What are the best ways to find out about a new area to buy property in? I know about the county website for crime. Talking to people in the area. Any other ways to find out?
Also, how close are zillow estimates for property values? Are these estimates within a certain range of being correct?
What about previous year tax assestments? Are these ok to use to determine current value? I understand recent sales are better to determine market value, but can tax assessment values give you an idea?
When I first started out, this is what I did to learn about the area:
1) Talk to real estate agents to learn about the values
2) Talk to neighbors of the subject property that I was interested in
3) Talk to corner grocery/convenience store about the neighborhood
4) Drive through the area during daylight AND after dark on weekdays and weekends
5) Talk to someone at the local police department about the particular street I was investing in
6) I would ask the person I spoke with at the local police department that if they had money available, would they invest in the property
7) Talk to the local building department to see if there are any issues with other building on the street
8) Talk to other local investors about investing in the are
9) What are some of the fundamentals that make the area a good long term investment
I am sure there are more, but these are the things that I can think of.
Thank you @Sharad M.
This gives me a good starting point for I'm considering a new market myself and needed a a starting point. Appreciate it.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.