Selecting A Market
Outcome:
Find a market that we are excited to enter.
Link to Google Spreadsheet 🔗
Criteria
We should not be thinking about these data points as binary (yes or no). If a market has 100,000 people vs 30,000 people that don’t help us make a decision. We could make a priority matrix or equation that gives us an objective number to compare but we aren’t skilled enough to know what an acceptable rate of variance is for some of these data points. Instead, we should scorecard these out and show the differences in a graphical or colorful way to show where a market is very different than the rest.
- Start with a Google Search
- Read BiggerPocket sentiment
- Look at turnkey providers
- Look on Roofstock.com
- Population
- Population growth
- Median income
- Median house value
- Total housing units
- Home ownership %
- Median rent
- Rent to income %
- Taxes
- Industries (fortune 500 companies)
- Military base
- Hospitals
- Colleges
- Landlord laws
- Flooding
- Snow removal
- BiggerPockets sentiment
Data sources
In order to have consistent data, I will pull all my information from the following resources. These appear to be accurate and have a published methodology with them.