Updated about 10 years ago on . Most recent reply
Analyzing my market
Hey all,
I just joined BP and new to real estate investing. There's so much information to absorb, a newbie could certainly become overwhelmed. But, I'm going to take it nice and slow, to make sure I'm educated and prepared for when I'm ready to buy my first rental.
Living in the Atlanta, GA area there are a few areas, where I would like to purchase properties: Grant Park, Inman Park, and Virginia Highland. Grant Park and Inman Park are going through gentrification and very close to downtown Atlanta, which is a plus. I've looked at data on several sites, but I'm not sure what it all means. How do I determine if these are good areas to buy properties? I'm hoping to buy small, multifamily properties (duplex, triplex, quadplex). If there's info on the site I should read to help me understand how to analyze a market, please point me in the right direction. Thanks much!
Most Popular Reply
Patricia
Congratulations on your start! The good news is –you are in a great geographic location to get started and investing in real estate. My advice is to not get bogged down in statistical analysis. Better yet, spend your time driving the neighborhoods in the areas you are interested in. Gentrification is a great thing when it comes to real estate investing. Look for positive signs in those neighborhoods… renovations, newer cars in the driveways, young families, etc. Raleigh, North Carolina is experiencing a similar trend. My brother, @Kelly Edwards, and I started investing right out of graduate school. We have had great success investing in neighborhoods that are experiencing positive change. With that said, we also spend time building relationships with the current residents of the neighborhood volunteering and giving back. This is a win-win because we help the community and learn more about opportunities for investment in those neighborhoods. One other thing to note – see if you can find other experienced investors in those neighborhoods and take them out to lunch.
Bottom line is – do your research and due diligence but don't get analysis paralysis! Best of luck to you! Let us know if we can be of any assistance.