How to Analyze out of state markets??

Question

I think I would like to start investing long distance, in other areas that have a better rental market using the BRRRR method. I have been reading up on the BRRRR strategy & am currently reading David Greene's book about long distance investing. It's a good book, as they all are...but there is one thing I'm still not sure of & it doesn't seem to clarify very well. HOW do you do the research on other markets? What websites & reports do you use to get the data on rent ratios, market appreciation, income appreciation, and job growths?

So I guess I'm asking...what kind of statistics do you look for in other markets, and where do you find this information?

As usual, I know I'll get great feedback, thanks in advance!!

So I guess I'm asking...what kind of statistics do you look for in other markets, and where do you find this information?

As usual, I know I'll get great feedback, thanks in advance!!

Kenny Dahill · Answer

@Christa Kirby,

There are a few options.

• Google:  The simplest solution is googling for market trends.  These are typically updated monthly.
• Market Pro's:  If you know the specific markets then you can follow the professionals on social media.  These would typically be brokers, agents, and investors.  They occasionally release market trends.
•  REIA/REIC's:  Along with following the local professionals, follow the local Real Estate Invest Associations/Clubs.  They have monthly meetings and will send out their latest reports for a lot of what you covered.
• Commercial Associations:  Some of the data you want (income/job) are shared by commercial associations. i.e. Urban Land Institute or brokers (CBRE, JLL, etc.)
• Zillow:  You can research hyper-local by clicking on homes through Zillow.  This will give you their rents or value.
• Buy Rental Estimates:  Another hyper-local option is buying the rental estimates offered through rental software companies like Burbz, Cozy, Tenant Cloud.  It's cost $20 but provide you with vacancy rates and then rental rates for the low/high of neighborhood, zip and even section 8.  Since it cost money I would go through the previous suggestions first and then consider buying a report once you've narrowed down your market.
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