Learning a new market to analyze deals

[Jordan Sizelove]

Hey BP, I'm looking to do my first deal within the next couple months and need some help.

I've been looking up multifamily properties and I'm having a hard time coming up with the numbers for the BP calculators. So my first question is this, how do you start learning about a new market in order to be able to come up with the right numbers? For example, on the after repair value section of the calculator and the estimated repair costs, how do I find out what the typical costs are for a particular market (I know they vary from place to place from what I've been reading)?

I want to start analyzing deals every day, but I'm stuck coming up with these numbers.

I plan on house hacking my first deal, using FHA loan, renting the other units out and then using brrrr strategy if that's possible. Should I be using the rental property calculator for this?

[Alina Trigub]

@Jordan Sizelove In order to learn more about a particular market, you need to reach out to professionals working in the area. Determine what size property you want to start looking for, and then reach out to realtors or RE brokers to help you find it. These people can in turn make suggestions on renovation costs, as well as recommend GC's. You should then start looking at the properties and asking GC's to give you the estimates on repairs. After a few such walk through's you will start getting a handle on how much each kind of repair/renovation may cost in your market. Alternatively you can find someone with construction background to partner up with you. Then they will be able to give you a much better guidance on specific costs. 

In terms of which calculator to use, I think "rental calc" will do for you for now.