Personal Networking is King in Real Estate Investing

Personal Networking is King in Real Estate Investing
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I'm talking about the tried and true human interactions that build relationships that deliver opportunities. Meeting people with like goals or similar interests has always been one of the most productive business-building activities.

The Real Estate Investment Club

There is no better place to find a group of people all in one location with a single main focus of making money in real estate than at a real estate investment club meeting. I'm not just talking about buyers or sellers. You'll be meeting:

  • Rental property investors
  • Repair and rehab flippers
  • Real estate agents
  • Real estate attorneys
  • Home cleaning services
  • Contractors and repair services
  • Bankers and lenders
  • Title company people
  • Home insurance professionals
  • People just like you

Simply put, if it's involved in buying and selling real estate, you'll find someone there with a related business or interest.

This is my first tip in this article because it is a great "school" for the new investor. You can tap the brains of successful investors, and they may even work with you to get you to bring them deals you find. There are frequently guest speakers at meetings who provide valuable information and resources.

Many of these clubs have lending libraries with books, video and audio courses as well. Reading everything you can get your hands on is worth the time and effort. Information is power, and power is money in real estate investing.

You may actually meet partners for future joint investment ventures at these clubs. Often people get together to do a deal for financing reasons. While individuals couldn't pull it off, combining resources may get the deal done for everyone's benefit. Long term partnerships have grown from these chance meetings at investment clubs.

Visiting New Construction & Remodel Jobs

When we talk about building your investment team and locating/hiring contractors, this is how you may meet the best. Whenever you're out and about and see a home going up or a sign and construction trucks in front of a remodel, stop in.

You don't want to interrupt subcontractor work, but if you can get to the boss or general contractor you can compliment their work and start a conversation. Not only may they be a good resource for work you want done in the future, but they may also refer deals to you as a thank you.

Virtually Anyone Who Sees Abandoned Homes

This one is not talked about much but can actually be the source for some amazing bargain basement deals. Get to know and give your card to people who come across homes that have been abandoned. They may not yet be in foreclosure, or they may be in the early stages.

The point is that "she/he who knows first, has an advantage." Who knows about them early?

  • Utility people who pull electric meters or shut off gas or water for non-payment.

  • HOA members who see tall grass and newspapers in the driveway.
  • Movers who empty out a home with no for sale signs, or even are told by the owner that they're leaving without selling.
  • People who take subscription cancellations for newspapers.
  • Letting these people know that you want to hear about homes that seem abandoned and giving them your card is a very inexpensive effort that can lead to a great deal now and then.

    You of course will need to research the homes that come to your attention and also in some cases locate the owners. You may end up doing a short sale deal. However, knowing that the home is heading toward a foreclosure action gives you advance notice and a chance to do thorough research and be ready when you can make an offer.

    Online and other traditional marketing tools work as well, but networking is still the most productive method for many. The more people you meet and the more business card information you keep, the more opportunities you're likely to get to make deals.

    Are you an expert? Do you have strategies that you've found to be effective? Let me know by commenting below or by finding me on one of my social media pages:

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