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I am a fly fisherman from way back. Even tie my own flies on occasion.
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 big ones don't waste their time thrashing around. They want their food to come to them.
Put on your sunglasses and you can see the big ones finning slowly behind each of the bigger rocks.
They rest in the still water behind the stumps and rocks and wait for bugs to float by. Then they just need to turn their head and open their mouths for lunch and settle back into their resting place.
Real Estate Investing like a Big Fish means getting great deals to flow over your desk every day.
It's called Deal Flow ... when you see multiple profitable projects flowing by your eyes every day.
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
Think for a second ... what are your Real Estate and Financial Goals for the next 12-18 months?
- How many properties do you want to buy?
- How many projects for what dollar volume do you want to take on?
- How much do you want your Net Worth to grow?
With clear answers to these questions ... I mean real clarity on these goals ... you are ready for the next step.
Step 2) Build Your Network
You simply have to tell your goals to everyone you know ... I mean EVERYONE ... most of all those people who have a business reason to help you out.
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 aren't seeing enough profitable deals flowing to you right now it is only because not enough people know your goals and what you are looking for.
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
- Several Mortgage Brokers
- Some Accountants and book keepers
- Appraisers
- A Property Manager or Two
- Bankers
- 1031 Exchange Agents and more
List everyone you know in your town and in your target market who would benefit from you reaching your Real Estate Investing goals. Once you have the list ... tell each one what you are looking to accomplish in this next year.
Give them your contact information and stay in touch at least four times a year.
Now to really get going
Step 3) Pay it Forward to Kick Start the Flow
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 Secret? To get what you want you have to give other people what they 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 your goal is buildable land and your contact wants a multifamily deal ... and you run into and great multifamily project - let them know. This act of kindness will circle back in the form of a referral from that same person for just the tract you are looking for.
These three steps are the key - it is that simple
1) Get Clear on Your Goals
2) Build and Feed Your Network
3) Help Your Network Reach Their Goals
Just like the big trout has the stream current bringing food right to its mouth, your Network is the current that brings Deals to your desk "automatically".
If you pursue this course steadily, diligently, patiently for a few short months, you will establish your own Deal Flow that will last as long as you want it too.
Then you can sit back like the Big Fish in the stream - watching the deals flow by - and reach out and grab only the really profitable ones to acquire.
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