In this fourth and last edition we’ll discuss more points to help you be the most successful investor you can be.
One of the ways to jump start your investing career would be to join a local real estate investing group.
These groups usually contain vendor members who can assist your investing efforts as well as network with other like minded investors. For example, it’s common to find Realtors, CPA’s, sources of loans and investment capital, contractors, attorneys, title companies, insurance agents, cleaning companies, management firms and building material suppliers who are members of the same group.
Here is a small example of how that can benefit you. Let’s say you’re rehabbing a property and you’ve developed a list of materials needed to complete the job. If you give that list to the “bid desk” at the building material supplier who is also a member they will put together a quote usually with a nice discount for buying in bulk and arrange to pull all the items for you and have it palletized and waiting for you to pick it up. So due to your common relationship with a fellow member you’re saving time and money with every rehab job you arrange.
In a past life I manufactured and sold an automated karaoke booth. I approached my local insurance agent with a request for coverage. He hemmed and he hawed because he and his company were totally unfamiliar with the product and the liability. On the other hand I attended a trade show for amusement devices and approached an insurance agent who had a booth there. I showed him my brochure and described the unit. He instantly said “Sure, no problem. We can insure your unit” He specialized in insuring amusement devices and understood what I was looking for.
In the same way the vendor members of a real estate investing group are attentive to the needs of an investor and understand the market you are in. That will make your investing life sooo much easier.
In closing, I wish you great success in your investing career. When you’re successful, in a relatively short time you can develop enough income to quit your “day job” and have the personal freedom to do what you want, when you want, without worrying about how the bills will get paid.
Do not hesitate to contact me with investing or financing questions.