How to find your first real estate investment propertyNov 25, 2021
Editors note - I've been investing in real estate for going on 13 years now and I can't tell you the number of times I've had people say things like "I wish I could find deals like you" or "it's a tough market I don't think it's a good time to invest" well people are saying things like this to me I've been steadily taken action month over month and year over year. - This month's blog reflects my belief that there are deals everywhere and every time of year.
Marital spats, key lime pie, and really bad coffee led to ALL of this...
Let's break down the video:
Stirling needed help
One of the biggest things in life is to recognize when you're stuck and be able to ask for help and that is exactly what Stirling did. He took me up on my offer to come out and do additional coaching with him in his local market of Kelowna. Be honest and know when you need help and don't be afraid to ask for it
We wanted to do a no money down deal
I have been coaching for a few years now and I can tell you with 100% certainty that the number one reason more people don't get into real estate investing is that they believe they have to have a bunch of money in the bank and qualify for mortgages and that could not be more wrong.
We wanted to get a property under contract
Getting a no money down deal under the contract does not make it a done deal but it is a huge leap forward and why go through all the work if you're not going to work towards closing a deal right?
We wanted an off-market property
There are a lot of different reasons that off-market properties are important and make the best investments. Without going into huge detail here (check out our Blog and Youtube Channel) off-market properties mean we help people who did not know they could be helped and there is typically more money in off-market details
We wanted multiple exit strategies
How are you going to make money on your new investment property? There are so many different ways to make money in real estate that when you're making offers, one of the things you want to look at are; What is my exit strategy, and are there more than one potential way to exit a property
Build a bit of a pipeline
When you spend 3 days door-knocking, talking to people, and building rapport you start to build a bit of a pipeline, people in the areas you're door-knocking start to get to know you and have your contact information, now they can reach you out with an opportunity.
Identify your areas
No matter what city you're in there is opportunity BUT you have to know your areas, where are you looking to do deals, where do you feel comfortable doing deals and where do you think the profit centers for you are going to be in your area? Its kind of like the circle graphs from school find where those overlap and you'll find the areas you want to door knock and look at it your area.
You SHOULD have a website, you SHOULD use social media, you SHOULD use online tools... BUT never discount pounding the pavement, knocking on doors, and making personal connections. The quickest way to succeed in real estate investing is to take action and get wins. The quickest way I've found is to get out there and talk to people!
Every door you knock, every flyer you hand out, every hand you shake and conversation you have plants seeds. You never know when they are going to grow into an opportunity but in our own case, our two big opportunities after three days of knocking doors came from homes we had door knocked on the very first day... The more seeds you plant, the more trees will grow that's how it works. So get out there and plant some seeds!
Go the extra mile
Remember people buy from people as your talk to people hear what they are saying and how they are feeling and don't be afraid to go back later with a coffee (or a plant) to show someone you heard them
There is a reason you pay coaches(s)
We've all heard the saying, we don't know what we don't know. We end up feeling stuck, or we don't know what to do next. You hear it in the video but having Stirling learn firsthand what to do, what to say, how to say it, and see me taking action was what he needed to get him in the right headspace and give him the tools he needed to take action. Paying to learn from someone who has been doing what you want to be doing is the quickest path to success because you don't need to do all the learning and make all the mistakes yourself you can simply learn what works and how to avoid costly mistakes
Persistence and action wins
At the end of the day no matter what you're doing or the coach you hire your dreams, your big goals WILL NOT come true if you don't get out there, get persistent and take action
30+ seeds planted
1 offer written
Update - 1 deal closed!!!
In the comments, let us know what your biggest struggle in real estate is right now.
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Cam Rowland is a business owner and real estate investor from Winnipeg Canada. He purchased his first investment property in 2006 after reading Rich Dad, Poor Dad by Robert Kiyosaki. In 2010 he shifted focus to Rent to Own. As a result, he was able to grow his real estate portfolio, grow his cash flow and quit his day job! After 100's of successful deals, Cam started coaching others to do the same and now offers a 6-week coaching program. If you're an action taker and want results like Cam, check out this Free Case Study. (click the button below)