Learning New Markets - Any Free Resources/Software to Use?

[Austin Mudd]

I'm based in Southern CA but would like to look into other markets (for instance, Dallas/Austin TX or Phoenix ) to invest. Some of these cities I've been to maybe once or a few times, but I am unfamiliar with the intricate dynamics (crime, house hold incomes, neighborhood culture and trends). 

I'm hoping someone can suggest some software/resources that I can use (hopefully free as well) that I can be better scouting which particular submarkets I should focus on. For instance, while I've been to Austin, TX, I haven't been to Riverside or Round Rock. Before I spend the money and time over weekends to fly out to these out of state markets, I'd like to be as best educated.

[Wes Blackwell]

@Austin Mudd

You don't need software for this, as much of the research and information can be found online. Google is your best friend here. 

For crime, look at the city's police department website and they'll tell you where they report crime statistics to. You can search there and look at a map to help you avoid any areas with too much violent crime. 

Household incomes and other statistical data like this is super easy to find online. Just google and boom you'll have it in less than a minute.

As far as local trends, neighborhoods, etc. that's what the forums are for. Simply hop on after doing some of your own research and ask "What are the hottest neighborhoods in Phoenix right now?" or "What kind of strategy is working best in Austin TX for you fellow investors" and so on. 

The opinions and stories of the agents out here on the street working in the market every day will help you get the quickest grasp on that.

When you like what you hear and think you've chosen a potential market, make the visit in person. Nothing like seeing it for yourself. Plan meet ups with local agents, REIA groups and fellow investors. Best experience money can buy.

That's the best plan for educating yourself. It takes time, but it's worth it.