Is this area a good for rentals?

Question

I am looking for advice on ways to gather information to determine if rentals would do well in a particular area. I am new to the area and not familiar with the A, B, and C, neighborhoods. I would like to be able to research an area before reaching out to the realtors for more information, With a full-time job, it is difficult to find the time to call a realtor and have a productive conversation without being interrupted.

In a nutshell, I am looking for ways to research at night and determine what I would like to pursue further.

Appreciate any advice

In a nutshell, I am looking for ways to research at night and determine what I would like to pursue further.

Appreciate any advice

David Barnett · Answer

Although I agree that you learn a lot about an area at night, don't discount driving through an area during the day.  For example, if you see a lot of activity in an area Monday through Friday during the day, it might mean that there aren't a lot of people in the neighborhood working.  Most people work during the day, and that might indicate some insights into the neighborhood.  I recommend driving/walking through neighborhoods in different times during different periods to get an overall feel for the neighborhood.  You'll learn a lot the more and more you go through the neighborhood.

Robert Leonard · Answer

Ben, don’t feel bad about not understanding the ABC’s of neighborhoods. This is one of my pet peeves here on BP, because it is all made up. There are such classes of commercial properties, but in residential it is totally subjective and all made up. If each person has their own definition and has to explain what it is, you may as well just say what you mean from the start. I think it is much easier if you stick to the numbers.

When I say, I buy houses to rent for $1,000 or more per month, that’s pretty easy to verify and is not a matter of my opinion. I digress.

We are in the same market. We can grab coffee or lunch one day to talk more about the subject.

Taylor L. · Answer

Hop in your car and drive around in the evenings! You can still get a good feel for areas in the evening. Realtors are also used to doing business with people with day jobs. If you're really drilling down, you can use local newspapers and other publications to get an understanding of where high crime areas are, where the big developments are going up, and other things like that.

The day job can make these things more complicated, yes. But don't let it hold you back in your mind- don't use it as an excuse!