Investor · Chicago, IL · Member since 2021 · 2 posts · 0 votes
Newbie investor from Chicago looking to BRRR a single-family/multi-family home. It seems there are so many boxes to check to ensure the market I choose to invest in will provide the most appreciation long term: low crime rate, employment growth, acceptable median income, attractive surrounding cities, etc.. Does anyone have a recommendation on how to choose the best market without getting overwhelmed by the laundry list of market criteria?
For reference, I was using the following sites to retrieve the data:
Atlanta, GA · Member since 2016 · 53 posts · 78 votes
5y
Hi Natalie - I am not certain if you plan on investing in a neighborhood close to where you live. But one thing that I did when starting out was drive around and look for how many dumpsters where outside houses- a clear indication of investment in the neighborhood. I did buy houses in neighborhoods that were not the safest at the time - and made certain I set up SimpliSafe right away and was very cautious. It definitely paid off for me. Wishing you success in your journey...Melissa
Newbie investor from Chicago looking to BRRR a single-family/multi-family home. It seems there are so many boxes to check to ensure the market I choose to invest in will provide the most appreciation long term: low crime rate, employment growth, acceptable median income, attractive surrounding cities, etc.. Does anyone have a recommendation on how to choose the best market without getting overwhelmed by the laundry list of market criteria?
For reference, I was using the following sites to retrieve the data:
When we were deciding which markets to invest in we started out looking at all of the kind of data you're researching now but honestly started suffering from analysis paralysis. The criteria we settled on
where did we have or could build a credible support network. Sounds kind of arbitrary, yes I know but there's a little bit more.
Could we get there with a direct flight?
And our last criteria- Was the market diverse? (i.e. was it one market or did it have a lot of submarkets) The last criteria were probably the most important to us because at one point in our investment career we had all of our $ in one small market that wasn't diverse. During a downturn, everything in that market turned at the same time.
Now we let others do the analysis paralysis job on where's the best place to invest such as Roofstock's Where's the Best Place to Invest in 2020. The report is self-serving because it's naturally about investing with Roofstock but the data is useful. We use reports like this (There are dozens of reports like this) but then use our 3 criteria.
Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
5y
Try to use Roofstock.com. It gives you listings with neighborhood ratings on it. So might be helpful to research properties in the markets you are looking at