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Your 3 Step Deal Flow Generator |
By:
Dike Drummond MD |
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Your 3 Step Deal Flow Generator
by Dike Drummond MD
There are a lot of similarities between Fishing and Real Estate Investing. You are always looking to find the Big Ones without wearing yourself out.
I personally prefer fly fishing with flies I tied myself - a gentle, quiet sport.
One thing I learned a long time ago is that the really big fish are not the ones you see hitting the flies on the surface.
The biggest fish don't spend that much energy. They like to be served their dinner in a more quiet fashion.
Polarized sunglasses will let you see the really big fish sitting quietly behind each rock and stump on the bottom of the stream.
They park themselves behind the obstructions waiting for dinner to come to them. When a bug floats by it just takes a little turn of the head to grab their dinner and settle back in.
Real Estate Investing like a Big Fish means getting great deals to flow over your desk every day.
I am talking about Deal Flow here. Deal Flow is when Projects come to You
Like the Big Fish you grab the meatiest deals as they flow by and you can set this up so it happens on autopilot in three simple steps.
Step 1) Set Perfectly Clear Goals
Take a moment and decide ... what are your goals for your Investments and Net Worth for the next year.
- What property purchases do you want to make?
- How many deals do you want to do and what dollar amount?
- How much do you want to add to your net worth?
Once you have the answers and you are absolutely clear on what you are looking for move on to step two.
Step 2) Build Your Network
Shout it out. Tell your goals to EVERYONE you know. Especially people who have a business reason to help you.
It is only by telling more people what you are doing that you can expect to see more deals come your way. What is cool is that people love to help. I will even guarantee you ...
If you don't have Deal Flow right now, it is simply because the number of people who know what you are looking for is too small.
Network Building: Bigger is Better Amp It Up
Make an actual plan to build your network with the kind of contacts you know will get you to your goals.
Write down your current contact list and circle
- half a dozen Agents and Brokers
- A Title Company or three
- A brace of Real Estate Lawyers
- A Mortgage Broker or two
- Some Accountants and book keepers
- A couple of Appraisers
- your favorite Property Managers
- Bankers/Lenders
- 1031 Facilitators and others
Everyone you know and everyone in your target market who would profit from helping you on a project - and TELL THEM ALL what you are looking for in this next year.
Give them your card. Make it easy for them to contact you and follow up with them every couple of months.
Now let's put it into high gear.
Step 3) A Deal Flow Jump Start - Pay It Forward
As you are building your Network remember to make it work in both directions. You give time and support to the people in the Network and they will do the same for you. That's how you get the Deal Flow started.
The Key? Give others what they want and they will give you what you want.
Ask the people in your Network what THEIR goals are and when you get a chance to help them get there ... do it.
If you are looking for raw land and your friend is looking for apartments ... and you stumble on a great apartment deal - tell them about it. I guarantee this good deed will come back to "haunt you" in the form of a lead from your friend on just the raw land deal you like the most.
It can be as simple as these three steps
1) Get Clear on Your Goals
3) Grow Your Network and Feed it Well
3) Help Network Members Whenever You Can
You can be the Big Fish in the stream with your Network as the current that brings you deal after deal to snack on.
These three steps implemented every day - make it a part of your basic routine - will allow you to generate your own Deal Flow that lasts as long as you continue to feed your Network.
You will be able to relax like the Big Fish in the river and let the deals come to you you snagging only the best ones - the ones with the most "meat on the bones" for your very own.
Investing money is a complex process. Expand your options. Join in on Dr. Drummond's Commercial Property Investment Deal Stream with these links. You can get a unique content version of this article.
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Article Source: http://www.statssheet.com/articles/article54066.html |
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