Hunter Estess started his career in real estate as a teenager hosting open houses for his family business.
Everyone has heard the phrase: the three most important things in real estate are location, location, location. While having a great location is very important, it does not automatically guarantee success for real estate projects. An incompetent real estate investor could own a property in the best location possible and still lose a fortune.
Two great real estate strategies are buying in up-and-coming neighborhoods or cities and improving existing locations.
New York is a great example of a city that was has gone through a transformation. In the 1990s, it was a really dangerous and unattractive place, however today it is a really popular city that gets over fifty million tourists a year.
Improving an existing location requires creativity and vision. It also includes changing the role a location plays at the moment. For example, you could build the most luxurious building in a neighborhood or introduce some drastic changes to an existing building. Small investors can do so by changing the way a property is used or renovating a property in such a manner that people will start thinking about the location in a different way.
Many real estate investors, especially in the beginning of their real estate investing career, are afraid to think big. They look for cheap properties and are unwilling to pay a premium for a location for a parcel of land or a building. They don’t understand that in some cases overpaying does make a lot of sense. This is why investors such as Hunter Estess are not afraid to think big and make deals for millions of dollars.