Market research strategy for BRRRR/Buy and Hold
Hello to the fantastic BP community! Life changers, you all are. But you know that. :)
I'm near completion of finalizing my fourth buy-and-hold property in Indianapolis via turn key and I continue to get this feeling that it's time I take the entire process into my own hands. Tons of reading, lot's of books (my current fave is Long Distance Real Estate Investing by David Greene, SO inspiring and information--dense!)
I have a new morning ritual that gets me up an hour before the kids. That time is 100% devoted to researching markets to get comfortable finding something that can work for me with the BRRRR strategy. No better time than now.
What is YOUR favorite strategy for market research? I have a huge list of markets that, each morning, I pick one and just start searching/reading/taking notes on any random bits I find about the area. But it feels a bit broad at the moment.
- How do you BEGIN to find something that hasn't been on your radar?
- What are the things you look at FIRST that matter MOST so you don't waste your time? (property tax? landlord laws? etc)
- What process do you go through when researching a new market? I really want to systemize my approach so it's thorough, cohesive, and not a waste of valuable time.
Areas on my list currently: Akron OH, Albany NY, Birmingham AL, Boise ID (I'm from there so there's familiarity), Cincinnati OH, Cleveland OH, Columbia SC, Delaware County PA, Memphis TN, Oklahoma City OK, Philadelphia PA, Pittsburg PA, Richmond VA, St Louis MO, Tampa FL, Wilmington DE
So yeah, a lot there and I know I'm missing many. But that's what I mean. The country is so vast. Knowing where to begin and HOW to best begin there is the big challenge at this stage.
Strategies that work for you?