How to “learn your real estate market”

[Josh Thompson]

I hear all the time that to invest in real estate you have to know your market. I understand that means knowing property values, vacancy rates as well as many other variables. What steps do you guys take to learn if a market is suitable for REI? I ask because as I’m working up the money and courage to buy a multifamily, I struggle to understand my market. I don’t know if I will have a 5% vacancy rate or 50%. I don’t know if I’m buying a good deal because properties vary so much in my town.