Out of state investing tools

[Joe Proscia]

Hey BP, I’m just wondering what tools does everyone use to scout out houses for the out of state investor? 

The obvious one is google maps but I’m wondering if anyone uses other tools 

[Vincent R.]

I'd love to hear other people's resources, too!

BP has a ton of resources. It really is the best one-stop-shop. Other resources I consistently visit are...

To help identify a market:

- articles about population/job growth projections (Google searches = lots of tabs opened). To narrow in on more cash flow/ appreciation info:

‐ https://sparkrental.com/best-c...

- https://sparkrental.com/proper...

To help identify neighborhoods in a selected market:

- Zillow, Redfin, Trulia, etc. - I set 3 searches (high, medium, low price points). I try to stay out of the cheapest and most expensive areas of a city/metro. I believe the best rental properties are in the "middle" area. If it fits my price point (limited funds), I dive further. I'd label myself a buy-and-hold investor. 

- https://www.neighborhoodscout....,  

https://spotcrime.com/, and https://crimegrade.org/ also play a part in my "neighborhood selection" process.

To analyze numbers:

- https://www.calculator.net/ren... by far my favorite resource!!! Free, yet still comprehensive. 

- https://www.rentometer.com/

- Zillow, Redfin, etc "For Rent" properties, rent.com... look at nearby rentals that are posted (sq ft, number of bed/bathrooms, quality of build pictures) and try to get a realistic rent target. I like putting slightly lower rents (maybe $100 lower) into the calculator. Thought process: If a listing is up for 2 weeks... it might be overpriced or the market doesn't have high demand. Either way... I believe  - if it still makes sense from an investment standpoint- a slightly lower priced unit will help minimize vacancies.

- County Recorder websites to figure out specific property taxes (sometimes listing sites don't have accurate current-year taxes)

I'm pretty sure I go through this process religiously. I'll use city-data.com and other resources as well, but once I've identified a target market for today and for 5-10 year projections, I feel fairly confident in these steps and a few "city name + ___" Google searches to see what else might be out there.

I'm a fan of FREE! There is so much out there. It might take a little more process, but I've found resources I like. I'll switch from my phone to my laptop, one gmail account to a yahoo account for any of the "5 trial" websites, but I save those for when I'm zeroed in and ready to put a targeted offer (I've only offered on two properties... and have been fortunate enough to get "in contract" with both. I credit that to good preparation, but it could be because I'm looking for base hits which have less competition than the home runs.