Market Research

[Pete Perez]

Hello BP Members! Was wondering about how BP members do their market research? I live in the Inland Empire in Southern California and home prices are pretty high. I've read that it's best do research markets and understand the history of the market. With that said what are some resources that everyone uses? Thanks Everyone?

[Account Closed]

Pete Perez I start picking a market by talking with other investors. Networking on BP allows me to hear everyone's opinions on different markets. Next I do a little research for each market. Things like the history, economy, job growth, population growth ect. Then I get on the MLS and start studying the prices of both sale listings and the rental
listings. Then I dig deeper and get into each neighborhood and study the crime rates, school ratings, entertainment, parks, universities, and stuff like that. Then I come up with more specific questions and go back to my original guys that steered me to those markets and pick there brains some more. Eventually I choose a few markets and start looking for referrals from actual investors (not
Marketers) that can help me in these markets. I call these referrals and ask all the same questions that I have been asking all my new found investor buddies. I research the companies referred to me and try to find some dirt on them. Once I find I few companies I think will work in combination with a market that meets my strategy ....it's time to make the trip. This is when it gets fun. I drive the streets with all these people and view what they all have to offer. I compare one providers properties to the others and get to know them during the process. I seize the opportunity and ask all of them as many questions as possible. I even take notes, pictures, and screen shots on google maps. At the end of the trip me and the wife sit down and start analyzing the pros and cons for each property, and each provider. (She pretty much takes over from here). We prioritize which properties we are interested in and who we are most interested in working with. After that we start making some deals! Then the real fun starts!!!