If you want to invest in your local area, here are some very effective steps to learn and become an expert in that market. When I started investing in real estate I knew nothing and was broke. I had to learn my market by going out into it. These are the steps I took and within 3 months of starting I was closing deals. These steps have helped me get to know my market in which I have since made many, many transactions. Are here:

drive the neighborhood

First, drive through the neighborhood. I don’t mean once either. Don’t be afraid to drive a few miles and find out what’s going on in that neighborhood. Find out which houses are for sale and for rent. Talk to real estate agents who have many listings in the area and call the FSBOs. Ask them questions, like what is the market like in this neighborhood? For example, is it majority ownership, rental properties, or a 50/50 mix of both? How long has your house been for sale? How much are you renting that house or unit for? Is it newly remodeled or does it need repairs?

Talk to other investors and rehabbers in the area.

While driving, if you see a rehab crew working on a house, get out of your car and talk to them. Ask them who owns the property. Talk to the owner, ask them a bit about what their main strategy is for property in that area, and if there’s any way you can do business with them in the future. For example, they may prefer turnkey rental properties. If your primary strategy is to buy, repair, and sell the property as a turnkey rental to other investors, you’ve just added a buyer to your list. It is also possible that you know of a contractor or work crew that is looking for more work after you are done with that particular house. Save your name and number for future reference and after a while this type of network will give you many contacts that can be very valuable to you.

Call the “I buy houses” signs you see in the area.

Find out what these investors like about the area and learn who’s active there. Ask them how the market is in that area as well. Most of them will be wholesalers. Sign up for your list of buyers and network with them. Add their names and numbers to your contact list too. You may be able to buy property from them or sell property to them after you are up and running in that area.

Join your local REIA.

There are associations of real estate investors in almost every city in the country. This is a great way to get more education about real estate and network with other investors. You’ll be surprised how many other investors are willing to share their experience and knowledge with you in these groups. Network and get to know these investors well. Find out who is investing in your desired area and what is working for them. These contacts are particularly valuable since they already operate in your desired business neighborhood.

Don’t be afraid to network with other investors. They can often be a great asset to you and you to them. I have met and done many deals with many other real estate investors. Some of the best deals I’ve made have been partnering with other investors.

By following the steps above, you should know your market very well and meet other investors who are active in that area. You will no doubt find that some exit strategies are better than others in that area and which ones are working well. You will also learn property values ​​and rental rates. Then, over time, you won’t need a real estate agent to run the offsets for you on every deal. Take action and know your market. Then you will be doing your best to be successful in investing.