Where can I find properties in my area to analyze. I've read the ABC's of real estate investing by Ken McElroy and the book on rental property investing by Brandon Turner and I would like to put into practice the things they taught about analyzing properties so I could get the hang of it. I was thinking about calling different owners and getting information on their property in order to analyze it but I don't think that would be a good idea since I'm not able to purchase. So where can I find properties to analyze that would give me all the information that I need like income and expenses to get a correct assessment?
@Adonis Eugene Yancey
You can find these properties easiest on Zillow or Realtor.com. Most should have the income amount if you are analyzing multifamily properties. Be consistent with analyzing deals to a point where you can tell if it is a deal worth analyzing just by looking at the price.
@Adonis Eugene Yancey, good choice on not calling current owners. You will be wasting your time. Get on the MLS, research rental listings on Zillow, craigslist, apartments.com for rent comps.
For expenses, it depends on the type of properties you are looking at. SFR: tenants are responsible for landscaping and utilities. 2-4 family you will be paying landscaping, and utilities are contingent on property, some are separately metered some may be house meter. Some leases allow for bill back, some don't.
Taxes you can run on county assessor's website, normally. Insurance , you can call an agent and pose as a buyer getting quotes. Mortgage you can run a calculator based on purchase price.
From there, it is all assumptions and/or the condition of the property. A tenant might destroy the unit and disappear or they may turn it over clean and ready to rent to the next tenant. The roof may be old or new, same with the mechanicals, kitchens, etc. These items are going to have the biggest impact on your returns. And unfortunately, no matter how much you practice plugging numbers into a spreadsheet or calculator, a bad tenant can cost you a lot of money.
Thanks for the feedback. They were really helpful