Don't get lost in a sea of websites when searching for information on investment properties.
We have all been there, reading away about some incredible insight the author is graciously providing only to find out that really he's really trying to sell his book, application, spreadsheet, etc.... Now don't get me wrong, a shameless plug at the bottom of an article is fine (or in the middle of the article - http://www.peakkc.com/ rocks!) but a full blown sales pitch should make you question the integrity of the site.
Check out these straight to the fact style websites and take your search to a whole new level!
This site has been around for some time now and is truly the 800lb guerilla of property data sites. The website connects to MLS systems, Court Systems, Etc. and is constantly updated. Designed for ease of use, information such as tax value, tax rate, bedrooms, baths are easily viewable house by house on a graphical map. Do a search for a specific property or zoom down to a street and click a house.
As an investor trying to understand a market in a different region, getting accurate demographic and neighborhood data is difficult to say the least. Although a trustworthy realtor is invaluable, even they can have difficulties providing statistics. This website has a free edition that pulls from census data to give you a huge amount of information. From racial breakdown to owner/renter ratios, this site delivers. Just be careful not to make assumptions based on statistics until you confer with a local expert, sometimes what appears to be a troubling trend may actually be beneficial to your short or long term goals.
This isn’t necessarily a website but more of an article that provides several different styles of investment calculators. It’s a great source due to the fact that investors tend to have different styles of calculating investments; this site consolidates many of them for easy access.
Want a feel for the neighborhood in a visual format? Don’t forget the Street View feature of Google Maps. This feature can be used by zooming down to a street and dragging the “person” from the zoom in/out toolbar onto a street (this will make sense when you see it). Although outdated by up to a couple of years on occasion, Street View can still be a great way to see the architecture and overall condition of the street.
Another great way to use the site is to zoom into a neighborhood and type “Schools” or “Bus Stop” into the search bar. Identifying the location of civic amenities can be invaluable in understanding the rent ability and stability of an area.
This site can provide you a single-source of every MLS system in the country. If you’re taking the independent path of finding properties, Realtor.com can help you locate any property listed in MLS. It is standard procedure now for banks to place foreclosures on MLS through REO agents. These properties will normally be vacant and pre-renovation in condition. Although similar in design to Zillow, Realtor.com guarantees that you’re covering your bases in your search.
This site is the mirrored image of the paper based publication. Thrifty Nickel is a free classified publication that is published in major cities and placed inside gas stations, grocery stores and most importantly… Section 8 offices in many cities. In Kansas City, the housing authority will not allow solicitation inside of or around their Section 8 offices but they do have a thrifty nickel stand inside.
Investors managing their own properties or with vacancies that a property manager can’t fill should place an ad, its far more affordable than a leasing agent and reaches tens of thousands of potential renters.
For investors evaluating a property, locating ads for properties nearby can provide an insight to what the true market rent rate is on a property. A serious mistake can occur when a property is rented far above the market rate and the tenant moves out and takes your cash flow with them.
No comments:
Post a Comment