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