Analyze an new market - from a distance

3 Replies

Thanks for taking the time to read and review. I am fairly new to REI and will be relocating this summer to a new city and am looking for recommendations on anything you have done in the past that helped you get to know a new market. Would you advise living in an apartment for the first year to get to know the place, etc.? Thanks for the feedback!

Hi Thomas,

Can you enlighten us as to where you'll be relocating to? BP would be a great place to start. Introduce yourself to investors in the area you'll be moving to and start asking questions.

My advice, and others may disagree, would be to live in the area for at least 6 months to a year before you buy. Get to know the areas, neighborhoods and streets.

Best of luck!

Hi Thomas and welcome to BP

where you live or whether you buy or rent wont necessarily be the key to getting to know the market. you need to do due dilligence on a couple of key properties there that could be of interest and get to know the RE agents there that are having good stock in the area.

Testing the water on a market by buying a property is crazy, you may find out that it is the wrong buy and the wrong area and you are stuck with unit. do some thorough DD and then decide from there. take the family there for a couple of weekends and some day trips round local parks or malls etc maybe.

@Eric Black and @Mark C. good point! We are heading to Bloomington, IN. I will absolutely try to connect with some others in the area in BP. I just hear a lot about investing where the numbers make sense which might not be where you live and was getting a little nervous thinking about buying in a place I haven't experienced yet.