If you are serious about real estate investing, you need to always be ready to act quickly. Bill shares a personal experience where he was presented with a great deal but, because he was not ready, lost an excellent opportunity. In this episode, he discusses the top areas where we always need to be ready for that perfect deal.
In order to be successful at multifamily real estate investing you need to know something very important. Nizan Mozery, one of my recent guests pointed out in episode #077, it’s like running multiple marathons at the same time and trying to win and cross the finish lines all at the same time.
Also, as I’m speaking to you (March 24, 2017), it is an extremely competitive market right now because it is such a great time to buy.
There are many factors why it is so hot:
Today, there are many investors, with plenty of money, willing to pay top dollar for properties.
These marathons/activities that happen at the same time include:
Part of being successful in real estate is creating a funnel of new deals – the SEEKING
How do we do that?
I got a taste of this reality recently.
I got a call from a broker [Not just any call – THEE call – the one you worked so hard to get for the last year with this one broker!!!] I have been working on this broker for a while. He was the seller’s broker on the 22-unit I bought in Indy. I liked the way he represented the seller and wanted him on my side. So I pursued that relationship. Spoke with him regularly, visited and looked at properties, always gave him feedback on the deals he presented, etc. We have been talking for a while and he has been sending me deals but they were not that great – already listed and the numbers never worked.
A couple of weeks ago, he calls me with his first “off-market” deal. It sounded too good to be true:
I learned my lesson and it’s one of many that I will continue to learn, as I seek to be an effective, successful investor. This is where the “rubber meets the road!” You need to take action to succeed. Even if you don’t win every time. It’s part of the educational process.
Well, that’s it for today
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