Finding Killer Real Estate Markets Just Got Awesomer
Hey, got some exciting news to share! Anyone looking to find the awesomest, most profitable areas for your real estate deals, heads up on this. 🙂
Target Market Finder: Original Recipe…
If there's one thing that can really make my day, it's finding some nifty little something (a system, app or software tool) that makes my real estate operations easier and awesomer. Yeah, call me an REI-nerd, the glove definitely fits. 😎
Sometimes you just stumble on things like that, sometimes you get struck with the idea to just make it yourself.
That was me and Patrick when we first imagined Target Market Finder—a snappy, little in-house tool that would help us easily zero right in on perfect target real estate markets for our deals in no-time flat.
Once it became reality (yay!) we didn't keep it to ourselves, but invited a few others to ‘beta test' it with us… to play around with it, kick the tires, and help us make it better.
Fast forward a little…
Not only were our ‘early adopter' friends able to quickly find the best areas for their deals in just minutes—even markets never visited, thousands of miles away—but also helped us work out a few unseen kinks (thank you!) and shared some really helpful feedback and suggestions.
We took that feedback seriously, and looked for ways to ‘plus' Target Market Finder—not by making it more complicated (there's elegance in simplicity, right?) but by adding two sexy, new data points into the equation.
“Data, you say?” That's right. Nerds here.
And the two new data points we added into Target Market Finder will be especially sexy to our awesome wholesalers and rehabbers out there.
Here, take a look…
…see what's new and sexy inside 😀
JP: What is up party people, JP Moses here with Patrick Riddle. Say Hey Patrick.
Patrick: Hey Patrick.
JP: So, we're making this video because we're actually recording Skype. Skype. Patrick is in his hometown. I'm in mine and we're doing a little skype sham because we have some exciting news to tell everyone. This little gem that we have been, we've had kind of on the down-low for awhile now. Target Market Finder just got plussed and we just want to pull the veil back and show you what's new.
So right from the get-go, for anyone who doesn't know about Target Market Finder, Patrick, just give us a kind of orient us what this Target Market Finder is, who is it designed for and how does it make their lives easier and awesomer?
Patrick: Great question. Target Marker Finder has been a software that we've privately invited some of our members of Awesome Rei to go ahead and take part in and we've just recently, as JP mentioned, updated it with some hot new data points.
Target Market Finder really is a pretty fantastic resource for any investor. I'd say it's really caters to the wholesaler in the rehabber. Whenever we check out some of the data points, I think that'll become clear why, but it allows anyone to just at the click of a button, get information that previously would take hours and hours of time online, even if you're lucky enough to be able to find it all.
JP: If you remember, it came about because we came to our awareness a few years ago that a lot of our members don't do deals only in their own backyard. They do deals frequently in remote markets and finding the right market, choosing the right market versus choosing a bummer is really super important and if you're on your backyard, then that's not an easy thing to do typically.
Patrick: Well true, and not only is it tough to pick a city that is perfect for the style of investing that you're doing and where the market's at right now, but even once you pick a certain city, being able to laser target all the way down to the hottest zip codes where all the action's happening and specifically you know what? What price range and income levels and much more as you'll see in a moment that can help guide your focus so that you just don't waste a lot of time on a deal that's in a dead area and so that you know exactly where the easiest money really is to be found.
JP: Yeah, in a moment we'll do a quick demo and just you what it looks like on the inside, not because we're trying to spotlight the software itself, but to zero in on the shiny new, exciting data points that have been added into the matrix.
Before we do that, I just want to emphasize awesomer data equals awesomer target market hotspots. You finding those hot spots is a critical part of being an awesome real estate investor in choosing target markets based on real data, not just your gut feeling of a market or maybe the reputation that market has, which could be stale or just hearsay. Using real data to choose that market puts you heads and shoulders above the competition.
All right, so what are we looking at here?
Patrick: Okay, we are inside. We're looking at Target Market Finder right now it's super simple to start, you can either just enter a zip code or you can select a state and a county and a then there's a little search button as you can click or you can just hit the enter.
Let's just try. Let's try this zip code. You click enter and then within a few seconds, boom, it's pulled up all the information.
And let me tell you a little bit about what we're seeing here. Now you can see on our left here, we've got several columns here. You know, in lots of different zip codes that are pulling up. First I'll run through the column so you understand what all is available here. You've got your zip, your city, and then you've got your median income. You can also click on each of these columns to sort by the column. You've got median value, you know, telling you what kind of price range is average in that area. You've got forecasted appreciation, so the appreciation as forecasted over the next year, you've got price to rent ratio.
Now the two newest data points that we've now added are all cash sales in the previous month.
JP: If I had been able to look on a map like we can do today, when I first started my wholesaling business way back in Y2K, if I got to look at a map and seeing the hotspots for cash sales, I would have saved so much time, effort, blood, sweat and tears, marketing, and then the neighborhoods that I thought were the right ones to focus on versus where all the cash buyers are actually doing business.
Patrick: Oh yeah, for sure. And I mean you can click around on the map here. What the preset is that the color coding here, that showing is the bright green, is your hottest zip codes for all cash buyers. So you can see here, over here, his is another hot one with five all cash sales last month. So, the last two columns are actually updated on a monthly basis to reflect, you know, the numbers that are being tracked most recently.
You can click on advanced options and actually change the color coding. You know, if you wanted to see what the hottest markets are for appreciation over the next year, we change the color coding and boom, you can see the bright green areas here, you know, that was forecasted to depreciate five point seven percent next year. You can see it's got 19 all cash sales.
JP: Which brings us to the other data point that is brand new inside of target market finder a which shows you the number of verified houses that are sitting empty and abandoned in each zip code.
Patrick: So, we've got a lot of students who liked to focus and profit from abandoned houses. And so, this metric actually shows you how many abandoned houses had been verified in each zip code. When you pair this information, if you are a wholesaler, or even a rehab or in you're flipping wholesaling, some of these properties, you can immediately see how many all cash sales are also happening in those zip codes. And really find your target hotspot. And just focus in on a very small area, you know, whatever that may end up being.
JP: Fewer, better things. That's what I like to say.
So, looking at this map is for anyone who hasn't seen the software and this is your first time seeing it, your mind's probably kinda blown and I don't blame you, but I think it's clear. I mean my wholesaling business would have been double or triple the business if I’d had this information early on, especially the cash sales, but the abandoned houses is an interesting segment.
We have masterclass training on abandoned house secrets and I think that will be especially noteworthy to anyone who is going through or has gone through that training to shorten their learning curve.
Patrick, could you show us a glimpse inside the little mapping the street function?
Patrick: Oh cool. Cool. Cool. Yes, I will and I'll show one little trick, what I like to do.
One thing that I like to do is sort by income level and like I personally like the wholesale properties, not in the lowest income areas, but kind of right, right out of the lowest areas still in lower price ranges. Kind of the first-time home buyer price range.
So, a lot of times I'll sort by income. I'll kind of look past the first subset of the lowest incomes here and you know, here we've got three, zero, seven, four, one based on the value of property to then I'm seeing the amount of cash sales, the opportunity with abandoned houses, boom. For me in my business, this might be a zip code that I choose to focus on.
And if it is, check this out. We can actually go all the way down….let's keep zooming in. If we wanted to get a little sneak peak once we talked and once we decided to potentially target this zip code, but if we wanted to see what the houses look like in the area, we can drag this little guy down here. We just put him right here and we can see what kind of properties that we're really looking at in the area.
So just like that, you know, we've been able to find a hotspot zip code. Now you know in general what the properties are looking like in the area. Pretty cool stuff, right JP?
JP: Pretty sweet, baked in features, this whole gig.
So, there's the reveal. We just wanted to share the exciting news about those shiny new, sexy data points that were just added Target Market Finder to make it easier and awesomer to zero in on the right target markets for you guys.
Hope you found this insightful and helpful, especially anyone who is currently using Target Market Finder for your own business. The rest of you, what are you waiting for guys? It may or may not even be available right now, but you're welcome to look and see if it is available.
You can go to awesomerei.com/targetmarket. And you'll either get a message saying “Sorry, this is not available” or it will be available, and you should grab it while you see it.
Thanks guys. JP and Patrick out.
Note the fun little ‘pro tip' when Patrick shows how he uses TMF to zero in on the exact types of houses he prefers wholesaling in his markets, down to property values per zip code. 🙂
Soooooo… what do you think? Pretty cool, yeah!?
If you'd like to use our newly ‘plussed' Target Market Finder for your own real estate dealmaking, fair warning, it may or may not be open at the time you're reading this. Feel free to take a gander here if you're interested to see if it's available…
Sounds pretty awesome!