Hey, it's Jerry Norton. Welcome to the Wholesale Hotline podcast and the Flipping Mastery Breakout.

We want to know how we're doing, so please leave a comment and give us a rating.

As a real estate investor, when you get a lead or an opportunity on a property, you need to be able to quickly understand the market and what's going on.

This is a skill that most new investors undervalue and don't take the time to learn and become proficient at.

I refer to this as investing in your market.

In my core markets where I do deals, I know exactly what's going on. I know where the good areas are, I know where the bad areas are, I know the types of properties the market wants and doesn't want. I know what the values are, and knowing that information allows me to quickly make informed decisions about what a deal needs to look like. And if it's a market I don't know or I've never seen,

I know how to quickly get my head around what's going on.

So I'm going to show you my five-step process

to quickly learn a market using a real live case study.

And in my mentoring program called Fast Track,

I spend time every week with my community. And on a call with

my student Tommy, we looked at a new construction house that an investor built in Wallace, North

Carolina. Now, this investor was motivated and willing to sell it at a discount, but Tommy was

unsure how to value the property. He was trying to determine what price would make it a deal. So I took a look

not knowing anything about Wallace, North Carolina, and in less than 10 minutes, I completely

understood the market and how I would have handled that situation. Okay, step one to understanding

a market is to isolate and define the market. And when I say market, I'm referring to the relevant area

of the subject property you're looking at.

Now take a look at this map area.

If the subject property is in this neighborhood,

then my market is just this neighborhood.

You can see there is a main entrance here

...