Many investors make investing in real estate a complicated business more than it should be. I reckon there are many elements to master. We should be able to differentiate the big rocks from the pebbles and the sand. This means we should know what is paramount for our success. If I am forced to summarize the business of real estate investing I would say: Find the deal and sell the deal. In other terms: do marketing to find and sell. If again I'm forced to choose one out of the two, I will without hesitation say: build your buyer's list. That is in a nutshell.
The key of this whole business we call real estate investing is to have a Strong Buyer's List. I should say a Strong Qualified Buyer's List. My friend if you have that you don't need to find deals. You can call around and find deals that match exactly what your buyers are looking for. This is really a million dollars advice taken for someone who has transacted more than 750 deals. Believe me having the best deal in town will do you absolutely no good unless you have a qualified buyer who wants it.
I?m going to show you 5 ways to build a strong buyer's list.
1) Courthouse steps
Investors who go to the courthouse steps have access to money, wouldn't you agree? By going to the courthouse steps you can easily spot the regular investors. They have done their homework and prepared to buy some properties. It's all about relationships. Some will not talk to you, some will be glad to give you their business card and that is. The approach I recommend is to present yourself as beginners looking to bird dog for some properties to a seasoned investors. Then you're not perceived as competitors.
2) Auctions
Believe it or not there are many auctions in your town every month. Some are performed at a property location, some in a big room. You can easily exchange business cards. And follow up later to establish a good repert. I?d like to insist that meeting someone for the first time is not good enough. You need to hit them at least three times.
3) Buyers of foreclosure
Select your farming areas. Look at the fixer upper for sale. An investor is going to buy it. Drive by and establish rapport.
4) Section 8 strategy.
This is a great way to find established investors. Many of these investors are using a buy and hold strategy. I found that many own Corporations and LLC. It doesn't matter that you can still cross reference and find the owner behind the corporation. I?m convinced that real estate investing is a detective business. Be a real Colombo (played by Peter Falk) and know things nobody knows and you can help more people and make money in the process.
5) Classified advertisements
You can use this strategy in three ways. You can read the classified at the section of properties for sale. Generally speaking investors tend to put classified ads that read like ?Handyman special, Cheap, Cash the phone number.? Or something close to that.
You can read the 'real estate wanted' section. I found that the investors who advertise there want a better deal than I can give them. Not one of my favorite strategies. You should test it.
You can also put your own add as the one above ?Handyman special, Cheap, cash claim your free report on ?How to save thousands of dollars by renovating you property.? With this little twist you can steal, so to speak, some readers.
You still have your real estate investors clubs to fish from.
You should classify your buyers in three lists A, B, C.
A are those who have money
B are those who are thinking buyers in the future
C are the newbies. You really have to take them by the hand and teach them everything.
Let's me ask you: How many buyers do you need? You really need 10 A buyers. That is. You can sell two properties a year to each of these buyers. With an average profit of $7,000, you can add a cool six figure income to your business, part time. Now, you just to implement these strategies.
Jacques Coquerel is a real estate investor based in Atlanta, Georgia. He has made more than 750 transactions since 1996. You may visit one of his sites http://www.reonline101.com and receive a 13-part FREE ecourse on real estate investing. |
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