Create Your Own Deal Flow in 3 Steps
Real Estate Investing is like fishing in some ways. You have to learn how to find the Big Ones without working too hard.
I am a fly fisherman from way back. Even tie my own flies on occasion.
Stop for a second on the river and you will see that the big fish aren't the ones you see splashing on the surface, eating flies.
The biggest fish don't spend that much energy. They like to be served their dinner in a more quiet fashion.
Polarized sunglasses will let you see the really big fish sitting quietly behind each rock and stump on the bottom of the stream.
They sit in the slack water behind the rocks waiting for bits of food to flow by on the current. Then they just turn their heads and gulp it down and return to their resting place.
When you want to be a Big Fish Real Estate Investor, the secret is to get profitable projects to flow right across your desk.
It's called Deal Flow ... when you see multiple profitable projects flowing by your eyes every day.
Just like the big trout, you grab them as they flow across your desk and keep only the big juicy ones. You can set this up so that it happens automatically in just three steps.
Step 1) Get Crystal Clear on Your Goals
Take a moment and decide ... what are your goals for your Investments and Net Worth for the next year.
- How many properties do you want to buy?
- What dollar value and how many projects will you take on?
- How much do you want to add to your net worth?
When you are crystal clear on your answers to these questions, you are ready to move to the next step.
Step 2) Constructing Your Network
Shout it out. Tell your goals to EVERYONE you know. Especially people who have a business reason to help you.
The more people who know your goals, the more people who can help you reach them. You know, people really do love to help and I will go so far as to guarantee you this...
If you are not satisfied with the number of deals coming your way it is because not enough people know what you are looking for.
Network Building: Bigger is Better Amp It Up
Build a detailed plan to enlarge your network with exactly the kind of people you know can help you reach your goals.
Write down your current contact list and circle
- several Real Estate Agents/Brokers
- A couple of Title & Escrow Companies
- Your favorite Real Estate Lawyers
- Mortgage Brokers
- Some Accountants and book keepers
- A couple of Appraisers
- your favorite Property Managers
- Bankers/Lenders
- 1031 Intermediaries and any more you can think of
List everyone you know in your town and in your target market who would benefit from you reaching your Real Estate Investing goals. Once you have the list ... tell each one what you are looking to accomplish in this next year.
Leave them your business card and make sure you keep in contact every several months to stay in touch.
Now to really get going
Step 3) Put Energy in BEFORE You Expect a Return
When you are building your Network it is important to fed and care for it properly. Make your's a two-way Network by putting your time and energy in as well as asking for other's support.
The Key? Give others what they want and they will give you what you want.
Ask the people in your Network what THEIR goals are and when you get a chance to help them get there ... do it.
If your goal is buildable land and your contact wants a multifamily deal ... and you run into and great multifamily project - let them know. This act of kindness will circle back in the form of a referral from that same person for just the tract you are looking for.
It just takes these three steps - diligently and persistently applied - to reach your goals.
1) Know Your Goals
3) Grow Your Network and Feed it Well
3) Help Your Network Members Succeed
You can be the Big Fish in the stream with your Network as the current that brings you deal after deal to snack on.
If you pursue this course steadily, diligently, patiently for a few short months, you will establish your own Deal Flow that will last as long as you want it too.
Then you can sit back like the Big Fish in the stream - watching the deals flow by - and reach out and grab only the really profitable ones to acquire.
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