I’m wondering the best ways to go about the above. I read the classifieds, and do internet searches pretty much daily. I think this helps me get a feel for what property goes for what price. I think this is the right track- agree?
More specifically the first property I will be able to buy will probably be an inner city duplex for around 70-80k( based on me being approved for 95% LTV). I’m wondering how to find rental amounts for these types of properties. Also I don’t have a Realtor since I’m just in the research phase, but it seems that MLS listings would be the best way to go to get the most specific info- rental amts, days on market etc etc correct?
The best way to learn your market is to actually go look at several dozen (or a hundred) properties in your area. Then, you’ll actually know the value of a house when you see it.
Its amazing how different pictures really depict a property. All that research is perfect. But like said, ya really need to see a few to get the real “picture”. You must also know the cost of repairs and the cost/value of improvements.
Those nice pics don’t show foundation problems or other structural problems, flooded basements, and the extent of that “lived in” look… for the most part.
Get out and look, inspect,estimate repairs,look at comps etc…then you will know. Pick an area to work in tho not the whole state…expand area as needed or if needed.
You can probably get rental rates from the newspaper classifieds. With a little google skill you can probably get data on the % of homeowners, % of renters, and vaccancy rate.
Thanks for the replies. I definately intend to get out and look at properties, I am however trying to do as much analysis as possible before driving to each location. Which raises this point- There are a lot of these types of properties in this area, which leads to another question…
I would assume that this is a buyers type market, but how can I find out the number of available renters? In other words are there enough renters to go around? My feeling is this would be where marketing comes in but would like to get the opinions of you’s guys dere. I’m speaking of Milwaukee, Wi BTW.
I would strongly recommend joining your local REIA. The experienced (not newbies) landlords can tell you about the demand and any local trends that you should be aware of. There are also a thousand little things to know about being a landlord.
That’s where you just have to follow it. Check to see if you see the same places listed for rent over and over again. Check the data on the vaccancy rates. Heck, go to some larger apartment complexes and act like you are looking to rent. See how many they have available.