2006-12-10 20:56:27 · 3 answers · asked by jesshispet 3 in Business & Finance ➔ Renting & Real Estate
That depends... what are you trying to do with it?
People typically invest in real estate with one of two objectives. Either they are going for "cash flow" or they are going for "capital gain".
In the case of a capital gain investment your hoping to buy low and sell high to make a profit. That's fine if you have a crystal ball and know which way the market is going to go. (See http://www.thehousingbubbleblog.com for information on the current state of the housing market nationwide).
An investment for cash flow is much less risky. In that case you are purchasing with an intent to rent. So, successful investing in this arena becomes a case of simple mathematics. The question is "Can I rent/lease this our for more than my total monthly expenses to own it." It's either Yes or No.
Unless I could answer a definite "yes" and knew that I had enough wiggle room to in my expenses to suffer a rental decrease I wouldn't be buying in New Mexico or anywhere else for that matter.
2006-12-10 23:44:34 · answer #1 · answered by briangwyn 1 · 0⤊ 0⤋
Are you going to rent it?
vacation Property?
House , condo, townhouse???
For a rental, if it's a condo make sure the rules allow rentals.
Engage a local Real Estate agent and discuss property values and appreciation. Actually talk to about three of them in the area you're interested in. You will get a feel for who is trying to steer you straight and who has their own interest in mind. Ask to see any property they think is a good value now. A newer agent will have more time and be more willing to help you look for something. I'd go with a big national company.
2006-12-11 10:34:26 · answer #2 · answered by zocko 5 · 0⤊ 0⤋
buying property anywhere is usually a good investment, but you of course wanna be careful and do research and also figure out what the market is expected to do
2006-12-11 05:05:46 · answer #3 · answered by C_Millionaire 5 · 0⤊ 0⤋