I get a lot of questions from new agents and investors asking how can they get started with investing. This can be a tough business to get off the ground and it’s hard to know where to start.
I have told my agents the same thing over and over again… every deal needs three things: Time, Money and Expertise. And, no one has all three. No one. Figure out what piece of the puzzle you can solve and you will make your first step in getting started.
About 13 years ago, Dan put our first potential flip under contract. And, it took time! We drove for hours putting out bandit signs, answered each and every call that came in, spent time looking at dead ends, chased down homeowner information, wrote letters and cards. We spent our time on any and everything we could to get a lead that would turn into a deal. At that time in our career we had lots of time but no money or expertise. So, we put in our time and then partnered with another investor who had the money and expertise to see us through to the end.
Do you have the time? Are you a full time Agent/Investor? Available to take calls during the day, take seller meetings in the evenings, able to take numerous calls and build rapport with a slippery seller? Seek out the fellow investor still working 9 to 5. Or, the investor who now has too many projects to stay on top of marketing efforts. These people need you and your time!
Or, are you a new investor not yet ready to give up the full time job? Perhaps your strategy to get your foot in the door is to provide the money. If you have money saved up for investing or a Self Directed IRA then you are in a great position to get involved in deals by helping provide the funds. Even the most experienced investors turn to others for funds. We have one agent who’s time is fairly limited due to her day job but she has gotten experience and earned money by helping to fund projects.
Or, consider partnering with someone who has time to follow leads but not the money to put into marketing. Your marketing dollars will be much more effective if you have someone to answer the phone on the first ring and the ability to meet a seller on short notice.
While it may take you some time to get the expertise, if you have money or time, you have something valuable to contribute. Identify the piece of the puzzle you can provide and seek out those who need you. Let it be known that you have time or you have money. Make an effort to network and connect.
And one small reminder… each piece of the puzzle is valuable. You cannot expect to get a person’s share of time, money or expertise for free nor should you give yours away for free. You must be willing to partner and share the wealth with the other players.
Now, go find out who’s puzzle you can help complete.