How the Heck Do I Know If My Market Is Right for Wholesaling?

January 12, 2015 | By Patrick Riddle | Reply More

Hey guys, Patrick here…

Today’s blog post is about a question I hear all the time from investors… people want to know if they should invest in their own market or if they should reach out and try a market that may be a bit farther away.

And, how do they determine which market is the best.

This is such a great question especially for the newbie investors, but veterans can also learn a thing or two.

Start at home

My advice to always try your local market first.

Why? Well, firstly because in most markets, wholesaling is viable. (An exception to this would be in some rural areas where there’s not a lot of activity going on.)

Now, when I say ‘try,’ don’t just dip your toe in, really go for it, full steam ahead.

One way to figure out if your market is a good place to invest in is to check around and see if they are other wholesalers doing deals. If so, then you know you can join in.

But how do you know if other wholesalers are active there?

How to find out is wholesaling is happening

An easy way to find out if there are wholesalers currently in your market is to simply go to Google and type in: “We buy house [your city]” or “Sell house fast [your city]” or “Real Estate Wholesaler [your city].”

What’ll likely happen is a bunch of legitimate, local wholesalers will pop up and then you’ll know it’s safe to invest in your area. (Disregard the big national results, you want to look for local wholesalers.) These people are the ones with their finger on the wholesaling pulse of your area AND they’re your potential buyers. Win/win.

Since we’re talking about online solutions, I also want to quickly mention that you should definitely search on your local LinkedIn. There’s great potential to find other wholesalers there as well.

And, those two quick searches are done from the comfort of your own home – sweet!

Another easy way to find other wholesalers in your market is to network. Hit up the local REIA meeting and start talking. Be confident and brave and just walk up to people and broach the subject…

Move around the room so you speak with several people to get a good feel for what’s really happening in your market.

So, what are you waiting for? Get to it!