Time is Running Out! 4 Ways to Prep Your Real Estate Investing Game Before 2017
Here are 4 strategies that are deal-makers and will change the way you invest this year. I have tried 3 out of 4. Let me know how they work or have worked for you.
1 .Get a coach.
A coach helps you set goals, cheers you on, and holds you accountable. Unlike an adviser, a coach will help you solve problems until they are solved. They are honest with you about what you’re avoiding, what you’re making excuses about, and what you should do next. A coach can help take some of the psychological weight off your shoulders. They can understand when no one understands. They may be the only listening ear you have sometimes.They can have great advice and insight. If they have experience and have helped others their wisdom is worth the money.
Coaches are known for training teams. You may be part of a coaching session with other investors and get additional support from their comradeship.
- Value customers over cash
When your customers feel that they are your priority and that you CARE, they will be less skeptical about your solutions, and even refer you to other motivated sellers who need help. You can work out more win-win situations when people know you care.
Furthermore, you will sleep better and operate more openly because you know the law won’t catch up with you because you cut cornerrs somewhere or were slightly less than honest. I believe in reaping what we have sown (or Karma). When you treat people right, other people will treat you right. When you treat people wrong, you will be wronged.
Finally, valuing others pushes you to be a more creative solution-solver. If you think you know what you want and you think there is only 1 way to get what you want, you lose opportunities for creative solutions. However, if you care about the customer you will go back to the drawing board as often as needed and consult with others for help. In some instances you may walk away with a little less than you wanted, but it will be enough.
- Use technology.
During one of my early years investing, I kept a cheap pair of binoculars in my glove compartment because I wanted to be able to read signs that were posted on the doors of dilapidated houses without getting out in bad neighborhoods, rain, or cold. I laugh about that now. Binoculars in my glove compartment.
What’s way better than binoculars in the glove compartment to help with investing tasks are apps in your phone.
In the future, I will write more posts about specific apps and tools that can help you. For now, I will say that you at least need
- A good quality cell phone
- A tablet or laptop
- A way to get internet access on the go
Don’t underestimate the power of the phone for real estate investors. I have used my phone to
- Take pictures of properties, repairs needed, mailboxes with the address to research later, and business cards.
- Document notes with the voice recorder (like I’m doing now as I “type” this article).
- Look up property records, selling price, and nearby home sales.
- Get directions to and from properties and real estate investing club meetings.
- Self-educate (listening to Youtube videos or podcasts).
- Store important information in Evernote (or other notetaking record-keeping app).
- Retrieve my voicemail and text messages.
- Call people (although this year I plan to experiment with Google Voice).
Definitely aim for unlimited call and text plan so you don’t worry about how many calls and text you make . You want uninhabited communication.
If you’re having a hard time finding a deal or you have a deal and feel anxious about next steps, a coach can give advice and strategies, but a partner takes the risk on with you. When you do your part and offer them something back, they will want to do business with you in the future.
You will often hear me talking about the last wholesale deal I did. I found the seller, and ultimately the buyer as well. However, my partner put up the $1000 earnest money. I asked what happens if the deal doesn’t go through. He said, “I lose $1000.”
He guided me on a tour of the property an explained how he came up with his property repair estimates. He did ALL of the talking and negotiating with the seller. We used his paperwork. He attended the closing while I went to my day job teaching.
In the end, he got his money back and a small profit. I got 100 times more from that deal than he did. I got a paycheck, tons of knowledge, and the ability to say “another deal done.”
Decide upfront of what you can contribute to a partnership – time, money, knowledge, or experience. Better yet, bring a deal. You will find experienced investors lined up to partner with you if you have a seller.
So, those are 4 weighty strategies that will definitely boost your A game this upcoming year. Every investor should definitely use technology and value customers more than money. I also advise you to use a coach and partner with someone who is experienced this year. Then come back and tell your story about how your real estate investing story changed (or not) when you tried these strategies.
Comment: How did these strategies work for you in the past? Which of the 4 do you plan to try this year?