This is my first post! :) I'm just getting started in my wholesaling career and I'm happy to report that I've done my first deal. I've got all of the basics down in regards to marketing, working with title companies, understanding the value add process and all of that jazz.
I'm also at a point where I want to move to a new city to experience new things.
I'm at a point in my life where I'm single and in my late 20's I want real estate (particularly wholesaling because I see it as a good entry point into the industry) to be a part of my wealth building plan. Obviously its imperative that I move into a market that will support this. Moving into a rural area, for example isn't an option.
I wil be relocating to the new city and immediately look for a full time job. I have a Bachelors degree and good resume experience. I don't plan on relying on house flipping to get me through my first few months.
So for those who are experienced, my question is: do you have any advice for me at the early stages of my investing career? Are any of my top cities bad places to wholesale? Southern California and Denver are my focus, both that I feel may be good markets but I'm not 100% sure and I'm filled up with a bit of doubt.
My top 3 cities are:
1. San Diego, California
2. Denver, Colorado,
3. Long Beach, California,
Thank you all for any advice that you can offer! I really appreciate everything in advance and hope that I too soon can be a top contributor for this site!!
@Jonathan Baker , I think any of those cities would work. You will find deals if you work hard and you will find competition in each market as well. I think you're question is very broad and there is much more to think about in regard to where you want to live rather than if you can make wholesaling work for you there. Best of luck.
Where are you now?
What's your current day job?
Leaving after you just started to establish something seems counterproductive.
Starting a new day job in a new city will just make it harder to succeed in wholesaling.
I vote for sticking it out where you are. Build a team that can do the work for you. Then once you have that consistent you can move into another market and repeat the process.
This all comes from a guy who has wholesaled two deals now and has been looking to move out of state for a year or two now..
Thanks Bruce, Kelly,
I live in a midwestern city that I love dearly but has been on the steady decline and I badly want to move (think rust belt, cloudy days, and cold weather). The profession that I'm in now is supply chain / project management. Its a great field that I can lean on for a job in any major market. I've been successful in my career path and entrepreneurship has been my nagging next frontier.
To make my question more specific and less general. I would ask: What indicators can I look for with my own independent research to validate any market? Is there a way (without a realtors access to MLS) to compare area (zip code, city, county, etc..) cash sales over the past, say 120 days?
I could, of course develop a relationship with a realtor and have them pull this information for me but I feel that thats a waste of their time especially if I'm still just looking at things from a birds eye view.
Some perspective with this would be great.
@Jonathan Baker My dear friend stay in your area. and work within a distance that you ca n drive to it. It will save you time and money. San Diego is plenty by itself.
Thanks @Morry Eghbal
San Diego is my target, on the top 3 places for lifestyle and real estate. But I'm completely new except for 1 midwestern wholesale flip. But I get the process and I believe I will succeed.
Would it be foolish, in your opinion to see San Diego or Long Beach as career wholesale locations? I would love your opinion :)
Both are great cities and wholesaling deals is viable in either. I'm partial towards Long Beach since I live here :)
Brother, you are a young man with a long life ahead of you. I am also in the Midwest so I can imagine you wanting to move to a glamorous city like San Diego.
Why not spend a few more years in the area you know best? After you have a good portfolio going then you can take on the bigger cities.
The only criteria for a city I would look for is whether people are actively buying and selling real estate. Wholesaling is, at the end of the day, a marketing job where you bring buyers and sellers together. I can see region or city making a difference for flipping or buy and hold, but I can't imagine it would make that much of a difference for wholesaling. Maybe a super hot market or a super cold market would make a difference. (Just speculating) I would try to end up in a city that is where you want to be for your next step after wholesaling (e.g. if you want to go into buy-and-hold, move to an area where you want to hold property for the long term).
As John said, I believe you can do wholesaling just about anywhere.
With that in mind, you shouldn't be blanket marketing to whole counties. Joe McCall made a video recently that will help you figure out what zip codes you should target. This is a really cool ninja trick he uses inside on listsource. Should help you a bunch.
Thank you everyone for all of the great responses and time to give me perspective.
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