Beginner Series – Learning From The Scouts
Welcome to the Real Estate Espresso podcast, your morning shot of what’s new in the world of real estate investing. I’m your host, Victor Menasce.
On today’s show, we’re doing another in our monthly beginner series. The Real Estate Espresso podcast is unlike many other podcasts. While others cater to entry-level audience, our listeners are sophisticated. Many of you are owners of large portfolios of apartments. Yet, you also have people in your life who are interested in learning more about property investment.
Today, we’re focusing on the positioning of apartment investments. As Benjamin Franklin wisely said, “The bitterness of poor quality remains long after the sweetness of low prices is forgotten”. Thus, we’ll also talk about how the Scouts, both Girls and Boys, approach their annual product selling which can be helpful in real estate.
If you were selling snacks in the city, would you head for the most affluent part or would you sell in the least desirable neighborhood? You would obviously choose the affluent part. So why is real estate investment any different? Why aim at the most affluent customers for cookies but not for real estate?
Now, you might point out that household appliances can fail anywhere regardless of property location. Which is precisely why you want to be in a more expensive property. If the rent you’re charging per month is lower, then your ratio of expenses for repairs and maintenance might be 15% or 25% of your gross income; since repair costs remain the same irrespective of the area or rent you’re charging.
And so, established investors often choose the best properties in the priciest neighborhoods. Those areas fetch high prices solely due to high demand. Whenever you sell a product, aim for the highest demand and the customers who have the strongest ability to pay.
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