Due to my occupation, I find myself moving to a new part of the country every few years. Each time I move I am hesitant to purchase anything right away as it usually takes me a while to get a feel for the area and get comfortable with the local markets. I also notice that whenever I first arrive I am completely overwhelmed and don't even know where to start with my real estate market research. I should have a RE research system by now, as I have moved close to a dozen times in the last two decades but I don't. I often just play around with Google maps for a while and drive around aimlessly on the weekends until a neighborhood catches my eye. I noticed that there are some subscription services such as Local Market Monitor, which will indicate trending RE markets but these services can be pricey.
Basically, I'm curious as to what methods and techniques some of the more seasoned BP members use when they are first entering a new market to identify areas of interest.
I imagine that looking at "yield" is a good place to start, I just don't know where to find "yield" numbers for different areas, aside from calculating it myself.
I'll be moving to the Seattle/Tacoma area in a few months and was just hoping to get some guidance, not necessarily on "where" to look but "how" to look….if this makes sense. I guess my "plan" or lack thereof can be boiled down to this….
1. search on forums where people talk about the best neighborhoods in a certain city or area.
2. Google the area and study the amenities close by followed by a Google "street view" virtual tour.
3. Look at property prices on Zillow or Trulia then compare these prices to rental rates for these same areas of interest
4. Physically drive the neighborhood
5. Start attending "open houses"
Thats about it for me……There must be a better way.
HI John! Welcome to the forums.
I love quant research, due to stock investing, but I find that looking at houses with a seasoned realtor is much more valuable than the numbers aspect. A good Realtor wil be able to give you a read of the neighborhoods in the area, which allows you to filter out the noise so you can build a good research model. Happy Hunting!
Jordan Thibodeau, Check Out My BP Blog | https://www.biggerpockets.com/renewsblog/author/jordanthibodeau/ | Podcast Guest on Show #74
All of a sudden, I found myself with a portfolio of three Real Estate opportunities I'm supposed to work. Two huge pieces of land and a very large house (All in southamerica). But I have no formal training in "Real Estate Management" or the like. So I resorted to "youtube" as a beginning. Any ideas on how to get started??. I sold a little house once, and a small piece of land before, so I figured this was an easier business.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!