What are your top factors for looking into a new market?

[Kyle Curtin]

Gooooood mornin’ BP!

What are the top factors that you study when exploring if a new market can be the next one for you?

Several common ones that I hear often are the population growth metric (see if there is a positive/negative trend in folks moving in/out of the area), strong economic drivers (large companies in the area that draw folks to surrounding areas), and path of progress (the town/city’s actual plans to stimulate growth and the things/areas they are focusing on improving)!

What metrics are important to you? 

Happy Thursday y’all! 😁

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[Travis Biziorek]

Quote from @Drew Deaton:

Kyle, I'd agree with the items you stated. In addition to having large companies in the area I think it's important those companies are diverse across industries, (want to avoid areas like Detroit that were overly reliant on a single industry) Cincinnati is strong in this metric. 

Population growth is a key one, but I may add wage growth for the residents of the city to make sure you can comfortably rely in rent increases if your strategy is to hold long term. 

The final thing I would check out are the states and cities laws/regulations for landlords - areas like California and Washington are incredibly tenant friendly and can cause nightmares for landlords, whereas most sun belt states lean in the landlords favor, making it easier to handle problem tenants. 

Happy Thursday!

 Drew, the largest employer in Detroit is actually Rocket Companies (aka QuickenLoans) and Healthcare is a huge employer as well.

Lots of people seem to think Detroit is overly reliant on the automotive space, but that hasn't been the case for at least a decade. There's so much opportunity there it's insane.