You have to go out and meet people. It’s not enough to know that you have to network. You have to actually put in the effort. There’s a lot of different places you can meet people. You can network at country clubs, networking events, and anything specific to the industry you’re in. If you’re investing into real estate, there are tons of real estate seminars, events, and places you can go to meet people who are doing things on a huge scale. These are the kinds of people you want to meet, build relationships with, and get a good grasp of how they have successfully invested into real estate. That’s going to give you some context and ideas of what you should be doing to build your portfolio.
The Importance Of Having The Right People On Your Team
Here’s how important people are. We built an entire team who helped us really scale our company There’s people in the back doing financing and raising capital. Additionally, we have people doing property management, accounting, as well as social media. We have an entire team of people that we’ve built to help us scale our business, and each of them are necessary to make our business successful.
You have to figure out what skills you may be lacking, and from there you can go out and network with people who have skill sets that you can acquire. You can work with these people to make your business grow faster and make it more efficient. That’s what networking is all about. Finding people who can help you grow your business where you’re lacking the skills to get it done. Networking is critical and bringing the right people on your team is also critical. Having the right employees and the right team together is so important when building your business.
The Relationship You Should Be Building
Another type of relationship you should be building is with sellers of properties. The people who own properties to see how they’re doing things. Look at the different types of business models they are using. Everybody has a different model when it comes to investing into real estate. There’s not one specific way you have to do it. You just have to find out what you enjoy doing the most and what works the best for you.
For example, there was a deal that we put together and we built a relationship with a broker we have known for several years. I would consistently keep in touch with them and try to put deals together. Finally this deal came up where they had it on the market for a while and it had fallen through contract three times. It was during the beginning stages of Covid-19 so it was tough for them to sell it. It was a commercial office and there were different businesses that wanted to go into this building, but Covid restricted them from doing so. Luckily for us, it had fallen through and we were able to jump in and get the deal. They wanted $1.2 million for the property and we ended up acquiring it for $750K.
Get out there and start networking.
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