How to Find Developing Areas?

Question

What websites do you guys visit to check for future growth?

Patti Robertson · Answer

I don't though @Ernest Grindle. I have a few there and on the peninsula that are grandfathered, but I'm only accepting property (and buying) in the core cities of Va Beach, Norfolk, Chesapeake, and Portsmouth.  It's to hard to get boots on the ground for showing and inspections when property is too far away from the PMs office, in my opinion. Higher end properties, which are lower headaches

Daniel Reyes · Answer

Hi Jesse,

Thank you for posting! Generally, municipal (city) and county websites will contain either internal or external links to the local economic development organization or department. For example, the City of Tampa has the Tampa Hillsborough Economic Development Corporation. With regards to real estate - ULI and NMHC have industry information on real estate and multifamily housing. In this case, it will depend on the specific growth you are looking to monitor.

Please let me know if I can provide you with anything else.

All the best,

Daniel Reyes

Kevin Sack · Answer

@Ernest Grindle thanks for the link. Interesting to see the influx of money and the population projection. I'll have to give it a second look if this deal I'm working on doesn't go through

Taylor L. · Answer

@Jesse Daconta you might want to drive around a bit once you arrive in the area. Go to REIAs and talk with other market experts, you'll get a good handle on the trajectories of different areas.

There are certain parts of Portsmouth I'd invest in, and others I would not.

Jesse Daconta · Answer

@Ernest Grindle

Thank you for the advice.

Does every city have a Comprehensive Annual Financial Report? This is the first time I've seen this type of document and it has some excellent information. What do you find most useful from this type of report?

Thanks,

Jesse

Ernest Grindle · Answer

@Patti Robertson That is true about the property managers, but you cover Suffolk so what more do people need :) It's also a lot tougher to do good comps since many areas are so rural.

@Kevin Sack You should read (or at least skim) the Suffolk Comprehensive Annual Financial Report. It has some great info in it. http://www.suffolkva.us/DocumentCenter/View/2218/2...

Patti Robertson · Answer

And their are much fewer property managers who are willing to manage in Suffolk because of the distance too.  Just pointing that out in the event it is important to you @Kevin Sack.

Kevin Sack · Answer

@Ernest Grindle What about Suffolk makes you say that? I've been leaving it out of my searches since it is far away from the major industries that drive that area. The properties are definitely cheaper!

How to Find Developing Areas?

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