I have now been to two Tri State meetings and have been fortunate enough to have met a bunch of really nice eager people. The meetings have been very informative and the panel discussion at this last one is just the sort of thing new people to the game need to experience and have access to for Q and A with and from pros. Never be afraid to ask a question, if you have it someone else is thinking it also, so fire away.
One thing that I have heard over and over is that I don't have the money to do the deal, so I passed. I always try to stress to new players starting out that the money is MUCH LESS important then you think. One of the greatest attributes of the country we are fortunate enough to live in is pure blind greed! If you are fortunate enough to find a deal that makes sense and can be worked for a profit you can successfully advertise it, place it and earn a fee, either via wholesale or a finder's fee at a basic level. If the deal is good enough you can always find the money through friends and family, credit cards, short term loans or joint ventures. Never forget that making even a thousand dollars is better than passing on the deal because you did not "have the money".
This brings to light the issues that questions kept coming up on, advertising to find leads BUT I would argue that it is more important to build your buyers list so that you have people to show these "deals" to and make money. Afterall real estate is cool but making money is what we are all after.
So set an agenda, set goals and then plan strategy to achieve them. Everyone of you should be able to build a 100 person buyer's list within 90 days. From there we move to 500 and 1,000+. I know this sounds unachievable to some but for the serious ones out there this will be accompllished and the larger buyer's lists only do one thing.....guarantee you make money!
I am 48 years old, essentially a technology neophyte compared to many of you young twenty somethings I keep meeting at these meetings and you should be able to use technology as a friendly weapon to set your traps and snare your names. If not, buy a buddy a lunch for $20-$30 dollars, not McDonalds and get them to help you on the computer get set up. Check out www.repros4u.com as an example of where to start.
Two very simple free ideas for you today............#1 - EVERY SUNDAY buy your local paper and go through and call all of the for rent advertisements, keep a log of the names and numbers, ask the questions and see who is interested in selling or buying properties and all of the For Sale ads that smell of distress (remember some of those ads are placed by people just like yourselves to get call flow) these are prospects also to work with in creative financing and #2 - Co - Wholesaling you should be contacting every wholesaler you can find and ask to see if they will allow you to show out their properties, remember they do not know every person you know and that creates a value proposition to work with you. it will also act to continually build your buyer's list. If you are successful enough to find a buyer for their property you get paid if they sell their own property you get nothing. It is a win-win situation!
Be Great,
Joel
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