OfflineI have been studying RE investment since 2001 and finally have begun to get off my butt and do something. The problem is that one thing still escapes me after studying Sheets, Graziosi, Whitney and many others and that is exactly where do I start in analyzing my market? I know everything in investment is just a small step towards a larger goal, I just need to make the first step in analyzing my city, Louisville, which was recently appointed the #1 major city to live in as far as cost of living. I've noticed that most areas of Louisville have gone down in value recently but a few zip codes have actually gone up along with some of the outer lying suburbs and the entire metro area. I have the basic concept but I don't know exactly where to start and what to do next as the 2nd step. I know once I get on the right track I will be well on my way to success. Somebody please help. What is the very 1st thing you do to analyze your market?
Thank you.
Brian
I have as much a chance at failure as there will be no sunrise tomorrow.
Hi Brian, You'll need general infomation about demographics such as age, income, household size, etc which you can likely get from your city offices. If they don't have the info compiled, go to the census bureau website which has everything you'll need.
On a more neighborhood specific level, work only those neighborhoods that have desirable houses. What sells best in your area, two bedroom, three bedroom or more houses? Also get familiar with shcool district boundaries. Buyers with families are very picky about the school their children will attend. Access to roads, shopping and other amenities is also a factor in desirable neighborhoods.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125