A Beautiful Market… But Is It a Wholesaling Market?

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Transcript

Population Growth Changes Seller Motivation

Real Estate Market Vs Wholesaling Market

Where To Buy Leads In Idaho

Hungry Buyers And Wider Travel Radius

Title State Benefits And Future Timing

Markets Shift Over Time

Your Take And Closing Ask

SPEAKER_00 0:03

Welcome back to Wholesaling Around the World, the Idaho edition. Now, here's the thing. I'm not gonna sit here and lie to you guys and try to make up a bunch of stuff about virtually wholesaling in Idaho. It is one of our lowest volume states. I'm not gonna sit here and try to tell you about all the Idaho war stories that don't exist over here at Titanium Investments. It's just always been one of our lowest volume states. We didn't start marketing in Idaho until the 2020 50 deals and 50 states and 50 Days Challenge. And since then, we've done a handful of deals there across the state, but honestly, we don't get very many opportunities. There's not a state that we're getting a ton of leads in. And even when we do, typically the sellers are not as motivated as they are in other states in other parts of the country. And so because of that, they're not willing to sell the property for a discount. And it's just never really been a high volume state for us. But it doesn't mean that today's episode is not important because there are factors to why Idaho has not been a high volume state for us. And just because that's the case today doesn't mean that that's the way it's going to be three years from now, five years from now, or 10 years from now. So the number one factor that I believe Idaho is not a high volume state for us is since 2020, it has had the largest population growth rank in the entire United States. Now, what does that mean? That means people are moving to Idaho. The population has grown 10% over since 2020. That's incredible. That being said, it still only ranks 38th in the United States of population, with a population just north of 2 million people. But that being said, significant growth, people moving there. So the motivated sellers, they have a valuable asset to the community. People are looking to move to Idaho, they're looking for places to live, buy real estate. And so motivated sellers kind of know this. And if you've ever talked to leads in Idaho, you can sense it. You can see that they know that they have an asset that is needed, and they don't necessarily need to sell that property for a discount, even if it is physically distressed. So for that reason, right there, I believe that's the number one reason why for me as a virtual wholesaler, not someone that lives in Boise, Idaho or Twin Falls or anything like that. It's just purely based on the fact that, hey, we have low volume when it comes to leads, meaning a lot of sellers are not seeing ads need to sell my house fast. They're not filling out forms on websites. We're not even cold calling them as often as we are other states. And it still only ranks, despite its population growth, 38th overall. So naturally, just based off the population rank, it would already be one of the lower ranked states when it comes to virtually wholesaling. But because of the increase in new residents moving in, that motivation from the sellers has declined. However, how long can it really sustain that kind of growth? And eventually, the people that are moving there, are they going to be motivated to sell? Life happens. These motivating factors, these elements that come up in people's life: financial distress, death, inheritance, tired landlords, eventually that is going to start happening more often in Idaho. And so I don't want to stop ignoring the state. I'm a nationwide virtual wholesaler. I want to be able to capitalize when Idaho does become a state that is highly motivated and there's opportunity that exists there. So do we still get leads there? Yes. Would I go on to speedy leads marketplace to purchase a lead in Idaho today? Absolutely. I've done that. So what makes a good real estate market, right? Population growth. Idaho has that. Strong demand. They have that. Low inventory. They absolutely have that, especially down in the southern part of the state. There's absolutely low inventory. Just two months of inventory on the MLS right now, which is significantly below the nationwide average. Rising values. It has that. And people moving in. So overall, Idaho is actually a really good real estate market. But a good wholesaling market has motivated sellers. It lacks that. Discounted property opportunities. It's lacking in that area. Active cash buyers. It is pretty decent when it comes to the cash buyers there, especially in the larger metro areas. Enough spread for everyone. That is the part that really is hindered inside of Idaho. The rising property values, especially kind of eliminates a lot of those cash flow opportunities for landlords. Enough transaction volume, we that's what I'm saying. We don't see that in Idaho. And then buyer demand at investor price points. I absolutely think that that exists. And so the recipe is there for Idaho to be a great, fantastic market for us in the future. Just not right now. But that being said, there are parts of Idaho that are extremely rural. And so it's important to pay attention to the areas when you are going to purchase leads right now because you're not going to do volume there unless you are specifically just in Idaho. And that's where you're targeting all of your marketing. For someone like me, this is never going to be high volume. So where would I be willing to purchase leads? Boise, Meridian, Nampa, Caldwell, Attack County, and Canyon County. Those are the areas that I would be focused in because that's where the majority of the population growth is. And that's where the majority of the buyers are going to be there. Now, secondary markets that I would absolutely pay attention to, and we've done deals in Idaho Falls, Twin Falls, Lewiston, and Pocatello. I hope I said that right. I'm not from Idaho. So for the people that are from Idaho, I'm sorry if I'm incorrect there. Also, because I am a fan of college towns, and I know it's not the largest college ever, but University of Idaho is in Moscow. I would absolutely purchase a lead in that area as well. So are we ignoring Idaho? No. But those are the areas that I would absolutely be willing to purchase leads in, knowing that there is a strong possibility that the seller's not going to be motivated to sell it for a steep enough discount. That being said, I also know that my buyers are going to be a little bit hungrier than normal. The other thing that's really cool about Idaho buyers is that normally when we talk to them, they're willing to buy at a larger radius than, say, buyers in like major metro areas like Phoenix or Dallas, Houston, Tampa, Atlanta. Because there's so much wholesale and volume going on in those cities, normally they have a tighter range in where they're willing to go to. But in places like Idaho, Montana, Wyoming, even parts of Utah and Nevada, people are willing to travel a little bit more to purchase their property. So that doesn't give us a little bit more opportunity to provide opportunities to our end buyers. Now, a couple other things. Idaho is a title state, not an attor state. That's fantastic. There's no wholesaling regulations. And so for me, when I look at Idaho, it's not going to be great for us today, but it is primed to be one of those secondary, tertiary states for us in the future when kind of this population growth stops and some of these people start accruing some equity in these properties. Maybe the market slows down a little bit. By near, I mean a couple years, maybe even a decade from now, where Idaho will be one of those places that could be a little honey hole for a nationwide wholesaler. And this is important to understand how I kind of come to this uh decision, this thought process, because states and markets are always changing, right? Michigan, Ohio, Florida, Texas, great wholesaling markets. But then use Florida as an example. Hurricanes devastated it, really slowed down some of those markets. It kind of changed the way that the real estate market was performing. And so because of that, it kind of changed how we needed to perform as wholesalers. And so just because a particular state or city has a trend right now does not mean it's going to stay on that way forever. And so this is why I don't ever write off any particular states in my marketing. In fact, majority of the time when I am buying leads from some fizzy leads, property leads, I have no guidelines whatsoever. It's full nationwide. That being said, we rarely get leads in Idaho right now. When we start to see an increase in lead volume, we start seeing those conversations go different. I want to be one of the first wholesalers that has that opportunity outside of the local wholesalers inside of Idaho. So that's my take. One of my lowest volume states today doesn't necessarily mean it's going to be that way forever. For those of you that are wholesaling in the gym state of Idaho, let me know. Do you agree or do you disagree with my take? Let me know in the comments. Regardless, show me some love. Like today's video. We'll see you guys tomorrow.