Long Distance Market Research

[Napoleon Georgatos]

Members of BP,

I'm a rookie at REI and I would love to increase my level of education on the subject in order to have my first deal done by September 2019. 

That being said, I live in New York City and as we all know, the prices here are out of reach for a rookie and I'm looking into other markets with a lower cost of entry into the game. 

For those experienced with long distance deals, what resources do you use for your market research in targeted locations? Granted, some of the metrics I believe are important to factor include:

1. Population growth
2. Rent demand
3. Job availability
4. Market comps

These are clearly important metrics, but at the same time it seems like I'm missing a few key factors. I'm seeking secondary markets to large cities with manageable commute times to areas with high job demand. This model is reflected of my current situation living in the outer boroughs of New York City. C to B- neighborhoods. 

My question to you is what else can I and should I be looking for and where can I find that information? How reliable are Market Growth Reports on Zillow? Is the Census a good resource to use for macro trends in population growth?

I appreciate in advance the help and advice.

[Max Rosner]

Hey @Napoleon Georgatos - Welcome to BP (from a fellow rookie in NYC)

I'm still in the research phase of long distance investing as you are and some of the tools I've come up with are -

• Forbes - America's Fastest-Growing Cities 2018 (Purely for brain storming cities and some basic metrics)
• I'll then search the forums on BP with the city name (People smarter than me may have already done the research)
• I then read through the Comprehensive Annual Financial Report for the city to get a better idea of what's going on there (BP has a great write up on reading through these)
• I then like to use Trulia to get a feel for different neighborhoods/school districts in the city to help me decide which areas I would be potentially be interested in.

Great questions! I'm curious to see what other more seasoned investors advise.

Cheers!