Apartment Investing Help Call #2
In Call #1 we talked about the need for creating a steady consistent flow of deals coming across your desk and how that puts you in control of the apartment investing process. Well, where do you go to get the deals coming in? Who do you call, who do you contact? Real estate brokers? Do you contact apartment owners direct?
Both of those are viable ways to create deal flow, but there is a right way to do them, and a wrong way. Remember, our goal is to buy profitable deals using none of our own money; not dog deals, and not properties with potential with unmotivated owners.
Something you must understand; profitable deals with motivated sellers are literally all over the place. Within a ten mile radius of where you are sitting (or standing) right now there are very likely more profitable deals you can buy (with zero of your own cash invested) going at it full time for the next five years. Think about that for a minute.
But there is a caveat; you must have the “eyes” for these deals, and the key to that is mindset.
There is a wrong way to talk to a commercial broker, and the result of that interaction is you are tagged as a “waste of time” and thereby shut out of that brokers network from that point on.
On the other had there is a right way to talk to a commercial broker. The result of that interaction is you are perceived as a legitimate buyer who can close, and from that point on you get access to that broker’s network and he/she feeds you a steady supply of his/her pocket listings from that point on.
On help call #2 Lance Edwards answers questions about using commercial brokers and the critical role mindset plays in getting them to become a reliable source of profitable deals for you. He also provides some helpful tips from his own early experience in dealing with sellers and brokers.
This is a great call. Have a listen.
P.S. I recommend Lance’s Multi-Family Success course, and that you invest in it now.