I’ve written in the past about knowing what your criteria is for your real estate investment properties. Single family or duplex? Tri-plex or apartment? Urban or suburban? Etc.
But I want you to look at it from another angle, as well. What kind of tenants are you hoping to attract? I don’t mean from a racial or religious standpoint. (Or any other standpoint that violates the federal Fair Housing laws.) I mean from a economic standpoint. A life-style standpoint.
For instance, if you purchase a smaller 3 bedroom two bath home 3 blocks from the University of Missouri Kansas City, what kind of tenants do you think you might get? How would that be different from a 1/2 duplex also with 3 bedrooms and two baths just 3 blocks away from an elementary school here in Olathe?
Waldo seems to attract a certain kind of tenant. So does the Armour area of Kansas City, Kansas. And again, that is different than what you might get in Blue Springs.
Think about that when deciding what kind of property you are going to add next to your investment property portfolio.