You are about to buy deal #4. You have a list of REO's that you are about to go and look at. You pull over in front of a 3 bedroom brick colonial. You take a look. You know how much this house will sell for once you are done with your magic on it.
You are on the right track on mastering your Michigan City. When you do comps in your head just by looking at a house, it means that you are focusing on 1 or 2 cities at most, you are looking, evaluating, fixing and selling in a small tight circle and with every flip you complete, you know EXACTLY how the finished house would go for.
Your buyer list will also grow fast this way. One of my coaching group members Doug Benson keeps a good record of every single person who has visited their OPEN HOUSES in the past. Doug and Debbie flip houses in Lansing, Mason, Holt area over and over again. If a buyer does not falls in love with house they did in June (may be needed a bigger backyard?), a good probability is that they might like the house they finished rehabbing in August. You would want to go through some of the FiredUP show episodes featuring Doug because you will learn a lot from him about selling homes.
People don't buy a house then a city to go with it in Michigan.
Look at the way you bought the house in which you live in right now. A discussion took place and you and your significant other, the choices were whittled down to 1 to 3 cities and then the search for the home started.
So what made you pick the city you live in right now?
May be it was the school district (huge checkmark) or may be it was proximity to work or family. But you choose the city first then you started looking at the houses. You did not get up and said, "I am looking for a 4 bedroom house and I don't care if it is in Macomb Township or Highland Park. As long it has four bedrooms, I will take a look at it."
I don't think so.
People who want to live in Canton / Plymouth, want to live in Canton / Plymouth. They are not looking at houses in Sterling Heights. The more deals you do in small circles, the better your chances become that your first flip will get you the buyers who will buy your next 3 homes also.
Master one Michigan City. Know the houses. Know the area. Your business of selling these houses will become easier and easier with every flip you do. Avoid the temptation of being a grasshopper with your flips.
