For decades, California has been known as a land of lots of cars and long commutes--commutes that turn freeways into endless parking lots. But with the price of gas heading above $3.00 a gallon, even Californians are beginning to look into the possibility of living closer to downtown areas.

By Jeanette Joy Fisher
   
Across the country, many people are buying second homes in America today. Although a sizable number of vacation home buyers plan to retire in those homes someday, another segment hopes their second home will do double duty--as a vacation getaway and an investment property. If you fit into the latter category, here are five areas of the country where you might want to begin your search.

There are trade-offs to buying a second home in an area that's going to become one of THE hot places of the future, because you won't be the only one looking in that area, and it's going to grow quickly, bringing in more and more people. However, if those factors don't deter you, here are a few tips on how to look for a vacation property that will also prove to be a good investment over the long haul.

Of course, a beautiful setting and decent weather are first and foremost, but the property must also meet a number of other criteria, as well. You'll want to begin your search in smaller towns that are still within a two or three-hour drive from a growing urban area with a large airport.

There should be plenty of recreational opportunities. And that means things to do other than just shopping. Depending upon your personal taste, that typically means near a ski area, a beach, or in the mountains.

It’s also nice to have some cultural amenities nearby, since you won't always be in the mood to do strenuous physical activities. So make sure there are both stage and movie theatres, and it’s also advantageous to have art galleries and museums within easy reach.

Take a look around and see if there’s commercial development going on in the area. Long-time residents may complain about how much the area is changing, but seeing new motels, malls, and other business investments moving into town is a good indicator that you're not the only one who thinks this section of the country is going to continue to grow.

With some diligent searching and a keen eye for what's going on in the area, you can find properties that will provide the best of both worlds. A wonderful getaway in a delightful vacation area AND a great investment that will continue to increase significantly in value while you make use of it.

Copyright © 2006 Jeanette J. Fisher

Jeanette Fisher offers free real estate investing information and teleseminars.

Vacation Home in Wrightwood, California

Besides your credit score and the other five qualifications you must meet to finance a real estate mortgage loan, you need to gather papers and documents. Speed up your financing and make your life easier.

In the 1980s, Robert Allen hit the big time with a bestseller called Nothing Down, a real estate investment book telling people how to buy properties for little or no up front investment. It was a landmark book, offering dozens of ideas on what was called "creative financing," and thousands of people made millions of dollars using Allen's techniques. But are Allen's ideas still viable in today's marketplace?

It's not well known, but if you have recently applied for mortgage credit, the information you shared was probably sold within twenty-four hours of your mortgage application. Credit reporting agencies commonly sell what they term "trigger lists" of folks who have recently contacted mortgage lenders for rates or loan preapproval and have given loan officers permission to check into their credit.

If you're looking for a home in LA, it may cost you twice as much as it would have four years ago, there are fewer homes to choose from, and you'd better have a good family income if you hope to continue to live in your home once you find it.

Many home buyers rush into a home purchase without getting enough information. A home purchase, probably the one of the biggest investments of your life, needs informed and cautious consideration. Don't let impulsiveness or ignorance ruin your enjoyable home search and purchase.

Many beginning real estate investors get started by flipping real estate to make quick cash. If you would like to make more money by investing in real estate, you need to know a few essentials.

Judging by the number of folks who claim to call themselves "Home Stagers" today, you'd think it was the world's largest growing industry.

Many sellers list and sell their properties in haste. To get the most from your sale--in profits, protection, and yes--enjoyment, avoid these mistakes that can lose you money.