Hey BP Fam!
So I am OFFICALLY starting my journey in real estate investing in NYC specifically in Brooklyn and Harlem. I understand that market analysis is an important skill to have in finding and analyzing deals.
Now what I need a little clarity on is how I can analyze deals in the most effective way? What is a great way to analysis markets? How can I figure out what is going on in the neighborhood that I want to invest in?
What I have learned so far is that MLS is probably one of the best resources to use as well as Redfin, Zillow, Listsource, StreetEasy, County Tax Records and contact with agents. I started looking through Zillow and Redfin but the information on there didn't seem like anything that would be reliable or sensible. MLS, Listsource, and County Tax Records seem to be the best ones however there is a fee.
Any advice from investors in NYC that has found effective ways to analyze deals or neighborhoods? Any investors with effective advice about analyzing markets/deals?
Market analysis, if done correctly, is more important than property analysis. Market analysis is also one of the Three Pillars of REI Knowledge. All three must be fully understood and incorporated simultaneously in order for any of the three to be fully effective. The 3 Pillars of REI Knowledge are:
1 - Market Analysis...which tells you WHERE (or where NOT) to invest
2 - How Money Works...which tells you HOW to invest. These are the different strategies you know and can use. The more strategies you can do, the more problems turn into opportunities.
3 - How to Develop a REI Business Plan...which tells you WHEN to invest.
All three are equally important, must be incorporated with each other and, must not be missing or the REI will lose...big time.