Real Estate Investing is like fishing in some ways. You have to learn how to find the Big Ones without working too hard.
I have been a fly fisherman for years and even dabble in tying my own flies.
Stop for a second on the river and you will see that the big fish aren’t the ones you see splashing on the surface, eating flies.
The biggest fish don’t spend that much energy. They like to be served their dinner in a more quiet fashion.
Polarized sunglasses will let you see the really big fish sitting quietly behind each rock and stump on the bottom of the stream.
They sit in the slack water behind the rocks waiting for bits of food to flow by on the current. Then they just turn their heads and gulp it down and return to their resting place.
When you want to be a Big Fish Real Estate Investor, the secret is to get profitable projects to flow right across your desk.
The term most experienced investors will use for this is Deal Flow. It’s when properties come your way every day in a continuous stream.
Like the Big Fish you grab the meatiest deals as they flow by and you can set this up so it happens on autopilot in three simple steps.
Step 1) Set Perfectly Clear Goals
Grab a pen and some paper and write down your goals for your Real Estate investments in the next 18 months.
– How many properties do you want to buy?
– What dollar value and how many projects will you take on?
– How much do you want to add to your net worth?
With clear answers to these questions … I mean real clarity on these goals … you are ready for the next step.
Step 2) Constructing Your Network
You simply have to tell your goals to everyone you know … I mean EVERYONE … most of all those people who have a business reason to help you out.
It is only by telling more people what you are doing that you can expect to see more deals come your way. What is cool is that people love to help. I will even guarantee you …
If you are not satisfied with the number of deals coming your way it is because not enough people know what you are looking for.
The Size Of Your Network Is The Key. So Let’s Power it Up
Make a conscious plan to expand your network with people who you know can help you reach your goals.
Write down your current contact list and circle
– several Real Estate Agents/Brokers
– A couple of Title & Escrow Companies
– Your favorite Real Estate Lawyers
– Mortgage Brokers
– Some Appraisers
– A Property Manager or Two
– 1031 Exchange Agents and more
Everyone you know and everyone in your target market who would profit from helping you on a project – and TELL THEM ALL what you are looking for in this next year.
Leave them your business card and make sure you keep in contact every several months to stay in touch.
Here is a way to go even faster
Step 3) A Deal Flow Jump Start – Pay It Forward
When you are building your Network it is important to fed and care for it properly. Make your’s a two-way Network by putting your time and energy in as well as asking for other’s support.
The Real Secret? You have to give before you get. Help others reach their goals and they will do the same for you.
Every chance you get ask your Network members for their goals and then help them get there whenever you get the chance.
If you are looking for raw land and your friend is looking for apartments … and you stumble on a great apartment deal – tell them about it. I guarantee this good deed will come back to “haunt you” in the form of a lead from your friend on just the raw land deal you like the most.
These three steps are the key – it is that simple
1) Know Your Goals
3) Grow Your Network and Feed it Well
3) Help Network Members Whenever You Can
You can be the Big Fish in the stream with your Network as the current that brings you deal after deal to snack on.
These three steps implemented every day – make it a part of your basic routine – will allow you to generate your own Deal Flow that lasts as long as you continue to feed your Network.
Then you can sit back like the Big Fish in the stream – watching the deals flow by – and reach out and grab only the really profitable ones to acquire.