Are you thinking about purchasing investment property in a down market? As is often said, location is everything. It used to be that Florida was a top destination for investors, at least for people from the East Coast. However, with property insurance costs going through the roof there and in other areas along the Gulf Coast due to natural disasters literally going through the roof, investors are looking elsewhere.

But no matter where you buy investment property, location is a vital part of deciding where to buy. Besides cash flow, tax benefits, and eventual appreciation, consider the following factors:

Local job market—past, present, and future
Population growth
Cost of living
Crime statistics
School system (especially important if you plan to hold the property for the long term or will be renting to a family)

Hot markets today include Albuquerque, New Mexico; Raleigh, North Carolina; and Portland, Oregon—all of which have a strong rental market.

Of course, don’t forget to be connected. If you are purchasing a property out of state, make sure you have the right team of professionals helping you find the property and to manage it.

Is it your dream to own a second home in an exotic location? Or to buy in an area where, though you are not yet ready to retire, want to live someday? Maybe you want a smaller home where you and your family can vacation or a place where you can go to rest.

The good news for investors is that there are more choices available and a growing number of desperate sellers. Did you know that in 2006, 10% of second home purchases were foreclosure or trustee sales according to NAR.

The key to purchasing a second home in this market is patience and preparation, especially if you are applying for a second home loan. You may be looking at larger down payments on second home properties compared to the past, because lenders are tightening their belts due to record high delinquency rates. A good estimate is a 25% down payment and a credit score of at least 660, and you should fully disclose your income and savings to facilitate the loan process.

Keep in mind, that unlike a true investment property where you are looking for cash flow, income, and tax benefits, this is another personal residence, so take your time and buy right!

According to the National Association of Home Builders, rehabbing and remodeling existing single family homes accounts for more than 40% of the home construction industry by dollar volume in 2007. Driving this market are the average age and size of existing housing. The average age is 33 years, so beyond maintenance, people want to upgrade kitchens, bathrooms, etc. The trend is also to have bigger homes, so people are adding and expanding rooms. Modifying and upgrading a home usually pays off if the changes are what the market wants, so it’s a good idea to speak with a local realtor first to find out what the trends are. If you plan on remodeling or purchasing a home to rehab, check out the contractor. Make sure they are licensed and bonded—and get references!

Realtors, both male and female, are recognizing the power of women investors and have developed programs especially for women. According to the National Association of Realtors, in 2006, 22% of home sales were to single women. With more and more single women buying and selling real estate, many realtors have jumped on the bandwagon to market to women. Coldwell Banker has come out with a handbook titled “A wise woman’s guide to buying your own home.” I especially like the inclusion of wise woman in the title—reminds me of my own book. If you don’t have a copy of my book, click here!

When looking for that next real estate investment, ask the realtor if they have any special programs for women investors. Better yet, seek out a woman realtor who is an investor, just like you!

I’m always interested in hearing about women’s success stories—as well as the ones that aren’t always as successful as we would like them to be. We learn from each other’s successes and failures, so if you would like to share what you’ve learned, please do. Maybe in 2007, we can say that women’s home purchases rose to one-third.

As a fan of inexpensive and effective ways to market and get my message out there, I’m continually searching for ideas to drive my communications. I have found that doing a blog and utilizing other online PR opportunities is a way to accomplish and compliment my Internet presence. Check out these sites if you’re like me and are looking for quick results in your online marketing efforts.

Blogcarnival.com is a community that creates online magazines. Each carnival is a collection of blogs and articles focusing on a specific topic. You can submit your article to more than one carnival. If the organizer likes what you’ve submitted, they’ll publish your work on their website and link back to your site.

Squidoo.com provides a forum for users to talk about specific topics that matter to them. MyLot.com is similar to Squidoo but is not focused only on specific topics.

Linkedin.com is an online network consisting of millions of professionals. Each user creates a profile (similar to a resume) with professional accomplishments. LinkedIn uses your profile to match you with colleagues, clients, and partners.

Blogtopsites.com is a directory of blogs. Weekly ranking of blog sites are based on unique visits to your blog. Same with Google analytics. I’ve used Google and found it to be easy to understand and user friendly.

Use these sites and prosper!