laatste update: 12-2023
Hello, investors. My name is Joe Torre. I’m an investment counselor here at RealWealth, and today, we’re going to discuss how to do a neighborhood analysis for real estate investing.
Here’s the scenario:
You’re thinking of investing out of state and your property provider could be a real estate agent, it could be a turnkey provider, a home builder. They send you a property like this. I just picked one at random. This one’s in Forney, Texas, three-bedroom, two-bath, 1,400 square feet, $263,000. The question is, is this a good place to invest? If you’ve never been there, there’s no way to know, so your options are to fly out there and do a site visit, which takes a lot of time and money, and by the time you get out there and arrange flights, the property might very well be sold, or you can use some online resources to do your due diligence remotely. That’s what we’re going to discuss today. We’re going to go over three sites that can help you get a feel for what the neighborhood looks like and whether it’s a place you want to invest just using online resources.
The first one is called Niche.com. That’s the homepage. You can see there’s a little link there that says Places to Live. You click on that, and then you type in the zip code of the property right here, so in this case, the zip code is 75126, which is Forney, Texas, and it comes up with some general information. Forney on the map is east of Dallas. It’s in the next county over, Kaufman County, but it’s close to Dallas. It’s in the Dallas Metroplex, which is booming, and commuting distance to downtown Dallas.