Hello everyone,
I'm currently in the process of selecting a target market to acquire multifamily assets. Before trying to figure out my investment strategy, I want to find the market that is right for me but I don't know exactly what to look for and/or what sources to look at to obtain the necessary info. I know that S&D is the main focus, but I don't know exactly where to pull the info about both the supply indicators and demand indicators in a market, such as current # of rentals, future supply, average occupancy rates and other indicators like crime reports, news on population growth/employment growth and other general stats, rezoning of parcels, etc.
I've also read a few books and heard a few investors in multiple Biggerpockets podcasts preach that you can make money in any market it just depends on the strategy, even ones that are less landlord friendly compared to other markets like Los Angeles. I've lived in Los Angeles County (more specifically Glendale, California) my whole life and still currently do, and I believe it's one of the best cities to live in for multiple reasons (but that's just my opinion lol). I have a pretty decent network in my area, especially in Glendale/Burbank and I'm confident I can raise capital whether through JVing smaller deals or maybe even being apart of a syndication for bigger multifamily assets. I also have access to a list of mostly every multifamily property in most states throughout the nation ranging from 5-500 units, similar to lists that people pull off Costar and other companies that provide farms. My plan for now is to narrow down my target market and find the ideal investment strategy so I can create my investment criteria and start filtering out and cold calling these leads, my only concern is I don't know where to start. I don't claim to be an expert of my market yet, the only advantage I have here is my network and personal experience of living in LA. Any recommendations on what my next couple steps should be? How can I find the ideal investment strategy that fits my market? Should I look to invest in the market I live in or look for out-of-state investments that have laws and regulations that favor landlords more? How do I even find out more about these laws and regulations? What's the best way to learn more about a market or submarket? Any feedback will help and be greatly appreciated!!
