How do I analyze a Real Estate market?

[Shon Butani]

Hi how's it going?

Simple question with an extremely complicated answer, I can imagine. For example, I'm from Long Island, I'd like to invest in my first property somewhere in a 50 mile radius of my home. I have a budget of what I can spend so that's a start, but what's next? Pick a type of property I'd like to invest in? Pick a town?

I've read a lot about estimating cash flow and what not, but how do I analyze different markets and choose where I want to invest? So much goes into it I'd imagine...past trends in the appreciation of prices, population, school district, and what not.

Just trying to understand how to actually get started with this thing. I've read a lot over the last couple of months, but it's not like the Stock Market where I can sign up on Etrade and buy a blue chip to get my feet wet. Here, I have to really understand the area before I do anything.

Any advice or books on this topic would be great. The way I see it at least, before buying my first property, I should find the right area where I want to buy my first property.

Thanks