Smarter Landlords always take the opportunity to network.
Networking is simply meeting and greeting different people, telling them what you do, exchanging business cards perhaps and basically establishing a professional relationship.
You might think that networking is not very important for the buy and hold type investor. But it is. Because you never know where a deal might be or when it may pop up.
Here is an example.
Someone you briefly met last year and exchanged business cards with has just inherited a house he does not want. He remembers you buy real estate, finds your card and gives you a call.
You may have just gotten a great deal on a rental property. But what if it is not in an area you want to invest in?
Well, because you have been going to your local REIA meetings, you know folks who do invest in that area. You make a few phones calls.
Another investor says he will purchase the property. You put the two together. He buys it, fixes it up a little and flips it to another buy and hold investor.
You get paid a finders fee. Your fellow investor makes money from a flip. Another investor has a cashflowing asset and the original property owner is glad to be rid of something he saw as a problem. Everyone is happy and a little bit better off due to a little bit of past networking.
Networking works!
Your networking goal is to let as many people as possible know you are in the real estate buying business. It does not matter if they are in real estate or not. Let them know what you do and how to contact you. Your networking strategy should involve many approaches.
Always carry business cards and hand them to everyone you meet.
Attend local REIA and other professional group meetings. Our local REIA has a time and place specifically set aside for networking.
To the new guy, networking is not always the easiest thing to do. You have to force yourself to get off the wall and get out there and talk to people. I had to learn this myself and I am still learning it today.
Smarter Landlords remember that real estate is really a people business, and the more people you meet, the more they can help you. This is the power of networking, you helping others and others helping you.
