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Let’s Go Fishing………..

In my 28 years as a Real Estate Investor, I have come to understand the importance of consistency in searching for property. If you fish long enough, you WILL catch fish, as long as the pond you are fishing in has fish.

That is the discriminating difference in succeeding or failing in Real Estate as an investor.

Determining where the fish are is the key question to ask yourself. Once found, catching fish is essential.

Once caught, we will need to understand how to harvest efficently. For this article lets concentrate on catching.

1) Always fish in a pond that has fish. Seems elementary but I have observed many over the years look for run down properties in areas that, by and large did not have a healthy supply. Upscale areas render few, newer neighborhoods (5-7 years) render fewer. If remodel is on your agenda, you must seek out areas where properties have had a chance to deteriorate (20+ years) Not to say property can’t be bought right in any neighborhood, it’s just better to fish where the fish are abundant if possible. The web offers a myriad of sites to fish in, most of which don’t have the fish you want.

One site I like, (Incoming Selfish plug): is Dwellgo.com. Dwellgo is an open marketplace that matches properties to buyers. Property Owners can push a button without revealing their identity, and instantly access Buyers actively looking for a home like their’s. Owners list their properties and Buyers “lists” themselves and Dwellgo intelligently matches them together. Kinda like an online dating service for real estate, or a pond with fish.

2) Make your message to the market effective and simple. Too many Investors try to present themselves as the Savior of any property, any situation, any time of day or night. Not believable! How many times do you jump out of your seat and run down to the local hamburger franchise eager to consume after watching a hamburger commercial? Never (I never knew hamburgers had such sex appeal)

Rather than trying to be something you are not, simply state what you are willing to buy in honest terms.

People appreciate honesty and humility. That begins long before the face to face or phone call.

3) Be prepared to set the hook. How many times will an Investor pay the price to finally get the right bite, in the right pond, by a big fish and………………..not know how to confidently set the hook and reel it in. Too often a deal is right and the Investor does not recognize it, or gets cold feet. Execution is a must. Being a student of the market will prepare you with the confidence and expertise you will need to fish effectively. So simply become educated everyday with statistical analysis in the areas you want to buy in.  Learn style trends, and neighborhood distinctions. Visit Association meetings and learn why people do or don’t want to pay a healthy price to live there. Soon, you will be the expert, and neighbors will pass your good name along when a problem property emerges in their neighborhood.

Good Luck and I hope you catch a bunch!

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