I currently have a long list of markets that I am interested in buying my first rental property in (long-distance). I don't know where to begin with my research to narrow down my desired market as there are so many metrics I want to look at. I just downloaded @Scott Trench 2017 BP Best Markets Spreadsheet and it is definitely a huge help as some of the markets I am looking at are on there.
Furthermore, I just had the idea of hiring a virtual assistant to delegate some of the research to. There was a good amount of talk of virtual assistants in 4-Hour Work-Week and @Brandon Turner seems like he utilizes them as well.
What do you all think of the idea of hiring out some market analysis? I know that the credibility and source of information is primitive in this research phase, and have never worked with a VA before. I don't want to hire it out and risk getting bad information just to save some time, but if it is valuable work then my time can definitely be spent elsewhere. I hear that they do legitimate work, but what are your opinions?
I'm not sure what other people have to say about this but I think your going to have a hard time. I'm a local Real Estate Assistant here in Dallas, and I've been listening to allot of talk about hiring VAs to do various tasks.
The first thing you have to realize is that all VAs need to be trained to do the task your requiring, which means training them to understand Market Data, so that they can give you close to accurate assumptions.
Then giving them access to an MLS or MLS type service, along with additional GIS and data reference sources (unless you taking about them doing some type of online bird Dogging).
I have a Master's Degree in Real Estate and sometimes finding good market resources are difficult. So I can't imagine how difficult this would be for a VA in the Philippines or a VA not near where you needing your data.
I can feel myself over thinking this, so I'm going to sum this up by recommending you consider hiring a real estate college student, who's very familiar with researching market data, or a realtor during the winter down season. They wouldn't need as much training and it would be easier to train them and get closer to accurate information.
Or get ready to be double checking all the facts and information you VA send you.... Just for a few months to a year.
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
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing