realtor that is working with me says she couldnt find the vacancy rate, rental rates and other info for the area around one of the rental properties we were considering ??? Does she just not know what she’s doing? How can i go about finding out rental/vacancy rates , sold prices for similar homes in the within my target area?
You could try calling other property owners, lenders, appraisers, or smarter agents.
Find a realtor that knows investment real estate, a general purpose realtor might not know what the heck you are talking about or know how to help you. Its like asking a pediatrician about brain surgery, its just not his specialty so he might not know.
is there anyway of finding the answers for myself? i realize that once i began to invest i will build a networking group but as i begin my learning process as a newb (without contacts :-[ ) can i find these answers myself? not to mention i like to know how and where the info comes from? i have mls access from this acquaintence/agent if that helps.
thks for the replies
Vacancy rates can be learned talking to other investors at your local REIA meeting, see what they normally have for vacancy rates.
Look at rentclicks.com to see rental rates for the area. You can just drive around to get a feel for how many vacancies there are. Realtor I used to buy a HUD foreclosure way overestimated the rents in the area; now I just stick with rentclicks.com.
I agree with this statement. The kinds of real estate agents that we use are not the kind that you find everywhere. But there are tough areas. Some areas (like upper middle class and even vacation areas) may not have enough rentals to have good numbers availible. I found a duplex in an area that was all single families and we couldn’t get a reasonable comp at all for it. So even a competent agent may not be able to find comps that really work.