Do you wonder about what is the “right” market to wholesale in? And how do you figure out which market is good for investing?
Hey Moguls, JP Moses here with some sound advice…
When you begin wholesaling, look in your backyard – because in most markets, wholesaling is viable.
I didn’t say all because, of course, there are always exceptions to the rule… like rural areas, for example. And I know this firsthand…
A good buddy of mine and fellow investor, Steve Cook, moved from Baltimore, Maryland to Baraboo, Wisconsin. Let’s just say he’s not rolling in the deals in that little town…
And I have lots of family in a teeny tiny town in North Dakota.
Small, rural towns just don’t provide much in the wholesaling arena. There’s just not enough inventory… or investors… and people aren’t buying.
Grass isn’t always greener
I have noticed that so many people think the grass is greener on the other side…
And rather than look at their own local market, they want to do something remote in another market.
Again, that’s fine after you’ve gotten some deals under your belt.
But my philosophy is try it at home first and really try it. Don’t just test the waters – really make it happen.
So, what’s an easy way to tell if a market is good for wholesaling?
Simple…
Find out if there are other wholesalers in the area.
How?
Just Google something like: “We buy house [CITY]” or “Sell house fast [CITY] or “Real estate wholesaler [CITY].”
Also see if there is a local REIA group… head to a meeting to network. Meet the other local investors and see who’s wholesaling property. Chat ‘em up.
They’re going to be a great gauge to see if your market is viable – and again – it probably is.
When you are searching online, just make you avoid the results that are for national investors – go for the ones that look like they have a local presence.
And keep in mind…
Not all your local results will be strictly wholesalers – but they are active investors with their finger on the pulse of the community and they’re potential buyers for you.
Cool tip
So, I actually learned this awesome idea from another buddy and fellow investor, Justin Wilmont…
Go to LinkedIn, click on ‘Advanced,’ and then on the left side of the screen, type in “Real Estate Wholesaler.” Then scroll down a bit and to put In a ZIP code or an area code.
Using those keywords, you’ll get search results, because a lot of times, people will have their profiles on the site, if they’re specifically a wholesaler.
So, LinkedIn is another great potential source.
Remember…
Wholesaling can be done successfully in almost any area in any market. Start local before branching out. Happy wholesaling!
Whatcha think
Anyone have more tricks up their sleeve? Or have you had investing success in a rural market? Please share below.
Reach out to local wholesalers and investors in your own backyard to get the ‘pulse’ of your area.
Wholesale in your local area first before trying to do remote deals.
Network your butt off – REIA groups, Facebook, LinkedIn, etc.
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.