Research your target market:
Today on our real estate graduate call we discussed the necessity to take the time to learn the markets we have interest in. It is important to build the right team of individuals that can assist us in our real estate investing. But, they are assisting you and we as the investor need to get the facts on the markets we have interest in. We don’t have to only rely on the insight our team has for us. Yes, they can and should be very experienced in investment real estate but they don’t always take the time to get the latest facts. No one has more interest in you succeeding than you. Because of that fact, we need to take the time to find out the latest facts and as an agent or mortgage broker gives us their facts they can back up what we have found as well.
Today on our call we talked about a few websites that can be insightful for us as investors. These sites give us the latest facts which can allow us to see the similarities and contrasts in different markets of interest.
Trulia.com:
This website gives us the ability to search by address, zip codes, etc. It show listings of various properties and most are listed on that website by real estate agents. Not only can one see the details of the property but one can click on links to understand the ratings of the schools in that area as well. We can look at trends of properties for sale in that area over time. This site has many links that teach us the facts about that market. This insight is not at a cost but for free.
Bestplaces.net:
This website is directed to people that are interested in moving into a new area. This website allows us as investors to search by city or zip code about a particular area. It shows statistics on job growth, expected job growth, and the average age of homes and their price ranges. It shows us the facts on average salaries of individuals in a particular area, as well as commute times etc. This website allows us to get even more insight.
Rentometer.com:
This website allows the investor to type in an address, select a bedroom amount and type in a rental amount. It will show by address the averages rents for that many bedrooms in at that location. It also shows a map of the exact addresses of properties renting for the same, lower, and higher amounts. This is one of the most important bits of information needed when looking for a rental property.
All of the data that we can collect off of these websites allows us to back up data from our real estate team. Whether we are renting out a property or re-selling a property the tenant or buyer wants to know about the benefits of schools, commute time etc. With the help of these websites and others we can become very familiar with the right markets for us as a successful investor.
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