01 Feb Forge at Least One New Relationship a Week
Your network is your net worth. Develop at least one new connection every single week. It could be to a handyman, a general contractor, a plumber, an electrician, or a painter. It could be a real estate agent, a landlord, a surveyor, an appraiser, a house flipper, or a wholesaler.
Tell people that you are searching for an investment property. Ask people, “Who do you know that I should know?” Tell them that you are looking for a motivated seller. Ask people to think of you first when they come across a fixer-upper.
When many people know you are looking for an investment property, they may contact you when they come across something. Sometimes the referrals they make are to a property that is not yet for sale and that no one else knows about. You could be the only game in town to a motivated seller.
When you know a lot of people who likewise know you are looking for an investment property, that’s like having a free sales force. A company owner would have to pay thousands of dollars for an in-house sales team, whereas through consistent networking you can have leads sent your way for free.
When you know more contractors, you’ll be able to negotiate the best pricing and the best work completion timeline. You’ll get insights on how to keep renovation costs under control. When I asked one plumber to install a new bathtub and shower surround – a $2,500 multi-day job – he suggested I consider refinishing the tub and shower with epoxy. My wife found a tub refinishing specialist who made the tub look as good as new in only four hours, at a total cost of only $450. Our plumber saved us $2,050, and out of gratitude we still refer business to him today.
Tai DeSa is a graduate of The Wharton School of the University of Pennsylvania. He became a full-time real estate investor in 2004 after serving in the U.S. Navy. Tai has made colossal mistakes in investing (and learned some things along the way). He has helped hundreds of homeowners avoid foreclosure through successful short sales. Check out Tai’s books on Amazon.com. Tai may be available for coaching and speaking engagements on a variety of real estate topics. Send an email to tai@investandtransform.com.
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