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Finding Your Best Market -Part 2

The Real Estate Show dives back into more inside tricks of finding the right place to invest in Part 2 of Finding Your Best Market. Last week, we started in part one showing how to narrow down an area, and to focus on where there are likely to be a good number of profitable deals.

We started by sharing an often unknown tool in real estate known as "heat maps". There are several websites that provide them, and they come in a number of varieties of what they represent. In general, a heat map looks like a thermal reading where the largest concentration or highest numbers are demonstrated in hot red. As the concentration diminishes or the numbers get lower, the color cools down to an orange, to yellow, to green, to blue, depicting a cool zone. There are heat maps representing the volume of sales, the change in sales, the sales prices, and even popularity of an area in terms of inquiries. So as you can see heat maps give you a quick big picture feel for a large area. From there, you can go to the hot spots, and now drill down to the ZIP Code level.

ZIP Codes are the lowest common denominator for most research and data gathering. The U.S. Census Bureau uses ZIP Codes to group their data, and so do many many other information sources. So at this stage, we select 10 to 20 ZIP Codes indicated as hot on the heat maps and begin our data gathering and number crunching.

What numbers matter? Well, that depends on what type of investing you are looking to do. Are you looking for a quick turn in real estate, that is buying and immediately reselling? Are you looking to fix and flip real estate? Or, are you looking to buy for the medium or long term? The answer to those questions will determine which facts and figures matter most. In most cases, you will be looking at such factors as population, income, prices, and possibly more. And it won't be just the raw numbers, it may be also some calculations derived from these numbers.

As you can see, there is both an art and a science to real estate investing. So it pays to learn more about Real Estate Investing and learn HOW by listening to The Real Estate Show with Eric Willner, Live every weekday morning at 8 o'clock (EST) on Florida's Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. Then contact us at 888-595-7779 to see how we can help you with your real estate goals. You can also hear us on the free apps: iHeart Radio and TuneIn and the WSBR AM740 app. If you miss the live show, Recorded Rebroadcasts are available 24/7 on Facebook.

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