Real Estate Research By Talking
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Real Estate Research Through Conversation
Summary:
While real estate research often begins with analyzing census data and MLS listings, don't overlook the power of conversation.---
The Value of Talking in Real Estate Research
When you're diving into real estate, starting with U.S. Census data and property inspections is common. Yet, one of the most effective research tools is simply talking. Here’s a story that illustrates why.
During a vacation, my wife and I visited Farmington, New Mexico, planning to buy a house as a winter project. Our idea was to renovate and sell it in spring for profit.
Before making an offer, we decided on one last walk-through. While the owner showed me around, my wife chatted with the tenant. The tenant revealed that half the outlets didn’t work, among other things.
This prompted a closer inspection of the wiring in the basement. Alarmingly, I discovered a garden hose attached to a natural gas line. The owner casually suggested, "You can just cut that off." For these reasons, among others, we decided against buying the house. Talking to everyone?"especially neighbors and tenants?"can offer invaluable insights.
Real Estate Research - Choosing a Location
Conversations are as crucial for evaluating towns as they are for individual properties. For instance, I once contacted the Chamber of Commerce in Deming, New Mexico. A casual remark from the chairman revealed that the city's water supply was dwindling, with no backup plan. That was enough for us to strike Deming from our list.
To understand a town, start by making calls. Speak to real estate agents, residents, and anyone with local knowledge. Inquire about crime rates, business friendliness, climate, and the housing market's tempo. What are the town's pros and cons?
Before relocating to Tucson, Arizona, we conducted similar calls to assess potential areas based on whether residents owned snow shovels. Surprisingly, this simple question revealed more about local snowfall and overall climate than statistics ever could.
Once you're in a town, local bars can be a goldmine for information. Over a casual drink, locals might share insights about job markets, real estate trends, and community issues. However, always verify what you hear, as stories can sometimes be exaggerated.
By engaging with people, you’ll gain a deeper understanding of your real estate investments. Don't underestimate the power of conversation in your research journey.
You can find the original non-AI version of this article here: Real Estate Research By Talking.
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