How to find a market

Question

I'm fresh and ready to get in this game. My wife and I want to buy our first flip or rental or BRRRR. Still analyzing which route we want to start with.

We live in a rural area with a very slow market and we are willing to move.

WE ARE READY TO MOVE TO A NEW MARKET. HOW DO I FIND ONE? How do I analyze different real estate markets? How do I get connected with people when I get there?

Scott Swanson · Answer

Samuel, I'm a little confused. You said you want to purchase a rental or a flip and are ready to move. FYI....you don't have to move to the market that you want to do business in. Does it help actually living in the area? Of course it does. But you can still invest in other markets if you put together a "quality" team of people in the area you want to invest. Boots on the ground would include a realtor experienced in working with investors, a solid contractor and a solid experienced wholesaler, to find you properties. A realtor can help find you properties for less cost than a wholesaler but until they know you're serious and you buy from them, you might have issues with them not focusing on your needs and goals. They're here to make money and that's the bottom line!  There are "clubs" as I call them, called REIA's. They're groups of people who usually get together once a month and discuss real estate and investing. These groups can be a valuable tool for you to learn the business and are typically a great place to meet investors, wholesalers, realtors and others in the business. You can learn from the experienced, network with them and get many of your questions answered as well. Talking to people with first hand experience is the way to go. Just Google Reia's and you can most likely find one in the area you're focusing on.

We have investors from all over the country that purchase rentals and flips, so your location isn't critical. However, I highly recommend that if you use this strategy, you form a rock solid team or you can run into some major issues. I hope this helps. Best of luck.

Tim Stuart · Answer

Samuel,

Glad to see new investors taking the initiative and getting out of their comfort zone! One thing I did to help identify my investment thesis was using the BP Insights to identify Metro areas that were going in population and job demand. A few areas come to mind: NW Indiana, Huntsville/Birmingham, Phoenix, Jacksonville/SW Florida, Dallas/Austin/Brownsville, Little Rock, Boise. These metros have some of the nations highest growth/demand currently. I think Phoenix and Little Rock are some of the fastest going metros in the nation currently. Although Dallas/Austin market not far behind.

Hope this helps,

Tim

Bruce Woodruff · Answer

If you search, you will find the areas that everyone thinks are hot right now. I would make sure you choose a state and locale that is friendly to landlords, not renters, and if you intend to go the STR route, make sure that your state/city is friendly to that concept.

Do a search and then ask questions.....you will get the answers.....