Thread: Wondering it this would be a workable idea real new to real estate

i was thinking to myseflt the other day cause i want to get into renting out houses and duplexs but i was thinking of maybe doing some buying and re selling some property as well. i live in Hermsiton Oregon but right next to hermiston is bordman and in Bordman they are going to be putting in a nascar track and i was thinking to start trying to buy some property in bordman becasue i would assume that the property value would go up so my question is do you guys think it would be smart to try and buy as many propertys as possible over ther or just try and get some of the better land around ther or do you think that no matter where it is in bordman it would be great for resale please write back thanks.

Remember the old cliche There are only three things that matter in Real Estate and they are Location, Location, Location. Just because they are putting a tract in Boardman does not mean that the values are going to increase throughout the entire town. Do some market research and analyze what areas of town will be affected by building a track and how those values will impact the real estate values. It may be that you should be looking at commercial rather than residential. Know your market before you invest.

Old Dog hit the nail on the head about doing your research. Your 1st instinct is that property will go up in value, but what if people don't want to live near the noise and traffic?
I am in Indiana and we have the world's most well know track that has been here for years. There are areas around the track that are desirable and areas that are not. Don't make your real estate buying decision based upon the simple fact that they are building a race track there.
Analyze each property individually before you decide to buy. If you decide on rental property, make sure you closely evaluate the cash flow for each property. You seem to be doing this for investment purposes, and the name of that game is $$ or cash flow.

Hi there,

It can often be a good investment to buy where a new attraction/development is planned. Particularly if you have local knowledge. Check out what else is being built to surround the Nascar site and what transport links service it.

I would caution against 'putting all your eggs on one basket' and buying a lot of real estate in one place unless you a) are very sure the demand will be there and b) you can afford the loss if the market doesn't go the way you hope.

Good Luck

Simon Waugh
www.PropertyWorld.com

being close to NASCAR track means nothing. only buy in today's market if it cash flows b/c quick flips are not happening.

I agree with the last comment. This is a slower market than the previous ones we've been experiencing... if you decide to go through with this purchase, be prepare to sit on in, because that could happen.

Best wishes.

Old Dog said it best to be honest...It doesn't necessarily mean that values will rise. Due your homework and it can work in your favor.

Originally Posted by Kfaust00

i was thinking to myseflt the other day cause i want to get into renting out houses and duplexs but i was thinking of maybe doing some buying and re selling some property as well. i live in Hermsiton Oregon but right next to hermiston is bordman and in Bordman they are going to be putting in a nascar track and i was thinking to start trying to buy some property in bordman becasue i would assume that the property value would go up so my question is do you guys think it would be smart to try and buy as many propertys as possible over ther or just try and get some of the better land around ther or do you think that no matter where it is in bordman it would be great for resale please write back thanks.

From an investment standpoint make sure that you are making some portion of your money "on the buy" that means that you will make money even if appreciation is slow or dead for a while. this is especially true in the current market. Also, consider your investing strategy. If you are looking to buy and hold for 15 years for your retirement you pretty much can't go wrong. But, if your looking to sell in six months earning money on appreiciation your taking a much much larger risk and need to do more research. Its pretty much impossible to say values will go up just based on that track so make sure you do some research first.

I live in Daytona land of the 500 and I don't think it effects the price of housing at all. The people who benefit from Nascar is Nascar and local restaurants and hotels andsome vacation rentals go to the actual team member families when the hotels are booked up.

Actually the way to make some money is buying up the land around the track and selling parking the day of the event $50.00 a day they pay to stay 8 hours and $75.00 with a camper for 1 day. They also rent properties to vendors who come in set up shop and sell everything Nascar. Down the road as Nascar grows they may want the property for expansion.

To me the Nascar boom is in the land around the track not the homes.
Just my thought!

I agreee location, location, location is the key. Especially in today's market.