I am a beginner. Actually “a course taker”, so far. And I’m wondering how to find an information where my local market is.
Just crossed a web seminar from housingalerts.com and they offer supposedly a “great” membership and a system to track up to 400 local markets, where RE goes down or up and etc. to be able to invest only in hot markets, while they are heading up. Looks like pretty good system to me but expensive, of course.
My questions are not only like “is somebody here use such tools?” but mostly where do you, guys, find such information? information that helps you analyze markets.
On my course I’ve learnt that that in each town it is possible to find such information for a fee or even free but I don’t know where to go to find it. Demographics are pretty easy but I don’t know where to go for rent levels and vacancy rates, appreciations, starts, completions, absorptions, and etc.
Although funny and somewhat true, the Starbucks idea is not so solid. www.zillow.com is free and will give you great historical info on area values. Just enter an address and start clicking around. Use your own home for starters on zillow to see how accurate it is in your area.
CHris
Get out of the house and look at a bunch of properties for sale in your target area. Why in the world would you want information on 400 markets? The only market you need to know about is the one where you are investing, which is hopefully where you live. Join your local REIA and make friends with the SUCCESSFUL investors in your area. Read your local newspaper. Go to your local city council meetings. Meet some of the key people in your local city government. Join the chamber of commerce.
Thanks for answers. I will look into zilpy.com more closely.
What I was hoping for is to find out where professional investors go to get statistics, numbers, not just on town but divided by neighborhoods.
I understand that it is not information you can rely on completely but it gives you pretty good idea about local market.
As for 400 markets, I’m interested not only in local market, if local market goes down I’m not going to be here. That’s why it would be very useful to know where is the right place to go. Definitely, I’m going to start here, in my town, but eventually I would like to grow and use every opportunity to make money.
I think the internet is a great tool to get an idea, however for my investing, I have found with zero exception, that power team members in the local market are without a doubt the best way to get that kind of information.
When you’re talking to people who live, breathe, work in the neighborhoods, they know all the nitty gritty stuff we can never seem to dig out on the internet.
Anyway, that’s been my experience.
Good luck in your adventures! I’m proud of you knowing you’re actually doing research!!!
Thanks for the heads up. Just last night I answered a question about investing out of state that incorporates power team.
I posted that response to my website this morning so you could read it. I’m also going to get more specific with respect to your question on power team shortly.
Stay tuned…feel free to ask any questions on my website (best to post the comment on the article at the top of the website…those are the ones I see first)!! I know many people benefit from the questions you ask as many people are in the same place you are…trying to fit the pieces together to actually take that step and start investing! So, thank you for asking and now, off I go to start answer your question!