3 Things to Look for in Your Goldmine Area

I'm going to talk about 3 things that you need to look at when discovering your goldmine area:


1. Distance
2. Area Knowledge
3. Does Your Tenant Want to Live There?


So the first 2 are really all about you and kind of go together, but they are so important that I  wanted to cover them separately.  And then the last point is all about your client i.e. your tenant. I hear this very often: “I live in London but I can't do Rent to Rent here because...”  and then out come any one of a hundred different reasons.  Then they usually end up telling me that this one person they met at a networking meeting knows someone whose cousin does Rent to Rent in Oxford (or they have heard me talk about Rent to Rent in Oxford) and they know that they will have so much more success if they do it there.  


So, I'm going to be blunt here.  You tell me you can't do Rent to Rent in London (or Manchester or Nottingham or wherever) like that's a fact.  Like it's proven and no one else believes anything else.  This is totally a mindset problem on your part.  Because any reasonably sized city that you think you  can't do Rent to Rent in - I'm pretty sure I can find someone that is doing Rent to Rent there.  I mean
London...come on...there are tons of people doing Rent to Rent successfully in London.  The only reason you aren't is because you've told yourself you can't and that the grass is greener somewhere else.   I strongly believe that you should be setting up your Rent to Rent business as close to home as possible...or maybe...as close to your day job as possible, if you really don't like the area around where you live.


For the next few months you are going to be spending a lot of time in the area you choose.  Like A LOT of time.  Do you want to have to travel 3 hours every time you need to go to your patch?  Or do you just want to already be there?  

Sure, you could totally listen to a really great audio book while you travel and learn a ton, but that is not going to get you the deals.  The only thing that is really going to get you deals is viewing properties and making offers.  Anything else, is wasting time.  And you can do A LOT more viewings if  they are on your doorstep.  I promise you this.

For more information and helpful tips regarding your Goldmine area, watch our short video here.