Real Estate Investing Coaching - Brian Gibbons

List Building - Real Estate Investor List

One of the most important tools for professional real estate investors is to build up lists of people you can partner with to help get the work you need done. 

You may have heard that one of the best ways to make yourself truly wealthy is to become a private real estate investor.  While it is true that the millionaire real estate investor does exist in every state in the nation, it can also be a difficult way to begin to build up your own personal fortune. There are more books written and sold each year, on how to become a real estate investor, than on many other topics in business and self-employment. The main reason that the real estate investors get singled out is because their money tends to come in either; large immediate chunks, or as passive income over a long period of time. And as investment strategies go, both of these options can be great. 

 

One of the most important parts of becoming a private real estate investor is the process of networking and building resource lists of professionals such as lenders, bankers, seller's agents, buyer's agents, real estate investor agents, carpenters, plumbers, etc... who you can call on to help make your transactions run more smoothly and who can answer any questions which you might have from time to time.

 

Nothing is more important to your business than making good contacts in the lending industry.  Whether you work with banks, direct lenders, or mortgage brokers, you need to have lenders available to work hassle-free with you to help finance your deals. 

 

One of the best things you can do if you will be looking to expand into other geographic areas with your real estate investment business, is to find other real estate investors already working in that particular area, generally those who simply rehabilitate the properties to flip or hold as rentals.  Finding them is as simple as placing an ad in the local newspaper and screening out the callers who are looking to work with you rather than purchase a home from you. 

Once you have some potential joint venture partners for your real estate investment business, then it is time to partner with some of those other investors when it is appropriate for both of you to do so. 

You can even ask your new partners to do much of the legwork there in their own area, and for their compensation they will be paid out of the escrow from the deal. If you are able to find other quality professionals to work with, then you really can have a win-win relationship working together.

It is also always a good idea to network with all of the real estate agents in the areas which you will be investing in property. Every private real estate investor should have realtors out in the field who will let them know about available property - even those not yet listed in the MLS. Once a realtor knows what you are looking for, and what kind of deals you prefer, they will call you when they know about a property which you might be interested in. 

One of the most important tools for professional real estate investors is to build up lists of people you can partner with to help get the work you need done.  By having lists of people you trust and can work with when you need to, you can be ahead of everyone else in your area.  

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Come to www.leapintoprosperity.com where Judson and Lynn let you share their personal list of Dream Team stars.  Plus you can meet with the pro's up close and personal to begin to network so your team is in place as soon as you go home.

Teamwork, the BEST Approach to Real Estate Investing

      Date: Wednesday, May 23, 2007 @ 10:09 AM EDT
Topic: Buying

       

When I first started investing, I started reading all the books that I could get my hands on. I ordered a few late night investing courses and tried to digest as much as I could. I then started to look for anything I thought was a deal and started placing offers at a furious pace. I managed to get my first property under contract and then I proceeded to have a miserable experience with a lender that almost killed my deal several times. I finally made it through the lending process and then I started to wonder how I was now going to take care of the needed repairs on this house. My repair quotes came in on average at $3,000 more than I had anticipated, yikes. I’m sure by now you can see where this experience was going, it was a costly experience, however I’ve been reminded that some of the best lessons in life you learn are ones you PAY for….well I paid handsomely for this lesson.

When I was finally “done” with that property and managed to get a tenant in place, I began to reflect back over the entire investment transaction and began to ask myself, how can I improve on this situation and process. I am a serial entrepreneur and so I have a strong “I can do it” attitude and I usually figure it is easier and less time consuming for me just to barrel ahead myself in doing a project instead of getting others involved. As I looked over the process, it occurred to me that there was a lot I still needed to learn, I couldn’t be in 100 different places at once, and that I needed to improve on my process if I wanted to make a profit, not lose my sanity, and grow my business of investing. I was fortunate enough that I had a close friend I had grown up with that was now expanding his small company from just painting houses to handyman services as well and so the next investment I purchased, I utilized him and even though I still had some of my other “nightmare” events that I experienced in my first purchase, I noticed that the rehab portion went smooth, on budget, and I had very little stress associated with that part of the investment process. A light then went off in my head!

Teamwork! How many times have we been told that teamwork always helps you accomplish more than on your own? It sounds so simple, yet I see so many new investors (and “old” investors) that decide doing it all on their own is the way to go. They don’t realize that taking the time to build a team, actually will help you streamline your investing, make it a more pleasant and rewarding experience and actually put more money in your pocket. I speak to large groups of people each month about Investing in Real Estate and it always amazes me how many people don’t even think about the importance of building a proper “Investing Team”. With an Investment Team, you will be free to focus on your area of expertise, you will know that you are surrounded by INVESTMENT experts in their area of expertise, and you WILL get more accomplished, MAKE more deals happen, and MAKE more money!

Develop your Team and treat what you do like a business. You need to make sure you get an Investment Lender, Hard Money Sourse, Investor Minded Rehab Contractor, Attorney Proficient with Investment Closings, and a solid Property Management Company to really establish a strong base for your team. When you put all the right people in their "positions" of your team, you will be amazed at the results....the bottom line results.