How do I analyze new areas for investing?

Question

Could someone with experience in analyzing markets help me figure out how to determine what separates a great market from swamp land. I've been looking at the census and it lacks a good deal of info on areas I'm looking into. Also any search sources would be great and much appreciated. Thank you.

Mike Sedlacek · Answer

Absolutely. If you came to me and were interested in a city like Norfolk, VA. I would tell you that most of the sales are in the eastern section of town between 22nd st and eastern shore drive with average sales price of $234,000 and a market time on average 52 days. And I can break that down to specific neighborhoods with details of houses, price, size, amenities, # of bedrooms, assessed values, original morgage balances and rate, how long the owner lived there, when it was purchased last.  All public information.

Mike Sedlacek · Answer

Do you have any real estate agent friends that are top producers at their firm? They are usually on top of the market and can give you stats easily and free. Best place to start.

Patti Robertson · Answer

My latest tip for accessing the areas to avoid in a city - join the city’s police scanner app on FB.  It is quite educational.

Brian Judice · Answer

@Mike Sedlacek  So if I was to come to you the realtor and say Hi my name is Brian. I am a local realestate investor aspiring. Could you please show me the areas of town that are in the most demand and show me the analytics to back that up? I'm looking for houses in blank area that meet X criteria.

Does that cover my opening?

Mike Sedlacek · Answer

A top Produce in real estate sales earns well over $30,000 a month in commissions. We have 3 in our office that are doing this consistently month after month. Of course they have been in business over 15 years in this trade.

Brian Judice · Answer

@Mike Sedlacek I do have a few real estate contacts but I wouldn't call them "Top Sellers" how would I identify one? What would be a good track record for one? 1 house a month 5 houses ext. Thank you.

Greg Dickerson · Answer

@Brian Judice its all about demand. You want to go where the demand is and where people want to be. If your flipping you want to focus on markets where deals are moving fast. You can network with other investors, realtors and google housing market stats to determine the hot spots.

How do I analyze new areas for investing?

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