Best way is to go and visit, other than that monitor the MLS closely and you'll see patterns emerge.
Alright! thanks for the advice man! I use zillow, Costar and loop net frequently for cheap properties on sale so that I can add value but could you tell me what exactly do you look for when using MLS cause I want to know the way you do it?
Decide on your strategy, target market and property type. For example, you might want to focus on long term rentals of 3BR SFRs built 1940 or later in a certain zip code. Build a financial model of your first investment property by estimating your revenue and expenses. You may want to leverage your local real estate meet ups for information.
Use the MLS, Zillow or your favorite online system to view everything available that matches your criteria. This will give you a feel for what you get in different areas and price ranges. It will be limited though because it is just a computer screen. You will need to actually get into the property to see it live to fully appreciate it. Take special note of the work needed. Ideally, obtain a mentor or bring along someone skilled in real estate to help you identify what needs to be done and estimate cost.
Eventually, you find a property you want to buy and feel like you know enough to be able to make an offer. Vet the property in your model and contractor network as needed. Offer on it. There is a negotiation process that may end in a contract. From here on, think of it as tuition towards obtaining a bachelors degree in real estate investment.
It seems like you might be at the point where you need to go beyond books and screens and get into the real world to learn more.
Decide on your strategy, target market and property type. For example, you might want to focus on long term rentals of 3BR SFRs built 1940 or later in a certain zip code. Build a financial model of your first investment property by estimating your revenue and expenses. You may want to leverage your local real estate meet ups for information.
Use the MLS, Zillow or your favorite online system to view everything available that matches your criteria. This will give you a feel for what you get in different areas and price ranges. It will be limited though because it is just a computer screen. You will need to actually get into the property to see it live to fully appreciate it. Take special note of the work needed. Ideally, obtain a mentor or bring along someone skilled in real estate to help you identify what needs to be done and estimate cost.
Eventually, you find a property you want to buy and feel like you know enough to be able to make an offer. Vet the property in your model and contractor network as needed. Offer on it. There is a negotiation process that may end in a contract. From here on, think of it as tuition towards obtaining a bachelors degree in real estate investment.
It seems like you might be at the point where you need to go beyond books and screens and get into the real world to learn more.