With multi-family syndication investments, you’re utilizing the professional skills of those who already know the ins and outs of the markets. It is both thrilling and overwhelming when you begin to imagine the limitless possibilities available to you as an investor.

You could spend days or even weeks in front of your computer screen researching market and population trends – googling for the best real estate markets, and attempting to make sense of economic growth graphs.

Truthfully, all that time and energy won’t reveal the answers you’re searching to find.

Try starting the process by assessing your personal investment goals instead. For instance, are you looking for an investment that produces steady cash flow and market growth? 

Use this research checklist to help you gain some clarity:

  1. Job Growth
  2. Population Growth
  3. Job Diversity
  4. Landlord/Tenant Laws
  5. Taxes
  6. Geographical Features
  7. Cost of Living
  8. Local News
  9. Local Government
  10. Whether You Have a Competitive Advantage


Since steady job growth is indicative of a healthy local economy that’s likely attractive to new businesses, developers, and residents to the area, this is the most important metric to evaluate in each market. 

Job growth is a leading indicator of population growth. The more jobs, the more residents, the more likely the area will maintain a strong tenant base. When more people are attracted to an area, the demand for housing increases, which drives up rent and real estate prices. 


Since the population in a certain area could be affected by natural disasters, migration patterns, and more, you always want to research it after job growth. 

Finding an area with long-term upward population growth trends (not a temporary bump) is key, and a major factor supporting that trend is job growth in the area. If more people buy a property in a specified area, that area is suitable for investment. 

These two metrics provide a full picture of the health and future of a given market. 


You want to find an area with a variety of industries supporting the local economy. Strong job growth is much less enticing if you discover that most of the jobs in the area are, say, in the tourism industry. 

A recession or a negative news story could largely impact the number of tourists, and therefore the job growth and the population trend. A diversified job market is much more attractive since a hiccup in any single industry likely wouldn’t affect the area as a whole.


Beyond the top 3 factors – Job Growth, Population Growth, and Job Diversity, the next best factor to learn about has to do with the laws governing rental properties. 

Rent control, for example, is great for tenants but makes it incredibly challenging for landlords to make a return on an investment in an area where costs for contractors, pest control, and property management are skyrocketing. 

As an investor, you want some insight from local property managers who are intimately familiar with these laws, so you can find landlord-friendly areas.


While usually the last thing on investors’ minds, taxes can make a huge difference on the bottom line. 

State income taxes and property taxes will both impact your operating budget thus, your overall return. Each state has a different tax structure and it’s good to understand what you’d potentially be getting into so you won’t be surprised later. 


Use Google Maps to check out the actual, physical landscape of the area. Look for physical barriers like a body of water, a mountain range, or any other geographical features that could inhibit the physical development of the area. 

As an example, coastal cities are limited by the ocean. Development can only get so close to the water, which forces them to build upward or expand into the suburbs. This drives up the value of centralized real estate, especially in a time of job and population growth. 


By seeking out an area where the cost of living is low, especially in comparison to the median income in the area, you’re more likely to experience growth. If people can afford to live in the area easily, there is room for the cost of living (i.e., rent) to rise as more jobs and people move into the area.

Monitoring various markets to stay informed about future market trends is essential. One way to spot new trends is to examine monthly home sales in a specific area. If home sales are decreasing, a negative trend may be on the way.


While the other, previously listed factors are much more important, once you’re pretty “sold” on a certain area, you may want to track a few local news stories. 

It would be great to have some heads-up about new companies moving to (or away from) the area, local announcements, community developments, and anything else that would allow a sense of understanding of the local economy and the potential future of that market. 

By reading the local news, you can gain insight into the condition and future of the housing market by analyzing the overall supply of houses in a given area. Most economists suggest a balanced real estate market should have a 5-7 month supply. However, if the number of houses for sale exceeds that range, it can lead to a decrease in the average home price, ultimately resulting in a buyer’s market.


Just as with the local news, the local government is indicative of the area’s future standings. It’s a good idea to invest in areas with strong local leaders who support new initiatives, an expanding local economy, and whose vision includes making the market vibrant and welcoming. 

Effective leadership from the local government is highly appealing to corporations. This leads to sustained job growth in the area. Examining zoning laws, tax incentives, and other policies that can further boost economic growth in the specific region is crucial. Furthermore, it is advisable to engage with local communities, stay informed about upcoming local elections, and monitor any new laws that could positively impact real estate investors.


There’s always the chance that you have greater insight into a certain area, more so than other investors. Maybe you have a close cousin or best friend who lives there, maybe you went to college there, or you grew up there. 

Any time you possess a competitive advantage, more weight should be given to that market. Local connections or a little history with a particular area can put you leaps and bounds ahead of other investors.

You can further conduct a real estate market analysis, in which you will know about all vital factors like economic, job growth, educational, technological, local, and political issues. It will help you to determine whether these factors match your personal and financial investing goals. 


After reading through the checklist, have you found an area you’d like to invest in? Good! Start by digging in and getting a sense of the community. Find out what upcoming events are creating a buzz. Check and see what new businesses are coming to the area soon.

Don’t worry if you aren’t quite ready to make a decision yet. By doing some generalized research in larger areas, you’ll have a good idea of what regions seem to have the most potential. 

It’s always a smart move to know the area you’re investing in because even though you aren’t selecting the specific properties, you need to ensure your dollars are being invested in a solid, profitable market. Do your research to help you make informed choices that will help you meet your investment goals.

Ready to see if Syndication Investing makes sense for you? Try our quick quiz to find out now! The answer might surprise you.