Deciding which OOS market

[Dominic Daoust]

Looking to finally get started with investing after a couple years of soaking in as much as I could about Real estate. Having a hard time deciding where to invest most likely using the BRRRR strategy. How did you pick? Also how did you go about networking in an area where initially you knew no one?

[Chris Coleman]

@Dominic Daoust first, you want to find markets that are growing. Good rental markets are those that have been showing both population growth and employment growth. Bottom line, you want to own rental real estate in places where people want to live, and the data shows it. There are plenty of reports you can find online about the top rental markets. A Google search should yield reports by companies like Zillow, Costar, etc.

Then, I would suggest picking a market that you are at least somewhat familiar with. It’s just easier if you have an idea of the area whenever you’re talking to agents. For example, I live in the DC area, but I’m from East Texas. So when I first started looking to buy OOS, I looked in the suburbs of Dallas, as its an area that I’m somewhat familiar and can relate when talking about the various neighborhoods, etc. It’s often more important to know what communities NOT to be in.

Regarding networking, start with an Investor-friendly agent. A realtor who has experience working with Investors will often know others whom they can connect you with. Also local property managers are a good source. Find a great property manager in the area and they can be a wealth of help in networking to contractors, inspectors, insurance agents, etc.