Monday, July 29, 2013

Step On It: Step One, Buyers List

Have you heard the saying "Your Network Is Your Net Worth"? You may have also heard, "When In Doubt Wholesale It Out". Those are two great statements. As a real estate investor, you will in fact be more successful if you have a large network. The bigger your network the easier it will be to wholesale your properties that may not meet your criteria.

So it is only natural that your first step when starting to invest in real estate is to build your buyers database. It's not enough to just collect business cards. You need to get the contact information, as well as the fellow investor's type of deal they concentrate on, the area where they are looking to invest, price range and criteria. From now on, every time you meet with a new investor, ask these questions so that you have an idea of where they fit. Write those details on the back of their business card. Once you get home, add their information to your database, and send a quick email re-introducing yourself referring to where you met.

The best way to collect fellow investor's card is at network meeting, investment groups, advance real estate classes, and so on. The problem with this is that sometimes you will end up with a lot of sellers and not always a lot of buyers.

So where can we find real estate investors that are interested to buy. How about investors that are already owning real estate properties? One of the best way to find those investors is with "For Rent" signs. You can do this  in any area, doesn't have to be local. So since I've been looking into multi units in the Maritimes, having potential buyers in that area would be my best option, should I ever need to wholesale a property.