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You Have to Know Somebody to Get Going in This Business, Invest Myth
By eric | November 27, 2007
While knowing a few key people such as a real estate agent, an attorney or a banker may save you some time, you don’t need to know anyone even remotely connected with investment real estate to get started. And you’ll find that the goals you set for yourself will actually define the team. People you know today may or may not be the ideal people for your team once you determine what you want to gain from your real estate investment business.
Just get started and you’ll be surprised how many people you’ll get to know and how much they will teach you. You’ll have “friends in the business” before you know it. Here’s what I mean. We’re doing a deal in Portland, Oregon. I live and work in Arizona.
I hadn’t been to Portland in over ten years. Anyone I had once known there was long since gone. Neither I nor anyone else in my company knew a soul in Portland. What we did know was that the city was situated on two rivers and that unemployment was high. The latter meant that the people who owned property were probably not doing so well. And to me that spelled buying opportunity. We had one big problem: We knew about the city, but we didn’t know a single person in the city. We figured the market conditions were at least worth a plane trip and a few days in Portland.
Before our trip, we made our minds up to find our team, at least the start of it. So we went on the Internet and looked up property managers, city officials, brokers, and so on in preparation for our trip. We were not about to travel that far and not meet with anyone who could educate us about the market. As a result, we had ten or twelve meetings over a period of two days. It cost us a few lunches and dinners, but we had the beginnings of our team.
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Topics: Agent, Broker, Company, Investment, Market, Property |
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