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Most people think you can only fix and flip houses that are local to where you live and that’s just not true. I’ve been successfully fixing and flipping real estate remotely in other markets across the U.S. for years and to help you learn how, I’ve put together a 3 part video training series.On this video I’m going to share with you how to fix and flip real estate in another state and this is part 1 – learning your market.
Before you jump into a new market and start farming for leads and making offers, invest the necessary time to really learn the market. This advice is true when starting a fix and flip business anywhere even in your backyard where you live but especially long distance.
Learn the neighborhoods inside and out. Which areas are trending up and down and why. How does the schools, hospitals, access to freeways, proximity to shopping, transportation or downtown or business districts affect values. Learn where new developments are happening and where builders are spec building new homes.
Really learning your market will pay off huge dividends in the long run. There are 3 steps to learning a remote market.
Step #1: Do your homework online:
Do as much research as you possibly can online. Go on Redfin, Zillow, trulia or realtor.com. Learn as much as you can about the different areas, prices homes sell for, how long it’s taking for homes to sell (we call that days on market). Look at actives, pending and solds. See if you can find other flippers and see what they’re doing. The best way to learn a market is to see what other flippers are doing. Watch this video where I show how to see what other flippers are doing.
You’d be amazed at how much you can learn about a market virtually online.
Step 2: Hire a top selling agent
Find and hire a top selling real estate agent in that market. Not any agent but a top selling agent who knows the market intimately. They know what buyers want and can educate you about the market. This agent is going to be the agent you list your homes with on the re-sale after you’ve fixed them up.
Let me make something clear…You’re not going to use this agent to help you find and buy houses only to re-sell after they’re fixed up.
To buy you’ll follow my double dip technique. Watch this video to learn how to use my double dip strategy when buying on-market deals.
You may be thinking that it seems a bit premature to already find and hire your agent for Re-selling before you’ve even acquired any deals but as you’ll see this agent plays a vital role on your power team especially helping you learn the market
And if you want to learn how to find and hire a top selling agent for a low flat fee, be sure to watch this video.
Step 3: Do a 3 day trip to your market.
The purpose is to visually get a good broad understanding of the different areas and neighborhoods. Plan this time to be as effective as possible. Have a list of sold homes printed off that you can drive by and see. Look at the price it sold for, look at how quickly it sold (we call that days on market) and look up on your smart phone or tablet the pictures to see the quality. Take notes about everything you’re learning.
Have your agent take you around and explain to you the ins and outs of the market and what’s hot and what’s not and what’s up and coming. Have the agent schedule appointments to see active homes for sale ideally by other flippers so you can see the competition and the level of rehab and quality of their work. While you’re there go look at a handful of active vacant distressed homes so you have a good comparison of retail and wholesale.
After really getting granular for 3 days, you’ll have a really solid understanding of your market. Then later when you’re looking at leads, you’ll know where that property is and how it fits in the market. Then when you do comps to determine the ARV, you’ll have a good baseline to go on.
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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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