Real Estate Research By Talking

Real Estate Research By Talking
Real estate research might start with a​ look at​ the​ U.S .​
Census information about a​ town .​
It can include inspections of​ specific properties, too .​
There are many statical tools and​ information that can help, but don't forget one of​ the​ easiest and​ most useful research tools: talking .​
Let me explain with a​ true story.
My wife and​ I​ were on vacation, and​ stopped in​ Farmington, New Mexico for​ a​ few days .​
We were about to​ buy a​ house for​ a​ winter project .​
The plan was to​ fix it​ up and​ sell it​ in​ the​ spring for​ a​ profit.
Just prior to​ making an​ offer, we took a​ last walk-through .​
As the​ owner showed me around, my wife started to​ talk to​ the​ woman who was renting the​ home .​
She told Ana that half of​ the​ outlets in​ the​ home didn't work, as​ well as​ other useful information.
This got me thinking, and​ I​ went down to​ the​ basement for​ a​ second look at​ the​ wiring .​
Not only did the​ house likely need all new wiring, but I​ found a​ garden hose attached to​ a​ natural gas line .​
The owner shrugged and​ said, You can just cut that off.
To this day, I​ don't know what that was about, but for​ these and​ other reasons, we didn't buy the​ house .​
It helps to​ talk to​ anyone you can when looking at​ a​ house or​ other real estate investment .​
Neighbors and​ renters are especially helpful.
Real Estate Research - Choosing a​ City
Talking to​ a​ lot of​ people isn't just useful for​ information on individual properties .​
It is​ also a​ great way to​ research a​ town .​
I​ once called the​ Chamber of​ Commerce of​ Deming, New Mexico .​
The chairman's casually commented that the​ city was using up the​ water faster than the​ aquifer was being replenished .​
They had no back-up plan .​
This was enough for​ us to​ cross Deming off our list.
If you want to​ know about a​ town, use the​ phone first .​
Find any excuse to​ call anyone from a​ real estate agent to​ a​ random resident .​
Ask about crime, whether the​ local government welcomes new businesses, what the​ climate is​ like .​
Have houses been sitting for​ sale for​ a​ long time, or​ do they go fast? What are the​ good and​ bad things about the​ town?
Before we moved to​ Tucson, Arizona, part of​ our real estate research was to​ call people in​ potential towns to​ see if​ they owned a​ snow shovel .​
If so, we crossed the​ town off the​ list .​
Two places can both get 45 inches of​ snow per year, but in​ some it​ stays all winter, and​ in​ others it​ melts before noon .​
The snow shovel question told us the​ truth behind the​ statistics.
Once you're in​ a​ town, a​ good local bar can be a​ great place to​ do your research .​
After a​ beer, patrons will tell you what big employers are about to​ move in​ or​ out of​ the​ town, how fast homes are selling, whether there are gangs, and​ much more .​
Talking to​ people is​ a​ good way to​ do real estate research, but verify what you hear .​
People do sometimes exaggerate.

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