There’s No Place Like Home
By Tim Rhode –
Many of my Coaching students want to work in several areas of the country. However, I think if at all possible it is always best to stay local and focus on finding deals and building your team on a local level.
To do this, I suggest you become a real estate expert in your OWN market area. What does this mean? Let me tell you what that meant for me. (For more great coaching advice from Tim and our other fantastic coaches, check out Alexis McGee, 3-Day Hands on Lab with Alexis and her Team of Coaches.)
1. Target three specific areas to work leads.
I set up areas A, B and C. I wanted those areas to be within 1 hour of my home so I could be MOST EFFICIENT with my time. Area A was Manteca, CA (about 65,000 people). It is where I most wanted deals. If I had enough leads in area A, I only worked there. If I ran out of leads in area A, I would then expand my search to area B. I could get to all of area B within about 40 minutes. It was north and west of my home area. Area C is where I expanded to when I ran out of A and B area leads. It was south and east of my home. I could get to area C within an hour.
2. Become a real estate expert on your market area.
I suggest you get to know what homes sell for and what the demand is for each neighborhood. Who built the homes? What is the reputation of the builder? Where are the desired schools? How close are shopping and the hospital? Why does this area sell for more than other ones?
What is happening in your local market? You can get a monthly report from your real estate agent that gives you the current average sales price of homes, how many are on the market, how many sold this month, etc. This information is invaluable in helping you determine pricing and whether to assign, flip, or maybe even keep the property for a rental. (Here’s a great resource. Foreclosures.com Listings will help you find motivated sellers and REO lenders that have NOT listed their home on the MLS. Find leads that your agent is not showing you and get in FIRS.
Foreclosure List
Keep up with local real estate trends, employment figures, etc. with your local newspaper. Knowing the overall picture in your area really helps you have a handle on what is currently happening in your community, and keeps you ahead of the curve.
3. Build your team of real estate experts to assist you.
You want to have your own realtor, lender, investors, title company, contractor, accountant, attorney, etc. These contacts take time to build up and prove to be great allies in helping you mold and grow your business.
You can see that you have some work to do to put this all together and BECOME THE EXPERT INVESTOR you want to be. For me, there was “no place like home” to do this. It took time and determination. With the help of Alexis and a good coach, YOU can do it too.
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