OK I am halfway through with a personal challenge of mine. Buy 3 properties by June 1st and since starting this blog post/newsletter it looks like I have my first acceptance 5/14 which we will closeÂ and start construction 5/18 and try to put it back on the market within 2 weeks if everything goes according to plan (never does).
All of my hard work over the last couple weeks has really been paying off. I am getting calls each day from Realtors or Wholesalers who understand what I do to present with opportunities because they know if they bring me a deal I not only will buy through them I will sell through them. I have also been helping some agents who are new to working with investors to show them how to find deals that can be flipped in this ultra competitive market.
As a former Commercial Realtor who now focuses on Syndicating partnerships I am using the same marketing techniques that createdÂ a successful business for me in that field by tweaking the business model towards building relationships with Agents or people looking to passively invest through our firm and making them my customers instead of buyers and sellers.
I know that the best deals usually come through agents and most times if it is a great deal they call a client who they can represent and I want to be that person. My business model involves buying as a principal through anyone who brings me the deal and selling it through them on the exit.
The skills I learned being a Commercial Realtor has been in large part the key to my success. As an agent who works with investors I was exposed to the business models that worked for buying properties. I donâ€™t believe there is anyone who is better than an agent at finding deals because thatâ€™s all you do throughout your career. You are exposed to the best business models and can leverage that knowledge to become very wealthy.You look at deals and you represent buyers and sellers and you see what works and what doesnâ€™t.
As a matter of fact I am using that marketing right now to let Realtors know I am a buyer and am looking for Real Estate.
I am continually being asked about â€œWhat is the best way to become an investor in real estate?â€ and my answer
Phase 1 – save up enough money for 6-12 months living expenses, go out and get your Real Estate license
Phase 2 – Work under a successful Realtor whoâ€™s focus is on the niche you are interested in owning one day.
Phase 3 â€“ Work you ass off and find as many investors to find deals for and pay attention to the successful ones.
Phase 4 â€“ Start finding investors that will allow you to put in some or all of your commission on the deals you find and ask to participate as much as possible even if you arenâ€™t getting paid for that portion. This is an investment in yourself and like all good investments you will be rewarded heavily in the future.
Phase 5 â€“ Build relationships with clients and earn there trust. These clients and your friends and family will most likely be your money source for your future deals.
Phase 6Â – Work your but off to learn the business by working for successful investors finding them deals.
Phase 7 â€“ Transition out of the brokerage business to focus full time on your investments if this is what you enjoy doing. This is the phase I am in but you may find out that being an investor is not always fun and may decide that you like being a Realtor instead.
If you work with investors
So if you are a Realtor or wholesaler give me a call if you find a great deal.
Here are a few reason why you may want to consider working together.
â€¢Â Â Â I need to buy 3 properties by June 1st
â€¢Â Â Â I make quick decisions and know what I want – Anything in San Diego $300,000 or less that we can re sell for a profit. I also understand 99% of the deals donâ€™t work but I also know I am successfully finding ones that do work through realtors like yourself who know a particular market and a good deal when it hits the market.
â€¢Â Â Â I value your advice and feedback but I am not going to blame you if the numbers don’t work out the way you thought on the back end. I am a big boy and if I make a decision to buy it is because I believe in the numbers also. It doesn’t mean I don’t make mistakes it means that I have done enough of these deals that I know mistakes happen and its part of the business.
â€¢Â Â Â I have access to the MLS and the Sentry system. That means you never have to drive me around or do a bunch of homework for me. I am capable of doing it myself, the best use of your time is to find deals we can work on together and then find more.
â€¢Â Â Â Quick decisions, no financing contingencies, I can close as quick as needed. As an example to make a deal work this week I offered a 4 day escrow and waived my physical inspection upon acceptance.
â€¢Â Â Â My company has a general contractorâ€™s license so we understand whatâ€™s needed and are capable of just about anything.
â€¢Â Â Â If I buy through you I sell through you
â€¢Â Â Â I am open to other possibilities but can’t make as quick of decisions if it is something new to me. On the other hand this is a fast changing market and I need to be open to other opportunities.
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