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Transcript

First Take On Nevada

Population, Volume, And Rankings

Market Realities Beyond Vegas And Reno

Acquisition Vs Dispo Across The State

Lead Gen Limits And Speed-To-Lead

SPEAKER_00 0:03

Welcome back to Wholesale and Around the World. And today is our 36th different edition of Wholesale and Around the World, where we talk about all the different states, and I give my opinion on whether or not you should try to virtually wholesale in each and every state. Unfortunately, when I started this series, I kind of just went with the states that I had the most experience with. The ones that I truly had opinions about. Some of it was based off of the regulations, some of it was based off of, hey, you shouldn't wholesale in this state or you should wholesale. And now we're getting to the nitty-gritty. You know, the final 15 states in the United States that we haven't talked about. And there's probably a reason as to why some of these states have not been chosen yet. And today we're going to be talking about the silver state, Nevada. And I don't really have a very strong opinion about Nevada, other than the fact that I don't really enjoy it because we haven't done a ton of volume there. I mean, the majority of the state is just completely rural, right? You have a couple big major cities like Vegas and Reno, but Vegas is pretty saturated and it's kind of a weird market. It's about as close as you can get to Phoenix, Arizona, in my opinion. And it's just never been high volume for us. But then when you look at it, Nevada ranks as the 31st most populated state. So there is, you know, like we've said in every single one of these episodes, there's directly a correlation between the population and where it kind of ranks in virtual wholesaling. And because of that, really, I think Nevada is actually even worse than 31st. I actually probably rank it in the 40s, putting it in, you know, kind of next to West Virginia, Louisiana, which that's because there's no money. But in Nevada, it's just really because we don't have a whole lot of leads coming in through Nevada. Now we've done deals in the state, we've done deals in the Vegas metro area. That's where the majority of our deals have been done. We've done deals surrounding Reno. But then outside of that, I mean, you're talking about it's kind of a desert mountainous wasteland when it comes to wholesaling. We got a deal under contract once in Paul Rump, I guess that's how you say it. Right? And it was ludicrous what it was like doing dispositions there. Now, were we able to eventually dispoint? Yes. Was it fun? No. Was it a ton of money? No. But when I look at a state like Nevada, where I feel like acquisitions is a little bit more difficult. You know, I it kind of fits the trend of the Utah, California, Arizona, where acquisitions is easy or hard, dispo is a little bit easier. That's true for Reno and Vegas, but everywhere else in the state, it's the opposite. Where acquisitions is actually going to be a little bit easier, and Dispo is going to be a little bit harder because there's just not a whole lot of buyers in some of these locations. Now, have we ever run into where we couldn't find buyers and we had to terminate Nevada? No, that's not really been an issue for us. But when I look at the state, I'm looking for a 20 to 30k rip in a higher price point in Reno, Tahoe, or the Vegas metro area. That's what I'm hoping for. Because I'm not expecting many deals at all throughout our time in Nevada. Now we just did a deal in Spring Creek, Nevada, about a month, two months ago, somewhere in that range. And that was a place that we had never done a deal before. I will say dispositions on that was not that difficult. We were able to go into an investor base, locate the buyers, work the process, and get that deal assigned pretty quickly. And I didn't even know where Spring Creek, Nevada was. And so that was a new experience for us. And so partially why I said I think we're the reason why Nevada is one of the later episodes of wholesale around the world is because it's just one of the lowest volume states for us. I just don't have a ton of experience there. And I think part of it is because of what we do for lead generation. And so inside of the PPL, like if you just go look, there's less leads in Nevada than there are in many other states. And then because of that, that leads to we're not really going to have that much experience there. We're not going to have that many buyer relationships. So what does that lead? Well, when we're on a speed to lead marketplace, I'm not going to be actively choosing to buy leads in Nevada. And I feel like this is how most virtual wholesalers kind of feel about Nevada in general. Right? If you're running uh property leads or lead solo or fixed price mode on speed to lead where they're just sending you leads anywhere in the country, then yes, of course, you're going to receive some leads at Nevada, but still it's going to be less volume, and it's directly correlated to that population being 31st overall. You're just going to receive less leads, less volume, less deals, and you're just going to not have as strong of an opinion about it. Now, I believe that there's people in Nevada. Of course, I've gone out to Ryan Pineda's office. I've worked with his team, trained his sales team on how to be better closers. And they talked a lot about them being a local Las Vegas wholesaler and the impact it had on them going virtual and how different it was on copying and underwriting and dispositions and all of that. I believe that there are highly successful wholesalers inside of Nevada that are local. But I'm talking about you're virtual, you live in Texas or Florida or Ohio, and you're looking at all the different locations, all the different states that you could go to. Nevada is probably never going to be at the top of anyone's list. Outside of Vegas, really being that major metro area where you're going to get quite a few leads. But again, you're just dealing with the competition. You're dealing with the Ryan Potatoes that have these larger teams, they have that brand awareness inside of the market. And so it becomes just more difficult for you to actually get a signed contract. But when you do, this position is pretty easy. There's tons of buyers. And so utilizing anything like investor base or investor lift, you can absolutely find it. Now, that being said, there are no wholesaling regulations inside of Nevada as of today. So that makes it great. You just have to abide by the common rules. You're not selling a property, you're assigning your equitable interest and whatnot. It is also a title state. So from that side of things, not too terrible. But again, like I said, one of my least favorite states, just because of the lack of volume. That's it. And so hopefully, as we move forward with the final 14 episodes of wholesaling around the world before we finally finish this marathon series that we came up with, there'll be several other states that I have positive feedback about. But when I think about being a nationwide virtual wholesaler, I never ever look at Nevada and say, that's my place. That's where I hope I get a lead. It's where I hope I get a contract, as long as it's one of those big cities, because then I'm assuming it's going to be a larger assignment fee. But outside of that, I don't really have a whole lot of hopes for Nevada. So for those of you that are wondering, hey, I'm a newer virtual wholesaler. Where should I go? Where should I avoid? Personally, I think you should avoid Nevada until you've got that foundation set up and you really understand how to find where in buyers buy, understand copying and underwriting, and also how to deal with competition in major metro areas like Las Vegas. So that being said, for those of you that are currently virtually wholesaling in Nevada, let me know. Do you agree or do you disagree with my take? Regardless, show me some love, like today's video. We'll see you guys tomorrow.