As I look back over my nearly 40 years investing career I believe the major reason for my success is the fact that I have always been an expert in the areas where I looked for properties to buy. Almost every day I was on the streets looking for opportunities. I was looking for opportunities other investors were not seeing. I knew where almost every unloved property was located in the areas where I buy houses.
Unlike most of the other investors I knew who were buying houses, I wasn’t looking solely for properties to buy in the Multiple Listing Service. I became familiar in over a dozen areas where I found properties to buy where other investors rarely looked unless they found a property for sale in one of my areas that were listed in the Multiple Listing Service. I was on the streets looking for every sign I could find of seller distress. Because I was finding properties where other investors were not looking I was able to recognize opportunities most of the other investors never took the time to learn. I quickly became an expert looking for not only houses that needed cosmetic work, I also learned how to read neighborhoods by their age and desirability to the buying public.
I became well experienced in finding properties the owners were no longer in love with. Houses with visible repairs that were not being addressed and evident tenants were living in those houses. For those reasons I believe has always been major contributing factors to my success as a real estate investor.
I am sharing what helped me create a highly profitable real estate business simply because I believe any investor who wants to be more successful must become an expert finding specific areas where they can buy houses and become highly skilled at looking for opportunities other investors can’t see and are not looking at. By knowing what to look for and why what you are looking for is so important is what will make you the expert I am talking about.
May I recommend you get in the streets in your preferred areas where you buy houses? Whether you only find properties to buy in the multiple listing services or not, may I suggest also looking for more properties where your competition aren’t looking and not seeing? Believe me, this alone can definitely increase your business as well as your bottom line. Learn how to recognize when a property owner is having some type of uncomfortable circumstances in their lives that are evident in the properties they own. Once you can get face-to-face with the owner by knowing what questions to ask is also monumental to your success. Most importantly, I think you should stop only looking where all of the other investors are looking for properties to buy. Like I’ve said a million times, if you only look where everyone else is looking, you will get approximately what everyone else is getting, which isn’t very much for most. I truly believe if you will do what others won’t do, there is no reason you can have a much more profitable real estate business.
Be sure to listen to my podcasts “The Real Deal Real Estate Podcasts with Larry Harbolt,” found on my website www.LarryHarbolt.com. My website is where you can find numerous courses and lessons that teach the strategies and techniques I talk about in my articles that will help you do more deals and make more money in the process.