When I was starting out and money was a primary obstacle, I was working hard as a Real Estate Bird dog. It was a little frustrating because the deals were there but they were falling over or I had to work extra hard to make them stand. All this effort taught me something that Im going to now share with you. The one thing I would tell you above all else when you begin your career in Real Estate is this. Never catch a falling knife. This term is heavily used in the stock market, but I have borrowed it here to illustrate this tip about Real Estate. When you knock a sharp knife of the dining table your first initial reaction is to try and catch the object before it hits the ground. A split second later your brain registers its a knife and you let it fall to the ground. Just as well you didn't catch it. A trip to the emergency room would spoil dinner. The point is that all those years ago I was straining my engines to manufacture results that were very heavy. The types of investors I was involved with were just too general. There was not a clearly defined market to sell to. I didnt know what these investors wanted, what sort of deals they were looking for and whether they even had funding. It was hard going because I didn't have a pre-existing demand. We live and we learn and I learned from that 3 month period. What happened next is that I got organized. I focused my energies on a handful of worthwhile investors that I began to know well. I created my own pre-existing demand by qualifying the people I did business with and made sure I knew exactly what they wanted first, before I found houses for them to buy. But this advice has broader applications in real estate then just being a bird dog. Read these next words carefully. A pre-existing demand is cash on trees and money in the bank. To become an expert in spotting good and healthy demand is the quality of a million dollar investor. If you know how to see demand and find it and asses it accuratley for its specific needs, then you will have a healthy career in Real Estate. Sell to people what they are buying and you have the whole thing figured out. That is the ultimate Real Estate tip. To your health and rapid success, |
