What are some of the resources you seasoned investors use to evaluate a rental market that you are thinking of investing in. What are your go-to websites to check out if the area is worth getting into and what exactly are you looking for when you are deciding if the area is worthy or not.
Thanks in advance!
If you were in Texas an investor friendly realtor (like me :-) could run you rental comps for properties listed for rent on MLS. Perhaps they can do the same there for you.
Originally posted by @Account Closed :
Rob Kulp I start by selecting a few markets that other investors recommend or like. If you are on BP a few markets stand out more than others. I then network with local investors, property managers, and realtors in those standout markets and get there take on the area. We then run the numbers and see which will work best for us and our financial situation. We then research and network to find turnkey providers in those areas. After all of this we make the trip and meet all our contacts in person. We tour the city street by street with different people and take in all their different opinions. We then pick the people we are comfortable working with that provide a product that fits our criteria. We start slow by purchasing 1-2 properties and then feel out the people, there process, and the end product. If all is good we go back to them for more deals. The more deals we make the stronger the bond grows. In the end a team is born with boots on the ground looking out for your best interest.
Wow great post Joey. I would also add that when evaluating a market most are looking at price to rent ratios, vacancy rates, unemployment rates, and median income which can all easily be found with google.
@Larry P. I'm in the process now of looking for a realtor to work with that has a lot of experience dealing with rentals and investors. Thanks for the advice!
@Joey Noel, you've got quite a process laid out there. Thanks for sharing!
Hi Mark, I have tried to find latest price to rent ratios using google in the past but never had any success. There are very few pages with that ratio and the data there is usually outdated. Have you had any success? If so, what site do you end up on?