Does anyone out there have any kind of spreadsheet or market analysis tool they use to find their target market?
I have been looking into out of state investing and have had many turnkey providers reach out (thank you) but I am not at the point that I even feel right taking their time yet. I want to find the market that fits my strategy best first and then speak to professionals in that market.
I think I am more comfortable paying a little more for properties in nicer (B+) neighborhoods with good (rated 5+/10) schools with a modest cash flow where I have a better chance at long term tenants that take care of the place rather than a C-ish neighborhood with a lot of turnover and crazy high (2% rule) returns.
I have been looking at the major markets like Indianapolis and Memphis as well as where my current home and rental are (Anchorage, AK and Vancouver, WA) and am finding that I will probably be in the suburbs rather than the city.
All this being said, I would love to get my hands on a tool or suggestions on how to set one up to analyze these areas to find the best one for my situation.
I've been using Areavibes.com for initial research It gives a good idea of demographics for each city and neighborhoods in it.
I've suggested to them to help provide some market analysis tools for exactly this reason.
There are a bunch of posts on BP about how to analyse markets including this one
Then you can go on forever with government statistics...
Trulia has a great interactive demographic map at http://www.trulia.com/local
Of course none of this has been compiled in any sort of side-by-side way to compare turnkey markets.
I think it would be a useful exercise.
working on it William but our leader has decamped for Mexico and a well deserved break
@Kevin Elwood I spoke at a conference recently and presented a matrix showing some of the major economic and demographic factors of some of the popular markets. DM me and I'll send you a copy of the matrix. After you look at it, you might want to add Kansas City to your list with Indianapolis and Memphis.
Hey Kevin. As far as determining a market, the thing you want to do is compare and contrast the available ones out there. I know some market experts that I work with (not turnkey sellers) that do that kind of analysis. I'd be happy to connect you to them or talk to you about my own market analyses...at least what things to look for when comparing and contrasting. Then once you do that with the markets, figure out which work best for you, THEN look for the turnkey folks.
@Joel W. thank you for the recommendation of areavibes, I really like their top 100 cities tool. While I was looking in the Memphis area before using areavibes I stumbled across Bartlett and thought it looked like a good area which was confirmed by that site. I did a search based on livability score of cities with 50,000+ population then kept only B and better for cost of living and crime rates which narrowed it down to about 15 areas to further investigate and Bartlett kept showing up. I think I have a strong candidate for a target market.
Bartlett is a great area here and all around would make a great investment play. Your average price in Bartlett will be in the $120k + range. Let me know if you need any help!!
I'm having trouble using area vibes. I don't see any sort of filter tool. I end up seeing a bunch of towns with less than a thousand people. How do you apply filters?
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