This morning I received a call from Portland, OR (one of my favorite cities). I've been getting advertisement robo calls from out of state numbers all week, so I was hesitant to pick up. In my opinion, it's quicker to just pick up the phone then have to listen to a message and call someone back. Anyways, it's a fellow real estate investor who lives in the Pacific Northwest. He called because my electrician listed me as a reference and he was doing his due diligence. I gave my guy (John LeBeau) a good reference and a few details he asked for.
It would have been easy to stop the conversation there, but I know this business is all about what you know and most importantly WHO you know. So I started to dig. It turns out he owns 24 houses in the Phoenix area. I found out what he likes, what he doesn't like. I know that he specifically wants houses built 2002 and newer, between 1800 and 2200sf, and that he is looking for a 7% ROI. A lot of people have assumptions that most investors want the cheapest deals out there, but most smart investors are looking for better tenants in better neighborhoods and are willing to pay for it.
I let him know how I work, that I bring off market deals with equity. His objection of "already having a real estate agent" goes out the window because his real estate agent doesn't know how to play this game. I'm not going to browse the MLS, I'm going to connect with my sphere and bring him a deal. It might not happen this week or next, but he is on my radar.
The more rental buyers you have the more you will make wholesaling.
So these are my lessons for today, 1. Make every contact count. 2. Your network is your net-worth. 3. Don't assume what other people want. 4. When you create value for people there is no such thing as competition.
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