I talk to students and other people all the time about the market. So many people are discouraged because they think there’s not enough opportunities out there or they’re getting snatched up before they can act. I had this happen to me recently on a 11 unit building I was working to get for another investor.
When the economy is good, it’s a seller’s market. This means the prices are going up, sellers are less flexible, and the money is flowing in the economy, which means more investors. In a bad economy, it’s a buyer’s market. The money isn’t flowing as freely and it means sellers are more willing to negotiate in order to get the deal done.
Many new investors think that in a good economy, there’s too much competition and not enough opportunity in the marketplace, and they have issues getting capital for their deals from the bank.
But we don’t work with banks; we work with SELLERS. So there’s no shortage of opportunity for us!
Once I changed the way I looked at things, the things I looked at CHANGED. I stopped looking at deals where everyone else was looking, mainly the MLS. I started looking where people saw no deals and found abundant opportunities.
You’ve got to get in the streets and talk with people to find those amazing deals. Building relationships are critical to your future in the business. I run a weekly networking meeting and everyone knows that I’m looking for properties, so they know exactly who to turn to. These people act as “bird dogs” and refer these deals to me, sometimes for a fee, sometimes not.
Make sure to visit my website, LarryHarbolt.com, for all your real estate investing education needs.
Also, please make sure you leave me a review on your podcast player so I know I’m continuing to provide you with quality content. And if you’re getting value from my podcast, make sure to tell a friend!
Good Luck and Happy Investing!