So you wanna get started investing in and you’re checking things out, eh?
Good for you. Always do your homework and you won’t get schooled.
Here are some great tools that we’ve found and use from time to time and great real estate investing resources in for investors here locally to tap into for quick research on your investment deals.
The best thing is most of these sites below are completely free!
Websites
1. Zillow
Zillow is the biggest, baddest real estate website on the block. They are building data on real estate wealth like a few other sites.
The CEO of Zillow, Spencer Rascoff, said their company’s best asset was their “living database of all homes”.
The Zestimate tool is off, as a lot of folks have noted. It’s fun to see what the computer calculates, but you still gotta know how to analyze the comps and evaluate the market for yourself.
Spend a lot of time on Zillow and get to know the intimate details of each property sold in your target neighborhoods. Really try to identify the psychology of the prices, and seek to understand why the seller and buyer picked that point to settle.
Remember, each sale is like a tiny piece of a moving puzzle that makes up the whole market.
Zillow is an awesome tool for investors to get to know their markets.
2. Craiglist
Craigslist is an awesome site. There are huge deals there if you spend the time on the site. People write terrible ads for great properties. Happens every hour of every day across North Carolina. Sometimes the best properties only get one terrible ad. So you’ve got to scour.
3. LoopNet
LoopNet is the granddaddy of commercial real estate investing.
If you wanna sell a gigantic freakin building to institutional investors, this is the site you want to list it on.
Sometimes there are great deals on LoopNet, but you’re competing with every other investor to find them. If you are a Grade-A investor working with a top broker, you’ve got a chance to win the bid and seal the deal. This is not the site for rookies.
LoopNet is a great place to learn about the market in and see how the major money is moving. You’ll be surprised by what you can learn, so start searching through the properties for sale and watching where they close.
4. Auction.com
Just like its name suggests, Auction.com is a big clearinghouse of auctions, — foreclosures, REOs, short sales, distressed properties, land, new construction — you name it, they probably sell it.
Definitely check out the auction calendar, and make a trip to visit some auctions. You never know who you might meet at an auction – maybe your future business partner?
5. Realtor.com
The largest place to search the MLS (multiple listing service), Realtor.com is sometimes confusing and often doesn’t seem consistent with what data it displays.
But it’s got some neat search alerts and other tools that help you get alerted when a broker in your neighborhood has added a listing. If you’re serious about investing, you probably want to form a good relationship with an excellent Realtor, rather than just the website.
6. Walkscore
Most investors overlook Walkscore.com – a big mistake.
Walkscore tells you a ton about any given address. It tells you how a potential renter or buyer will evaluate it – what’s nearby and how long it takes to access.
It’s also a fantastic tool to target areas that are underpriced for their amenities. If an area has a really high walk score and low prices, chances are good that prices will rise in the next few years. There are big exceptions – but walkability is a really key factor in investment.
Books
1. Rich Dad Poor Dad” by Robert Kiyosaki
Not solely about real estate, but it offers a mindset shift towards wealth-building and includes insights on investing in real estate.
2. The Millionaire Real Estate Investor (by Gary Keller)
Offers practical guidance and strategies from successful investors.
3. The Book on Rental Property Investing (by Brandon Turner)
Focuses on rental property investing and provides valuable tips for beginners.
Blogs
1. BiggerPockets
An online community offering forums, podcasts, articles, and resources for real estate investors.
2. Investopedia
Provides in-depth articles and tutorials on real estate investing.
3. Mashvisor
Offers tools and data analytics for real estate investors to find lucrative properties and make informed decisions.
Podcasts
1. Real Estate Investing for Cash Flow
Hosted by Kevin Bupp, it covers various aspects of cash flow investing.
2. The Real Estate Guys
Discusses real estate strategies, market trends, and interviews with industry experts.
Courses/Online Learning
1. Udemy and Coursera
Offer various courses on real estate investing, from beginner to advanced levels.
2. Local real estate investment groups
Check for local meetups or groups where experienced investors often share their knowledge and experiences.
YouTube Channels
1. Graham Stephan
Offers insights into real estate investing and personal finance.
2. Meet Kevin
Covers real estate investing strategies, market analysis, and tutorials.
Local Real Estate Investment Clubs
Joining local clubs or groups allows networking with other investors, sharing experiences, and gaining insights into specific local markets.
Financial Advisors/Real Estate Professionals
Consulting financial advisors specializing in real estate with experience in investment properties can provide tailored advice based on your financial situation and goals.
These tools will help you to understand the area market if you take the time to use them. Do your homework, and understand the market before you start dumping your hard-earned money into a property.
You can always give us a call 919-629-1140 – we love to partner up with investors, and we’ve got great terms.
If you’re looking to access to local investment properties, great!