Flip Tip Summary
Want to be the real estate investing ‘master’ in your market? It’s not as hard as you think, but Zack Wiest joins us today to share how to get started. It’s a short and sweet real estate investing tip…don’t miss it!
Flip Tip Transcript:
Mike: Hey everybody, it’s Mike Hambright from Flipnerd.com. We have a quick Expert Tip to share with you from Zack Wiest who is going to talk about how to become a local market master in your market.
This Expert Tip is sponsored by RealtyMogul.com, B2R Finance and AceBusinessFunding.com.
Go ahead Zack.
Zack: Thank you. So running the real estate club I get asked all the time, how do you succeed in real estate? What is the most important thing we can do first? And I see people constantly suffering from what I call information overload. They want to know how to do every strategy immediately and they want to be perfect with everything they’re doing. And I tell people all the time, it’s really not about the technical details of investing in real estate.
While those are important eventually, to get started in my opinion, you want to become what I like to call a local market master. You want to understand what market values are, what marketing time is, what rental rates are, what amenities are standard, how many beds and baths are standard. You want to know more or as much about your local market as anybody else playing in your market.
I am here to tell you if you think latching on to a real estate agent is going to make you successful, you’re unfortunately misinformed. That real estate agent can’t make you any money. You’ve got to make yourself money. They can be a conduit to that, but you’ve got to be the one that is determining values and repair budgets. Understanding the dynamics of your local market I think will pay greater dividends than anything else you can do early on.
Mike: Awesome, awesome. Great advice. And of course that knowledge builds a lot of confidence from which you can build upon your tactics, right?
Zack: Well, and getting embedded in your market, ingrained in your market and understanding everything that is happening, organically deals are going to come to you. You’re going to know about opportunities that nobody else knows about. You’re going to know people in the market that nobody else knows about or cares about.
It’s really going to make everything that much easier, and let’s face it, Mike, without knowing your local market you shouldn’t even be looking at real estate deals. You’ve got to be able to assess the value and the cash flow of a deal without relying on others to do so.
Mike: We’d like to think Specialized IRA Services, National Real Estate Insurance Group and virtualstaffnow.com.
Please note, the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.