I have been doing some reading on how to study a market for investing and after I read several articles I feel confident in knowing how to investigate a market but then 5 minutes later I feel lost and don't know where to start. I am currently studying for my NYS RE Sslesperson license and I'm seeking to invest in Yonkers, NY.
I have looked at the "city-data" website for Yonkers, NY and I know that the population increased 9% since 2000 and the median income is in the $50,000 range.
I also know that I should research comps in my prospective area.
Can anyone give any advice as to what I should be doing to know my market inside and out.
Btw- I live about 15 minutes drive from Yonkers, NY.
Find out what areas are good to invest in, that can collect the most rent and the crime rate for different areas. look for convenience, sub-way, bus, train, schools, even hospitals ( some people like to live close plus you may get Dr's and Nurses). here is a link that can help if you haven't gone to it yet: http://www.biggerpockets.com/renewsblog/2014/12/26/demographicstelling-real-estate-indicator-analyze-investing/
Thanks for the reply and I apologize for responding so late.
@shanel wiggins hello I am very intrested in hearing your opinion if it is wise in invest in yonkers being that the taxes are so high. I am born and raised there, so I am fimiliar with the good and the bad. I see you mentioned studying a market which i havent put much thought into besides crime jobs and rent in the area. when you mentioned population growth I knew it was topic I over looked. I am trying to be more active in my pursuit of knowledge. I'd love to hear what u have to say on the matter of successfully researching a market. when I read this post you were in the process of getting your license congratulations. would you have any properties that would be good buy and hold multi families in the Yonkers or mount Vernon surrounding areas. I look forward to hearing back from you