vballdarin 1 Report post Posted December 12, 2008 Hey there ya'll.... Just wondering if I could soliciate some ideas from the forum. It's getting fairly obvious that the area that i'm living in is not very conducive to working LO's or CA's or Wholesaling. I'm going to start looking in different areas to work. And therein lies my question. What is the most effective way to pick an area other than the county/area you live and REALLY learn that market so that I can start investing (besides physically relocating)? Obviously you would try to find areas where there are substainable drivers, ie...job growth, etc but how do you really do some research to find these areas. Everyone says to start in the area you know best (ie...where you live) but that ain't cuttin it. Maybe this is too vague of a question but i'm to the point where i'm grasping at any new ideas. Suggestions, ideas, wonderments.................? Thanks in advance. Darin Share this post Link to post Share on other sites
Guest Diver Report post Posted December 12, 2008 Darin, You might already know of this but have you checked out the Trulia/voices site. Its mostly Realtors like yourself but you can get stats and trends, for sales, Q&A for different areas.Diver Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted December 12, 2008 Darin, not too vague at all, I can relate as my area has never been an easy one to do creative deals. Here are a few things I'm doing:1. Run/call ads in the area to see if owners are receptive to your ideas. Since everything starts with finding motivated sellers this should be your first step. Without this nothing else about the area matters anyway. 2. Run ads to gauge the level of buyer interest. 3. Only if both 1 and 2 look good should you bother doing detailed research into the economics of the area. But when you do you simply have to decide if it's the kind of place you want to be in long term or not. If not, don't write the area off because you can still do CAs. Share this post Link to post Share on other sites
BEV! 0 Report post Posted December 12, 2008 Everyone says to start in the area you know best (ie...where you live) but that ain't cuttin it. Maybe this is too vague of a question but i'm to the point where i'm grasping at any new ideas.Suggestions, ideas, wonderments.................? Thanks in advance.Darin, I comprende your frustration, amigo Here's what's working for me and maybe it could help you some how. Suggestions or Ideas? The LONG SUGGESTIONS ARE.... Here are just some (maybe crazy) ideas / suggestions popping in my head about handling this situation until things change for us... - One private builder can be a goldmine. By this I mean, that even the smallest town have builders (like in my tiny town). You can find these people on FRBO places only... these are very and I do mean very busy people that have no time to do a CA on their "private investment" properties and they have no choice but to stay landlord for the long haul because they don't know any better.. but this can change when you come into the picture - Rental properties are on the RISE now more than ever. Most of these owners were forced to become landlords and aren't very happy about it. They want out but don't know how. (CA comes to mind) - Stock holders are taking all their money out the stock market and are investing them in Real State ASAP But they don't want to be landlords either and don't know their options until you tell them about it - All of the above are Real Estate investors and even though they are not investors like you and I (creative), they do need investors like us to help them with their investment properties as either they don't know about their options or don't have the time nor knowledge to figure it out on their own.. THE SHORT SUGGESTION IS... Partner with another investor (one of the ones mentioned above). They have properties everywhere and can use our creative assistance with them. BEV! Share this post Link to post Share on other sites
dionwisn 0 Report post Posted December 12, 2008 expanding your market is effective. But it leaves you no leverage unless you have partners or its still in your city. Your best plan would be to have more options. Get creative with your marketing go above and beyond of what other investors are'nt willing to do. Risks are also part of it. Pretend your last breath depends on your next deal. Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted December 12, 2008 Create an account with www.listsource.com to look for areas and zipcodes that can give you the number of units that have sold. Do a google search for PMI companies that will give you some recent studies. Now there are deals in everyones back yard. You may just need a different method. How about short sales? owner finance deals with free and clear properties. Find who is buying and selling. I cranked up our marketing for foreclosures. I am working in 5 counties in the state of Florida. Just my opinion. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted December 14, 2008 Lots of great ideas and advice in this thread. In addition, a fast and free way to see of homeowners are open to your creativity, would be to run some free online ads in several cities you are considering. Gauge the response rate. Speak with the folks who have contacted you. Even if you don't make a move there, you can still work a CA as long as someone local can handle the showings. Share this post Link to post Share on other sites
hassansr 0 Report post Posted January 9, 2009 If I were you I would look to the Savannah market. It's reasonably close to Hilton Head and has a good REIA to learn from. There also is a large enough population base and range of properties to choose from. Share this post Link to post Share on other sites
