How to learn the Market

[Anthony Ogletree]

So I just attended a two day REIA convention and networked with a lot of real estate investors. Honestly, many of them were new and the ones that were seasoned didn't seem to be able to give it to me straight when I told them I was a new wholesaler (BRAND new) and was looking for buyers. I asked what areas were good and what they were looking for. I got a lot of answers that seemed to contradict much of what I was told about wholesaling (pull up a chair because this is going to be a looooong post).

"Wholesalers should be trying to find the run down properties in lower income neighborhoods on the cheap."

I was telling buyers that I targeted said areas and most of them told me they were NOT interested in said properties. They all wanted to flip or buy and hold properties in "hot" neighborhoods with good school districts (Pittsburgh neighborhoods Squirrel Hill, Shadyside, Lawrenceville, etc.). I'm not even sure how I would profit from finding these types of houses as they are typically well maintained and people trying to sell tend to have realtors (which negates the need for a wholesaler I think).

"REIA provide opportunity for networking and FREE info."

There were 8 speakers and all 8 asked me to swipe my credit card once they were done speaking. I felt like they gave me a dumb down sample size of their strategy and told me to make it work I need to "invest" in their idea. As far as networking, there were people there that have been in the real estate game for years and didn't seem to know much more than me when I asked them questions about various strategies. When I was telling them about my strategy I saw a lot of blank stares after about 30 seconds of speaking. For all the knowledge, experience, and advice thats out there I feel like Real Estate is more of an art than a science. Amy I wrong? There is sooooo much conflicting info coming from "experts" left and right. Very frustrating.

Also, how does one go about learning the market? I've heard trending the MLS. I've also heard that neighborhoods have a 5 year plan that's public record. How would I get a hold of this?