Whether you are buying a property to flip or a home to live in for decades, the location is as important as the home itself.
If you aren't already familiar with a neighborhood, there are three simple ways you can quickly get up to speed on a new area, according to Sean Conlon, a self-made millionaire and real-estate mogul and the star of CNBC's "The Deed: Chicago." And you shouldn't commit to buying in that neighborhood until you've assessed it in these three ways.
1. Pound the pavement
"The best way to get information: Walk the streets. There is no better way to get a handle on a place than by talking to the people who live there," says Conlon.