Buying In the City
An interesting thing has happened in the last week or so. I've been looking for a home to purchase. For those of you who don't know, I've been renting for the last year because I just moved into the city surrouding Boston and I wasn't sure I was going to like it, so I didn't want to commit to buying until I knew for sure. Well, as it turns out I love the city (go figure - hustle and bustle and always something new to do and Kelle's happy - quel suprise!).
30's and 40's Women
Well, as I've been talking to friends in my community, I've found several other women of my age-range (late thirties and early forties) who are also looking to buy. We are all in the position that we would like to have a primary relationship in our lives at some point, but we don't want to put our lives on hold now, so we're not willing to continue to rent forever. But we want an exit strategy on our properties as well.
Buying With an Exit Strategy
So what we're doing is starting to look at larger multi-family dwellings together. Our thought is that 3-4 of us will purchase a property with 5-10 units. We will owner occupy and rent out the other units to offset our mortgages. The cost per unit on these larger complexes is lower than we would pay for a condo and we can rent to other of our freinds who may not be in a position to purchase or who (like me) want to see if they like living in the city. Eventually, we may condo the building. Or not. But when we are ready to move out, we will be able to rent out our unit fairly quickly.
Being In Community
The nice thing about doing this together is that we know that we will have other people to count on. We have people to check on us, to share a meal, to help us when we entertain. But we don't have to live together. As much as we enjoy community, one thing we are all clear on is that we are DONE with the roommate thing. We're too old to be dealing with the roommate situation, but we don't want to live all alone either. This is the perfect solution.
What's In It For You?
"So what" you ask? Well, think about it. If this many of my friends are interested, think about how many other women might want to live in community as well. Couldn't you potentially make a niche in working with women who want to buy into properties with these types of things in mind? Couldn't you facilitate a group meeting to let the women get to know one another? Couldn't you help them figure out what amenities are important to them, where they want to live and then help them find the properties? From what I see, an agent specializing in this market could make an entire career around creating these types of communities.
Cross-Promotion
And then, once the communities are in place and you have women investing money together, why not bring in a financial planner to allow them to continue to do it? Perhaps they'd like to create an investment group - perhaps they'd like to finance someone who likes to do fix and flips but doesn't have the cash to do their purchases. (That's two sales for you.) There are all kinds of ways to do this!
Looking for a new niche? Try this one. I think you'll be happy you did.
Kelle Sparta is the author of The Consultative Real Estate Agent - Building Relationships that Create Loyal Clients, Get More Referrals, and Increase Your Sales, as well as being a speaker and trainer specializing in the real estate industry. Kelle is the founder of Sparta Success Systems, a real estate training company that provides tools, products, and training to empower agents and brokers to create lives and businesses they can love. For more information, visit her website at http://www.spartasuccess.com/. © 2007, Kelle Sparta.



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