If you’re new to real estate investing, you’re probably looking for “good deals”. But has anyone told you where to find them? If you belong to a local real estate investment club, you’re probably hearing story after story about the good deals that the seasoned investment pros find. But they never tell you the details of exactly how they found the deal.
Really, it’s not a mystery. The real estate investment pros are also expert networkers. The next time you have the opportunity, sit back and observe them for a while. Many of them are very unassuming and low key. But usually they’re always talking to someone.
One of their talents is that their conversations always somehow funnel into the topic of real estate. But stop to think about this for a moment and it’s not as tricky as it sounds. We’re surrounded by residential real estate almost everywhere we look. And for every one of those houses, there’s an owner and people who live in the house. That represents a large number of people who either own residential real estate, or who know someone who owns residential real estate.
Heres how the pros take advantage of that fact to turn conversations around to their favorite topic. For instance, think about getting your hair cut. How hard would it be to start a conversation about real estate values in the neighborhood? And from there, how hard would it be to toss out a casual question like, “I wonderis anyone getting ready to sell?”
If your barber or beautician has recently heard about someone thinking of selling, it’s usually just human nature for them to mention it in response to your question. Real estate investment pros always keep their eyes and ears open for relevant information. Always, and everywhere. (Even during conversations after the Sunday church service.)
The second most important thing that real estate investment pros do on a consistent basis is follow-up on the information. They don’t waste time waiting until the next day to make a phone call. They’ll make a call to their agent or their assistant almost immediately after they hear about the possibility of a property becoming available.
They get an address, name and phone number of the owner if possible. Or they’ll knock on the door of the house in question within an hour of hearing about it. They don’t waste time thinking about whether or not it might be a good deal. They take immediate action. They get the information they need that tells them exactly whether or not they should move forward. If the numbers work out, they write a contract on the spot, and have their newest “good deal”.