As a real estate investor, it’s always important for you to seek out new opportunities whenever you have the chance. It’s also important to know that property markets are volatile. They change over time in such drastic ways. This reason alone makes it easy to get caught off guard if you’re not careful enough.
Back when it was my first time as a multifamily investor, I didn’t have a single idea on what to do. It was a challenge trying to grow my investor buys. I always had problems securing a proper financing option.
Eventually, I made a breakthrough. That’s because I kept on seeking new opportunities despite the numerous challenges I faced.
It’s only a matter of applying the right steps for finding new areas of opportunity.
Leverage your networks
Forming relationships with like-minded individuals can bring in massive payoffs. This is because the people you have in your circle of friends will be valuable in the near future. If you want to become a successful syndicator, you need to open yourself up to a lot of people, and not only real estate investors like yourself.
Seek out experts in mortgage lending and securities laws. There’s always a chance to meet one in an elevator, so it’s always important to strike a relevant conversation with anyone you meet along the way. Once you have broken the ice, it’s only a matter of inviting them for a cup of coffee at your favorite cafe so you can discuss things in depth.
Despite my hectic schedule, I always find time to search for real estate events online. Seminars, workshops, conferences, webinars, and trade shows are always great places to find opportunities. Whether you want to grow your network or plan your next big investment, these events provide a way for you to go out there and introduce yourself to the world! Join Toast Master, live with full passion, and don’t do anything incomplete!! Small scripts (Elevator Pitches for Investor partners) are also important.
When you go to these events, make sure to take part in programs you’re interested in or are relevant to your niche. No doubt, you will find an opportunity to acquire new knowledge and insights that will guide you towards becoming a better investor.
Read and buy relevant books
Knowledge isn’t always acquired through experience. You can only access it by picking up a book and read what’s on the pages.
Modern technology has made it easier for us to enjoy books. Whenever I have the time, I would go to Amazon and search for mostly motivational books, or books that have been recommended to me by my associates. If I’m lucky, I would find a great book for a lower price. As you can see, you don’t have to pay a lot in order to obtain greater knowledge. Just try to search high and low. You will eventually find a highly valuable book for your needs.
Get expert mentoring
Another effective way to seek out new opportunities is to get a mentor. You can find someone who is already experienced in the means and ways of investing. Seek out people who have walked the talk, not just Talking the Talk. The track record plays an important role in teaching with live and actual examples. Mentorship is so important that I was able to set up my own syndication academy for the multifamily investing sector where I get to share what I already know to people who want to make it big as I did.
With the knowledge you acquired from experienced mentors, it becomes easier for you to identify opportunities and act quickly in terms of leveraging them. Indeed, my former students have already started out investing in multifamily properties, and I am glad to know that their investments are growing.
Please be careful not to get so many different opinions and tangents in learning free on the web. This can lead to confusion and paralysis. You wouldn’t want to get Information overload and INACTION!!!! For me, Massive Daily plans and actions are important in achieving results.
How about you? What do you think should be the right way for an investor to seek out opportunities? Let’s discuss more about it in the comments below.