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.

Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com

---

Real Estate News

Happy New Year, Make it a better world. "Pay it... Read More

Virtual Agent? Online Real Estate

When preparing to sell a house, you should always consider... Read More

Real Estate Investment - One Simple Formula

I saw the ads in our small-town newspaper for years... Read More

How to Buy a Home When Your in Your Twenties

A Single's Game of Real Estate (Getting started in your... Read More

7 Marketing Methods for Real Estate Coaches

You shower, shampoo, dress your best, check to see if... Read More

Purchasing Land: What To Look For

It doesn't take long to realize that finding the right... Read More

Buying Foreclosures - Knowing Why Helps You Buy

One big potential deal-killer in buying foreclosures is the homeowner.... Read More

Join the Bulgarian Property Boom With Confidence

An Irish property investor in Sydney, Australia has created an... Read More

How To Find a Real Estate Agent

You may be of the opinion that you don't need... Read More

San Antonio Texas Real Estate

The San Antonio, Texas real estate market is still going... Read More

Investing In Land

Changing social trends point to a huge rise in demand... Read More

An Overview of Easements

Title insurance is generally associated with insuring a purchaser's or... Read More

Dealing With Difficult Tenants

When managing residential properties one bad tenant can often undo... Read More

Buying Rental Property - Avoid Sellers Tricks

Be careful when buying rental property. We stayed at a... Read More

The Real Estate Agent Alphabet

Alphabet Letters after a person's name seem to bestow some... Read More

Best Places to Retire

Places to Retire: Popular Doesn't Always Mean "Best"Las Vegas, Nevada;... Read More

Checklist for Buying a Home

I had a client who called saying that his bath... Read More

Stay Motivated With REI Till The Deal Comes

I know many investors step into the game of real... Read More

Land for Sale

Think owning land would cost a fortune? Think again! While... Read More

Nobody Loves A Landlord

The typical landlord starts off life as a light hearted... Read More

Important Information For Condo Buyers

Here is a step by step guide for buyers looking... Read More

Budgeting Your Log Home: Where Do You Start?

The Log home industry has matured these last many years,... Read More

Selling Your House Fast!

The physical senses of buyers respond to a home's design,... Read More

Sellers, Are You Having A Hard Time Selling Your Home?

Sue and Chuck DeFiore have the perfect solution for you... Read More

Realtors: Forget Your Address?

It's a large real estate agency, and the company depends... Read More

Canal Front Homes in Venice

A bit about VeniceVenice, Florida was named by an early... Read More

Successful Property Letting And Management

Successful Property Letting And Management is not something that just... Read More

Vacation Homes Are Becoming A Reality For More Homeowners

Whether it's a lakefront cottage or a log cabin in... Read More

Real Estate Bubble Adding Price and Risk to Location, Location, Location Mantra

Real estate investors familiar mantra location, location, location are nervously... Read More

How Long Your Mortgage Runs Determines How Much You Pay

The first thing most of us think about when the... Read More

How To Give Your Home A Face-Lift: The Sellers Guide To A Quick Sell

One of the great challenges to selling a home can... Read More

Strata Title Hotel Investments

Want to know why Strata Title Hotel Investments can be... Read More

Protective Covenants ? Buying A Home

In addition to zoning, some properties have covenants recorded at... Read More