Knowing Your Local Market

[Edward Callaway]

Good morning,

Newbie here! My wife and I have decided to start our strategy of exiting the proverbial “rat race” through real estate investing. We are currently interested in short-term rentals and buy-and-hold rentals. All the time we hear people stating to make sure you “know you market” and “understand your local market” and various other verbiage similar to that.

What exactly does “knowing your market” entail? And what are some steps in the right direction to learning more about your local market?

I’ve been advise to join a REA in my area which i plan to do, but other than that don’t know much more on info on getting me to the right direction i need to be in.

Any advice is greatly appreciated!!