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Getting Your Year Off To A Fast Start
Getting the Ball Rolling
I deal with a ton of investors who are constantly coming up with excuses on when to get their rear in gear and start doing something.The excuses seem to increase as the end of the year comes closer.I beg students of mine to not wait until 2012 to arrive to do ANYTHING!If your 2011 has been a failure or fallen short of your goals for the year, then start doing something now to ensure that your next year isn’t a repeat of failure but a success story.
While most investors are sitting on their hind end waiting for the year to end, most banks are looking to get their toxic assets off of their books before January 1st.You can really find some great deals because banks are dropping price expectations and will often give great discounts if you can close before December 31st.Ad in the fact that you get your foot in the door with banks for deals next year and you have a perfect storm of deals…building a relationship for deal sources with little competition.If only that was the case year round with every type of investment opportunity!
So what should you do to get things rocking now instead of later?Here is what I recommend note investors do.
REACH OUT TO BANKS
If you’ve ever called and made contacts with asset and secondary marketing managers throughout the year, then you should follow up with everyone you’ve spoken with.Banks have a tendency to change their mind on note sales, especially as their portfolio of bad loans have increased and a previous NO can often become a “YES” or “what will you give me.”More importantly, by following up now, you guarantee yourself a foot in the door the following quarter or year when they start to move notes or assets (one off’s or pools).Being in the right place and at the right time is half the battle.
TALK WITH YOUR TEAM
If your first question is, who is my team, then that’s the first problem you aren’t successful or where you want to be.Every successful real estate has a team behind them that is usually an expert in their field.Every investor should have at least one agent that is an expert at short sales and REO’s along with an outside the box thinker.Having a commercial realtor or CCIM is important as well if your focus is in commercial real estate.You should also have a great title and escrow company that can check title and do quick updates along with helping you get things closed.A real estate attorney is important as well to make sure your “assets” are taken care of along with helping you get documents and paperwork done where your title company can’t.
You should also have a good mortgage broker along with a hard money lender or two who can not only help you get financed, but also help you filter through your buyers for your deals to make sure you can move your properties/deals to qualified buyers.Being networked into your local investment club is also important to meet other investors and to find the ever important private investors to help you fund your deals.
The end of the year is usually full of holiday parties for your local networking groups and is often the best time to meet other people in real estate who will have connections to banks, private investors, buyers, and others who can serve as referrals sources for you.Some of the groups that I recommend are BNI (Business Networkers International), Young Real Estate Professionals, Chamber of Commerce, and other investment clubs through Meetup.com.So make sure and take plenty of business cards to hand out to others while you are sipping on a cocktail or munching on a chicken wing.
BRAG ON YOURSELF
Real estate investing is always a “sexy” topic to discuss and most people want to be investors or enjoy watching the HGTV and AMC shows of those buying and flipping real estate.People love hearing success stories and investment clubs actually want you to discuss closed deals that you have completed.So take the time to brag on a deal or two that you’ve done as it will help you build credibility and separate you from the tire kickers who only think about doing something.
Taking action is the most important aspect that differentiates the people that actually do something from those that attend classes or pay for seminars but never end up writing an offer or making a phone call to a distressed home owner or bank.The Parento or 80/20 rule is more like 95/5 in real estate where only 5% of people actually do something.The market right now is full of amazing deals that you can make money on.
There is plenty of money out there to get deals done so don’t let that stop you as good deals find money and funding and the people on your team will help you with funding.You just have to get the word out on the deal.All of that isn’t relevant if you fail to take action.So pick up the phone, write up some contracts or LOI’s, attend some meetings and network with other investors.As I say constantly, you can’t be a secret agent in this business and expect to get ahead.
So go out there and do something.Do anything!Build yourself a little momentum now and it can literally snowball into something that will truly amaze you and give you opportunities to truly make a difference, not only in your life, but in others.So don’t let 2011 end like other failed years.End the year by turning 2012 into a 14 month year that exceeds your goals and expectations.
See you at the top!