When you’re first starting out in wholesaling or real estate investing in general, one of the most common things people wonder is where they should be focusing their efforts.
That is to say, how to choose a market in real estate.
For a lot of people, this is a big question and one that can be kinda hard to decide. Take my latest coaching call with one of my new Astro students:
In short – my newest member is originally from Austin, TX but now lives in the DFW area. So because she has two different locations to choose from, you’d think picking one or the other would be simple.
And actually, as I mentioned to her, it is.
Her choice is clear – choose the location that you have the most experience in and one that you understand.
For her, that’s Austin; it’s her hometown, she knows the neighborhoods, which means she can easily speak with realtors and buyers. This essentially helps her credibility to them because she’s using her knowledge to speak intelligently about the area.
Guys, being an expert in your chosen market goes a long way in building trust with buyers, sellers, realtors, and other wholesalers.
And when you’re building up relationships, you’re inclined to start making those relationships work for you.
One of the big pushes I do for my Astro members is the idea of partnering up with others in order to get leads or deals. The reason being is that you never know who knows who in our industry can help you out.
So let’s say you know your market and you’ve built up a relationship, what’s next?
Next is a little trick I call ‘inspections’.
Okay, it’s not really a trick, as inspections should always be done on a property so you and your buyer know the shape of the property. No, the trick is putting a little money aside for those inspections.
Why so important, Jamil?
Because adding inspections as a fundamental part of your business can get you even higher assignment fees when you close deals.
And we’re talking ROI of 1000:1!
Inspection reports are great when you’re at a stage of doing re-trades because they actually help, again, to show credibility.
In any business, you want to show the people you’re working with that you know what you’re doing and that you have the knowledge to do it.
For us as wholesalers, like any business, there are those scrupulous individuals who are in it to just make money and will do anything they can for it. And that’s a sad fact.
But that’s not who you are.
You are a wholesaler who strives to help people and connect people to those willing to help. This is very much a win-win-win business, for everyone involved, as it should be.
If you want to learn even more about scaling your wholesale business with advice, guidance, support, and more, then come and join us at AstroFlipping.