Flipper · Staten Island, NY · Member since 2014 · 116 posts · 31 votes
Learning a new market in lightning speed
I want to invest out of state for a buy and hold in a place a no nothing about (Wisconsin ) in the next 12 months. What I want do is:
1 - find someone like a Wholesaler who can be "boots on the ground " and partner with them doing an equity split or upfront fee or both
.2 - Do online research as much as possible to learn the different areas.
3 - Take at least one three day trip down there to meet with some potential team members and hopefully go to REIA.
In terms of online research, what do you recommend? I know zillow and neighborhoodscout have some good data, but how would you specifically define a good area to buy and hold? What are the must and must not have metrics? Is it necessary to go to town hall meeting?I know my area but that's because I've lived here for years. How do I condense that feeling of knowing an area down from decades into days?
As a real estate broker for over 10 years, I would suggest you partner with a knowledgable Realtor in the area you are looking to invest in. Yes, Zillow can provide you with data that may be helpful to you, however read their disclaimer "Our data sources may be incomplete or incorrect" therefore connecting with a Realtor who has access to the MLS and or appraisal tools will be your best bet. Not all Realtors are created equal, some have more experience with investment property and can speak your language especially when it comes to CAP rates just to give you an example, therefore do your homework to find someone that will be able to understand what you are looking to accomplish.
Additionally, each state has a Realtor's association, try visiting their website to review reports. These reports can be helpful to you by pointing out the average sales price, county/city data as well as the market absorption rate.
I wasn't able to hit on all your points, however I hope this information will prove to be helpful to you!