Wholesaling Outside Your Local Market

So, you’ve all but given up on your local market and are looking at greener pastures in another market to start wholesaling real estate, huh? Well, if I can’t guilt you into really buckling down in your own market, I will at least give you a tip or two about some things you should be aware of if you do intend to wholesale outside your local market. However, I strongly recommend that you reconsider and stay local first.

While I do have a real estate business and invest locally I also analyze deals and work with investors in about 280 other real estate markets around the country, so I might just have a tip or two for you to consider.

First, the process is the same whether you are wholesaling real estate locally or are going out into other markets. You still need to find super great deals, negotiate and put them under contract, find buyers and investors, coordinate the process of getting them the necessary info and letting them see the properties, get the contract assigned or under contract and then troubleshoot the transaction to closing in order to get paid.

The challenges of doing this outside of your local market are local market knowledge and being able to interact face to face. Yes, you can do almost all of this over the telephone, but you are likely to have higher closing ratios if you can do it face to face. Why? Your sales presentation is simply more effective belly to belly and eye to eye.

Another challenge is seeing the house, but you can overcome this by hiring someone to take photos or do an inspection.

Coordinating how your buyer gets to see the house takes a little tweaking too, but it can also be done.

While you can wholesale deals outside your local market (and there are people that have real estate courses that teach that exactly), I strongly recommend you remember the meaning behind the saying about “the grass is always greener” It does not mean that it really is better, it is a perception and your local market may actually be a great place to wholesale deals in.

Until my next post,

James

P.S. Having run a national network for real estate investors if you are looking for an experienced person to help you learn to wholesale outside your local market sign up for our Real Estate Investor Bronze Membership today.

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