I'm at a roadblock and could use some help with market evaluation

[Salvator Lorick]

Hello everyone Happy 4th,

I see a lot of advice on how to analyze a deal, how to close a deal and a lot of other amazing advice. But there are some steps that need to be taken before you even begin to analyze that property. I believe that this is where a lot of us new investors get stomped because know that we have an idea on how to invest, we go out looking at all of these properties but we really have no idea where to look. So I guess my question is what are some simple techniques that are being used to evaluate a potential market and submarket? what websites are you using? who are you calling? what kind of questions did you ask when you called? etc etc etc

Thank you in advance to all who reply. Your answers and help is truly appreciated 

[Joseph Cacciapaglia]

I believe most new investors should focus on their local market, unless it's extremely cost prohibitive or has a declining population. I'm a huge fan of house hacking a small multifamily property as your first deal. It's how I got started, and I believe house hacking in an OK market is better than trying to invest remotely in a better market. If that's just not possible, then I would pick a top 10 city with strong population growth, a diversified economy, landlord friendly laws, and low prices relative to comparable cities. These criteria led me to San Antonio a few years ago, and I believe they still apply. There are plenty of other great markets though, and your personal criteria may vary.

Once you've selected your market, you should start contacting agents and investors to get some insight into submarkets. You should have clearly defined goals, know your budget, and have a good idea about the type of strategy you want to employ. The more detailed your plans, the easier it will be for locals to help guide you in the right direction. I like to end calls by asking if there is anyone else the person thinks I should reach out to. When out of town investors contact me, I usually have at least a couple of people that I recommend they talk to.