Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
11y
The best analysis tool? Your knowledge of numbers, and the market...and a financial calculator. If you rely on any spreadsheets or software to make decisions for you, you are probably making a lot of wrong decisions...but you don't know it.
Those "tools" are just that. Tools. They help you compile information and do the complex math for you. Analysis is best done by you...the REI.
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
11y
The best analysis tool? Your knowledge of numbers, and the market...and a financial calculator. If you rely on any spreadsheets or software to make decisions for you, you are probably making a lot of wrong decisions...but you don't know it.
Those "tools" are just that. Tools. They help you compile information and do the complex math for you. Analysis is best done by you...the REI.
Private Lender · Port Chester, NY · Member since 2015 · 106 posts · 19 votes
11y
@Joe Villeneuve I get that but, I still think you need to know how the market is doing but looking at statistics, historically via charts as well as knowing your "numbers"
The US Census Bureau is a great place to start. Their website at first seems very complicated, but don't give up! it is well worth it to be knowledgeable about census forecasts (I believe it has helped me to save $$$$ in appreciation! I generally look for 1-1.5% continues population growth for at least the past 10 years. They also have some forecasting data(estimates) for next 5 or 10 years, and they seems to be accurate at least for our investment areas!
Once you had find an area with a healthy population growth you need to cross check that with https://www.crimereports.com/ to find the "gems in the rough" (stable areas with low % of violent crimes.) and now you have some areas to "farm" That is where the real work just begins with foot on the ground driving by, knock on door etc.......
ESRI Business Analysis Data (use the app..it's free)
CoreLogic $12 reports
Urban Land Institute and PwC Annual Trends Report
Each local Real Estate Agent can also provide you with a Market Summary Report which, when used with Core Economic Data, can provide you a good baseline to work with.
Kudos to you to want to know the Macro and Micro Economics of certain Markets as opposed to the usual spreadsheet number only review...reflects the caliber of investor you are./