.  

We live in a rural area, the U.P. of Michigan.  My concern is that the population density and property density is too low to support a full time life doing this up here - anyone with info or testimonials (even, "yes, it is possible") to either bird dog via the web, via distance transactions, or wholesale in a rural area, would be most appreciated.  

Yours.

Paul

[kimdrake]

If there are motivated sellers, and people who want to buy at discounted prices (landlords, rehabbers, handy home owners) it can be done. Maybe the volume isn't as high as in an urban area high. I would take the local real estate broker(s) out to lunch and pick their brains. They may be investors themselves, and know the players in town. They probably know of at least a few distressed homeowners, too. It would also be good to know how your local market is doing: increasing, maintaining, or losing population like many other areas of Michigan these days. There is money to be made in any of these markets, but your strategy may be different.

[IWINUWIN]

Welcome to the boards.

I have moved from NJ (the most populated per sq. mile state) to rural NY. My town has 1200 people with about 1/2 of that being full time. I moved here bout 7 months ago and have already done 2 deals (not leads or wholesale) and upon sale within next 60 days will net about 70K. There is a rental shortage in my area and the buyers outweigh the sellers. On the first house (the 1 i live in) I became buddies with the broker. He just had a deal fall through at closing - called me - I purchased and will net about 18K there. I just recently had him sign an agreement with me to be my buyers agent for when I deal with other agents.

The deals are there also. It is important you make contacts. By using my buyers agent, I instantly add credibility to the other agents. I am in a big 2'nd home market (catskills) also. Deals are to be made there but I have to hold the property longer since the people in my area are mostly hand to mouth. I concentrate on the typical homes people can afford in my area but won't pass up on a great deal that I have to wait on. To sell my properties, I do owner financing or lease options or traditional financing. The trick is contacts and putting the time in to find properties.

It can be done. I quit my 100K plus job to do it and so far this year will make at least 70K and I haven't even really started yet. Ya have to buy the houses right and fit the people into them.

Good Luck to ya

KEC