3 Steps To A Deal Flow Machine
- Date: 2007-06-29 - Word Count: 758
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Fishing and Real Estate Investing are sometimes very similar. The key is to find the Big Ones as quickly as possible.
I have been a fly fisherman for years and even dabble in tying my own flies.
Standing by the stream you will soon notice that the biggest fish are not the ones eating the flies on the surface of the water.
The biggest fish don't spend that much energy. They like to be served their dinner in a more quiet fashion.
Polarized sunglasses will let you see the really big fish sitting quietly behind each rock and stump on the bottom of the stream.
They park themselves behind the obstructions waiting for dinner to come to them. When a bug floats by it just takes a little turn of the head to grab their dinner and settle back in.
Real Estate Investing like a Big Fish means getting great deals to flow over your desk every day.
I am talking about Deal Flow here. Deal Flow is when Projects come to You
You play the Big Fish and nab the best deals as they stream by and you can create a system that makes this flow happen automatically with these three steps.
Step 1) Set Perfectly Clear Goals
Grab a pen and some paper and write down your goals for your Real Estate investments in the next 18 months.
- How many properties do you want to buy?
- How many projects for what dollar volume do you want to take on?
- How much do you want your Net Worth to grow?
When you are crystal clear on your answers to these questions, you are ready to move to the next step.
Step 2) Network Building
You simply have to tell your goals to everyone you know ... I mean EVERYONE ... most of all those people who have a business reason to help you out.
The more people you tell, the more people will be in a position to give you just what you are looking for. And people love to help. I can guarantee you this ...
If you don't have Deal Flow right now, it is simply because the number of people who know what you are looking for is too small.
The Size Of Your Network Is The Key. So Let's Power it Up
Build a detailed plan to enlarge your network with exactly the kind of people you know can help you reach your goals.
Write down your current contact list and circle
- several Real Estate Agents/Brokers
- Title Companies
- A brace of Real Estate Lawyers
- Mortgage Brokers
- Book keepers and a CPAs
- Appraisers
- A Property Manager or Two
- Lenders/Bankers
- 1031 Intermediaries and any more you can think of
List everyone you know in your town and in your target market who would benefit from you reaching your Real Estate Investing goals. Once you have the list ... tell each one what you are looking to accomplish in this next year.
Give them your card. Make it easy for them to contact you and follow up with them every couple of months.
Now let's put it into high gear.
Step 3) Pay it Forward to Kick Start the Flow
Once your Network is built you have to feed it by making it a two-way system. As in the recent movie "Pay it Forward" - put your energy into the network to kick start the Deal Flow.
The Key? Give others what they want and they will give you what you want.
Take every opportunity to ask the people in your network what their goals are - what they want and need - and give it to them every chance you get.
If your goal is buildable land and your contact wants a multifamily deal ... and you run into and great multifamily project - let them know. This act of kindness will circle back in the form of a referral from that same person for just the tract you are looking for.
These three steps are the key - it is that simple
1) Clarity on Your Goals
2) Create A Network And Tell Them All
3) Help Your Network Reach Their Goals
Remember the big trout at the bottom of the stream. The current brought the food right to them. Your Network will do the exact same thing. Your Network is your current.
These three steps implemented every day - make it a part of your basic routine - will allow you to generate your own Deal Flow that lasts as long as you continue to feed your Network.
You will be able to relax like the Big Fish in the river and let the deals come to you you snagging only the best ones - the ones with the most "meat on the bones" for your very own.
I have been a fly fisherman for years and even dabble in tying my own flies.
Standing by the stream you will soon notice that the biggest fish are not the ones eating the flies on the surface of the water.
The biggest fish don't spend that much energy. They like to be served their dinner in a more quiet fashion.
Polarized sunglasses will let you see the really big fish sitting quietly behind each rock and stump on the bottom of the stream.
They park themselves behind the obstructions waiting for dinner to come to them. When a bug floats by it just takes a little turn of the head to grab their dinner and settle back in.
Real Estate Investing like a Big Fish means getting great deals to flow over your desk every day.
I am talking about Deal Flow here. Deal Flow is when Projects come to You
You play the Big Fish and nab the best deals as they stream by and you can create a system that makes this flow happen automatically with these three steps.
Step 1) Set Perfectly Clear Goals
Grab a pen and some paper and write down your goals for your Real Estate investments in the next 18 months.
- How many properties do you want to buy?
- How many projects for what dollar volume do you want to take on?
- How much do you want your Net Worth to grow?
When you are crystal clear on your answers to these questions, you are ready to move to the next step.
Step 2) Network Building
You simply have to tell your goals to everyone you know ... I mean EVERYONE ... most of all those people who have a business reason to help you out.
The more people you tell, the more people will be in a position to give you just what you are looking for. And people love to help. I can guarantee you this ...
If you don't have Deal Flow right now, it is simply because the number of people who know what you are looking for is too small.
The Size Of Your Network Is The Key. So Let's Power it Up
Build a detailed plan to enlarge your network with exactly the kind of people you know can help you reach your goals.
Write down your current contact list and circle
- several Real Estate Agents/Brokers
- Title Companies
- A brace of Real Estate Lawyers
- Mortgage Brokers
- Book keepers and a CPAs
- Appraisers
- A Property Manager or Two
- Lenders/Bankers
- 1031 Intermediaries and any more you can think of
List everyone you know in your town and in your target market who would benefit from you reaching your Real Estate Investing goals. Once you have the list ... tell each one what you are looking to accomplish in this next year.
Give them your card. Make it easy for them to contact you and follow up with them every couple of months.
Now let's put it into high gear.
Step 3) Pay it Forward to Kick Start the Flow
Once your Network is built you have to feed it by making it a two-way system. As in the recent movie "Pay it Forward" - put your energy into the network to kick start the Deal Flow.
The Key? Give others what they want and they will give you what you want.
Take every opportunity to ask the people in your network what their goals are - what they want and need - and give it to them every chance you get.
If your goal is buildable land and your contact wants a multifamily deal ... and you run into and great multifamily project - let them know. This act of kindness will circle back in the form of a referral from that same person for just the tract you are looking for.
These three steps are the key - it is that simple
1) Clarity on Your Goals
2) Create A Network And Tell Them All
3) Help Your Network Reach Their Goals
Remember the big trout at the bottom of the stream. The current brought the food right to them. Your Network will do the exact same thing. Your Network is your current.
These three steps implemented every day - make it a part of your basic routine - will allow you to generate your own Deal Flow that lasts as long as you continue to feed your Network.
You will be able to relax like the Big Fish in the river and let the deals come to you you snagging only the best ones - the ones with the most "meat on the bones" for your very own.
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