How To Decide Where To Flip Real Estate

On this video I’m going to break down the 5 considerations for choosing a market and how to decide where to flip real estate.

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Hi it’s Jerry Norton and when I’m working with my elite mentoring students and helping them create a 6 figure business flipping houses, the very first thing we figure out is “where.”

The “where” is what I call your “market.” Your market is simply the geographical area where you will farm for leads and do deals and it’s extremely important that you choose the right market that is conducive to flipping and has enough opportunity.

Your market could be a metropolitan area such as Las Vegas or Atlanta or a regional area like a county that comprises several towns or cities.

When it comes to choosing your market, there are 5 things to consider that we’re going to cover on this video.

Consideration #1
When choosing your market is location. Most people think that you can only flip houses in your local market where you live.

I call this your “backyard” market. The misconception is that you have to personally see each and every distressed property that you decide to pursue and that you must also personally manage every property that you wholesale or fix and flip.

With my model, you can actually do the business in any market in the U.S. remotely and you don’t need and shouldn’t personally see or manage the properties, and that’s true even if you choose to do your backyard market. This means you can live and do the business from anywhere in the world!

The benefit of your backyard market is you’re already familiar with the market. The downside is you’ll be tempted to go look at properties, which isn’t always the best use of your time.

The benefit of a remote market is that it forces you to set up the right measures to find and manage deals remotely without physically being there. The downside is you may need to learn that market if it’s unfamiliar to you.

I do a lot of deals remotely and once you learn how, you can too! Be sure to watch a 3-part video series I did about doing deals remotely in another state. I put together a playlist. Go here to watch that.

https://www.youtube.com/playlist?list=PLNDQ7qfA7mTgojejz0azgZUPo7tt23daa

Consideration #2
The 2nd consideration is market size. Your market needs to have a large enough population to have enough leads or opportunities. The minimum population should be at least 100,000 and the maximum is 1 million. So for example, Nashville, TN has a population of 684,000.

Consideration #3
The 3rd consideration is what I call market activity. In other words, how active is the market? Is it a buyer’s market where there are more houses than buyers in which case prices are dropping?

Or… is it a seller’s market where there are more buyers than available houses and prices are increasing?

The good news is you can be successful flipping houses in either a buyer’s market or a seller’s market but most flippers don’t know how to recognize or adjust to the market fluctuations.

For example, when it’s a buyers market it’s easier to buy deals because there is a lot of available inventory or houses but it’s more difficult to sell them once they’re fixed up because retail buyers have more options with lots of available inventory to choose from.

And the opposite is true when it’s a sellers market…It’s harder to find and acquire good deals due to a lack of inventory, it’s a lot easier to sell because there are a lot of buyers chasing too few properties.

My point is whether the market is up or down, following the new model, you adjust how you buy and sell and continue to flip houses.

When it comes to when is the right time to make money in real estate, there are 2 rules to follow to never get caught in a down market. Learn about it on this video...

https://youtu.be/159W_-4b0bw

Consideration #4
Ok the 4th consideration when choosing your market is market pricing. In other words, what is the different price ranges within the market and what are the best flipping strategies for each?

Consideration #5
which takes us to the 5th consideration when choosing your market which is market segmentation.

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Jerry Norton is the nation's leading expert on flipping houses and has taught thousands of people how to live their dream lifestyle through real estate.

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