402: Identifying Your Best Market, Neighborhood, and Property in 8 Steps with Brandon and David
When it comes to pulling the trigger on a rental property, what we have is a "paradox of choice." So. Many. Options. It's easy to suffer from Fear of Missing Out, and it's even easier to get overwhelmed by the vast array of options out there.
That's where today's show comes in: press play, and Brandon and David will guide you through an 8-step process to closing on that first (or next) rental property.
Along the way, they share the tools (BP Insights) and team members ("Core Four" and more!) they use to guide decisions about where and how to deploy their capital.
Your action steps start with clarifying your goals, then we move to comparing markets and sizing up different neighborhoods using school district ratings and crime data.
Next, we tackling finding a deal – whether you're using an agent, a wholesaler, turnkey provider, or going off-market yourself... and how to avoid getting into trouble by "trusting your gut and hoping" when you're in an unfamiliar territory.
If you invest out of state, should you fly out? What about systems and standard operating procedures once you've got a tenant in the property? We answer all those questions, and more.
Finally: We mention it a few times in this episode, and if you want to take advantage of our awesome new Pro benefit, BPInsights, use the discount code BPDATA for 20% of a Pro Annual membership.
You'll get access to exclusive BPInsights Facebook group, a bonus webinar showing you how to use this platform to identify a market, and a bunch of other great Pro benefits including unlimited calculator use. Oh, and be sure to use that discount code before it expires on October 1st, 2020!
In This Episode We Cover:
- Comparing the Cashflow vs. Appreciation potential of various markets
- Rent-to-Price and "Rent-to-Income" ratios + other indicators
- How to find market rents, crime data, and school district info
- The one team member you should seek out to double-check your assumptions about a neighborhood
- Various types of deal finders and the pros and cons of working with each
- What to consider when working with turnkey providers
- Using BPInsights data in your quest for a property
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Bookstore
- BiggerPockets Pro discount code: bpdata
- BiggerPockets Insights
- Meet Property Management Extraordinaire, RE Investor & Hotel Owner Jesse McCue
- BiggerPockets Marketplace
- 5 Markets With Promising Rent-to-Income Ratios: September 2020 Markets of the Month
- BiggerPockets Events
- BiggerPockets Bookstore
Check the full show notes here: http://biggerpockets.com/show402