Developer · PA · Member since 2021 · 13 posts · 5 votes
When you're evaluating a remote deal, how do you figure out if the neighborhood is improving or not? Particularly if you don't have trusted boots on the ground.
Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
8mo
@Eric Van Laar Before I commit capital or meaningful amount of my time anywhere, I need to experience the neighborhood firsthand. I want to be there in the morning to observe work patterns and daily routines, spend time in a local café or coffee shop to see who actually lives and lingers there, and be present after work to understand how the area transitions in the evening. I also want to see what the neighborhood feels like on a Friday and Saturday night by visiting the restaurants and gathering spots. In parallel, I need to tour housing inventory that leases or sells quickly as well as properties that sit stagnant on the market. I can tell by this if it's the specific location or design/layout or condition that's driving demand.
I can then take what I learn through that reconnaissance and pair it with the data sets available online to form a more informed view of the neighborhood’s trajectory. I wouldn’t personally trust anyone else to do this work on my behalf, and I view it as a low-cost, high-value step to take before committing to a more meaningful investment. The time and expense involved are minimal relative to the potential investment.
Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
8mo
@Eric Van Laar Before I commit capital or meaningful amount of my time anywhere, I need to experience the neighborhood firsthand. I want to be there in the morning to observe work patterns and daily routines, spend time in a local café or coffee shop to see who actually lives and lingers there, and be present after work to understand how the area transitions in the evening. I also want to see what the neighborhood feels like on a Friday and Saturday night by visiting the restaurants and gathering spots. In parallel, I need to tour housing inventory that leases or sells quickly as well as properties that sit stagnant on the market. I can tell by this if it's the specific location or design/layout or condition that's driving demand.
I can then take what I learn through that reconnaissance and pair it with the data sets available online to form a more informed view of the neighborhood’s trajectory. I wouldn’t personally trust anyone else to do this work on my behalf, and I view it as a low-cost, high-value step to take before committing to a more meaningful investment. The time and expense involved are minimal relative to the potential investment.
@Eric Van Laar Before I commit capital or meaningful amount of my time anywhere, I need to experience the neighborhood firsthand. I want to be there in the morning to observe work patterns and daily routines, spend time in a local café or coffee shop to see who actually lives and lingers there, and be present after work to understand how the area transitions in the evening. I also want to see what the neighborhood feels like on a Friday and Saturday night by visiting the restaurants and gathering spots. In parallel, I need to tour housing inventory that leases or sells quickly as well as properties that sit stagnant on the market. I can tell by this if it's the specific location or design/layout or condition that's driving demand.
I can then take what I learn through that reconnaissance and pair it with the data sets available online to form a more informed view of the neighborhood’s trajectory. I wouldn’t personally trust anyone else to do this work on my behalf, and I view it as a low-cost, high-value step to take before committing to a more meaningful investment. The time and expense involved are minimal relative to the potential investment.
That makes sense - the in-person read is hard to replicate. Two questions: What online data sets are you pairing with the on-the-ground intel? And how do you narrow down which neighborhoods are worth that time investment in the first place? Your approach sounds thorough but time-intensive - curious how you filter before you visit.
Rental Property Investor · Laguna Niguel, CA · Member since 2019 · 175 posts · 116 votes
8mo
1 - School ratings (8 or higher is a good sign)
2 - Check Uhaul migration reports (is this city/state on the list)
3 - Are companies moving into.out of that city
4 - Are people moving into/out of that city
5 - What is the job market looking like
6 - You can check out the city website to see any major projects coming to the area.
7 - Join the facebook group for that city (what are the members saying)
8 - You can look at the for sale listings on Zillow, realtor, redfin, etc. Are the days on the market unusually long, or a couple days/weeks. Are there a lot of price reductions.
2 - Check Uhaul migration reports (is this city/state on the list)
3 - Are companies moving into.out of that city
4 - Are people moving into/out of that city
5 - What is the job market looking like
6 - You can check out the city website to see any major projects coming to the area.
7 - Join the facebook group for that city (what are the members saying)
8 - You can look at the for sale listings on Zillow, realtor, redfin, etc. Are the days on the market unusually long, or a couple days/weeks. Are there a lot of price reductions.
9 - I generally try to avoid blue states.
Great list, Dale. U-Haul migration reports is a new one for me - clever way to see where people are actually moving. For #6 though - how do you verify those city projects are actually moving forward vs. sitting in planning limbo? I've found city websites show what's approved, but not always what's breaking ground.
Rental Property Investor · Laguna Niguel, CA · Member since 2019 · 175 posts · 116 votes
8mo
@Eric Van Laar having multiple sources of data and different ways to validate the same data always helps.
Projects get approved and scrapped all the time. But if ground has been broken and construction is underway, then there is a likely chance it will be completed. To your point, focusing on "in progress" projects will help as opposed to "potential" projects still in the pipeline.
Developer · PA · Member since 2021 · 13 posts · 5 votes
8mo
@Dale K Poyser That makes sense - focusing on "in progress" vs "in pipeline." Do you have a go-to way to confirm ground has actually broken, short of having someone drive by?