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.
