MAKE MONEY with Virtual Real Estate 2022
I want to be in a market that is roughly 30% under the median price point. So 30% under the median price point as a moment in time is I need to be in a market that is $300,000 or less. If it is not that then I’m not going to choose to be in that market.
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Yo, yo, what is up everybody? Welcome back to the science of flipping podcast. I am your host, Justin Colby. And on this episode, I get asked all the time, how do I pick the virtual markets that I want to be in whether I’m wholesaling, flipping, or even buying for my portfolio? I mean, answer it right now on this episode. Now, let me take a quick moment to give a shout out to our main sponsor Minute Pages. They are the company that I use to create credibility, influence and authority in my marketplace. Here’s the deal, you are always gonna be looked up online. When you talk to a homeowner when you talk to an agent when you talk to anybody. The first thing they do is Google you. If you don’t have a website for your real estate investing business, that is step number one must do right now. Minutepages.com offers you a real estate investing specific website at a fraction of the cost of what it costs to build a website. Again, go to minutepages.com If you don’t yet have a presence online, get it now. Minutepages.com, our main sponsor? Alright, so the question always becomes How am I choosing the virtual markets to wholesale buy rentals or flipping? Now my answer for a very long time was the same in my answer still has part of that in it, but it actually has updated most recently. So the first part of my answer is I first go to privy to check what markets they’re in. I do that because I want access to the MLS, the MLS is the very best way for me to analyze and comp deals. So as long as privy has MLS access in those markets, and there’s roughly 50 markets nationwide, that they have MLS access to, then I will choose those markets to market in to wholesaling to buy rentals. And so if you go to privvy, TSOF privvy, T is and Tom s and Sam O, f is in frank.com. And you use promo code science one, you will be able to try it out for a week for $1. Now, if you’re serious about real estate investing, I encourage you to not worry about the promo.
Don’t worry about the week, it’s $97 for the month, but it is the best way to choose a virtual market because it gives you access to over 50 cities and locations that you can choose, especially if you’re making the decision to spend money on marketing. So now that has become our my main qualifying factor does privy first have access to MLS in those cities. And if it does, then I move forward with my other remaining criteria that I really look for when choosing markets to go virtual. And the first criteria is, are there any major sports teams, that’s the first criteria because there are some really smart people who have analyzed that there’s an economy around a sports team, so a major baseball team football team basketball team, those are billion dollar companies. If they’re making a decision to be in that market, then I have to assume based around all of the intel that they’ve gathered, that there’s a good economy there. And that can likely be a good market for me to be investing in. The next thing is I want to know what type of industry is there. So for some cities, it’s going to be a motor vehicle industry for other cities is going to be a tech industry for other cities. It may even become a crypto industry moving forward, right? So I want to know what type of industry there beer brewing industry, you name it, I want to know what is there to drive further economy because if there are really big companies such as BMW moving one of their plants to develop cars in in that market, then I would say that’s probably going to drive a lot of jobs, which is going to drive an economy and I would say that’s a safe economy to be buying wholesaling, flipping. The next criteria I want to try to figure out is are there any military bases very soon similar type of thing. Typically military bases don’t shut down however, they have been known to shut down. So I know that there’s always going to be some level of good rental economy there.
Now that’s important to me, because even if I’m wholesaling the deal, I want to know that there’s an end buyer in place that would likely be a landlord for all of those tenants. So again, first and foremost, I have privy, I want to make sure we have MLS access, so I can make sure to comp the deals the best I possibly can. MLS access is super important. privy TSOF.com, promo code science one. Secondly, I want to know if there’s any major sporting teams, the more the merrier. So if they have all baseball, football and basketball all in one city, even better, then I want to know if we have military bases there. Right, then I want to see if there’s a major college in the city. And if I can get all of them. Phoenix, Arizona is a great market that can say all of those things. There’s a military base, there’s multiple sporting teams, there’s a major university, all in Phoenix. That is like the Holy Grail of something I’m saying that is a great market to be in. Now, before we get excited, and everyone goes into Phoenix, it’s also a very competitive market, open door offer pad in all of the hedge funds are also there. So you have a lot of the smartest people in the space, also recognizing the same things. Now in my opinion, Phoenix is priced out of a good market, meaning it’s really hard to justify rentals in Phoenix proper market, the outlying markets like Maricopa Casa Grande, all those Mark Yeah, could there still be some good rentals, but Phoenix as a whole has really priced out? Not just you know, the rental market, but really homeowners.
And so I don’t actually think Phoenix is the right market. I know you’re saying, Justin, you’re going against all of your criteria, I get that. But Phoenix is an anomaly. I’m using it because it does have all of the holy grail of things that I would look for. There are a lot of markets that have this. A lot of the cities in North Carolina have this I love Oklahoma City, many of the cities in Florida have a lot of these same fundamentals. And lastly, and most importantly will be is I want to be in a market that is roughly 30% under the median price point. So 30% under the median price point as a moment in time is I need to be in a market that is $300,000 or less. If it is not that then I’m not going to choose to be in that market. If you’re liking this information, smash the like button and make sure you subscribe on YouTube. And if you’re listening to this on iTunes, make sure you give me a five star review. That is my criteria. That’s how I choose what markets to go virtual in. That’s why I’ve done so well. I hope this helps you make your decision. The first thing make sure you have privy so you can get make sure you have the MLS that is the first major major criteria. Then you have the colleges, you have the military bases. You have the sporting teams, and you want to make sure you are 30% under median price point if you do all that. It’s a good market. You’re in the game, I would say Greenlight hopefully this finds you well and I’ll see you guys on the next episode. Peace
