How does one learn about their local real estate market?

3 Replies

Afternoon BP community! I’m relatively new to the wholesaling game and as such I am constantly seeking new information on how to refine my skills. A recurring task given to me by whatever education medium I use is to first learn my “local market”. How does one do this? What does it look like to actively learn about how your market works? What does it mean? How did you do it?

Much appreciated!

@Dallas Sullivan I think the answer to your question is just experience. Driving for dollars, learning the street names and the neighborhoods. I hadn't even been in a lot of my city until I started real estate even though I grew up here. Frankly, there's not much reason to go into a lot of residential areas and neighborhoods unless you're interested in real estate. So get out there and drive for dollars, go to the local meetups and start networking with local investors, agents, mortgage brokers, etc. Start trying to find the first deal and go from there, you'll always be learning more about your area.

Start small. Pick a zip code, or just a neighborhood even and get to know the ins in outs of that neighborhood. How quickly are properties selling? Are there distressed property opportunities? Etc. Then expand from there and add on to what you already know. 

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