No matter what strategy you select you will need to identify the best area that strategy works well in to maximise your returns. This is what I call my goldmine area.
So for me, I don’t have one specific area I call a gold mine area, I just follow where the money takes me. I select a strategy I want to adopt and then go looking through different portals online and in auctions to find that specific area that works, where the deal really stacks up. This means there is a clear difference between the refurbished/end value of the property I’m selecting and the current price I’ll be paying for it, so I can see a clear profit. This means I can easily recycle my initial investment by remortgaging and move into another deal. Once I find an area that meets these fundamentals, I know I’ve found my gold mine area.
However, now I look back over the all the flips and BTLs I’ve successfully done, I notice a strong trend running through all the “areas” and which is what I can now pull together the 5 key things that make up a gold mine location.
