Welcome to episode 7! In this podcast, I hope to share with you things I have learned since starting my business of buying and selling houses about 20 years ago. I hope to share the things I did or did not do so that you can make smart decisions when running a business of your own. My goal is to help you find success in your business in less time than I did.
In The Beginning…
During my first year, I only did a couple of deals. Three to be exact. I only knew one way to buy houses. That was to purchase them, fix them up, and sell them for retail. Looking back, there are a number of additional things I should have been doing. I should have learned more than one way to do business. I should have had multiple exit strategies and ways to help people who needed to sell their homes. Even though my funds and my resources were limited, there are alternatives I could have provided that would have made me more successful.
I operated that way for several years until I learned more I could have had much more business and more leads just by doing a few things differently.
What I Would Have Done Differently…
Had I known then what I know now, there are a number of different things I would have done.
- I would have spent more time in the markets I worked in generating leads. If you have a good deal, you’ll have no trouble finding investors or partners to work with.
- I would have thought more about how I could help people as opposed to simply buying their house. There are multiple ways to help sellers, I just didn’t know these exit strategies at the time.
- As a young investor, I had more time than money. During these times it’s important to hustle. This includes things like driving for dollars - or in other words, driving the neighborhoods and looking for those properties that are an eyesore. Then you track down the owner and propose a deal. Again, if you are able to find a great deal, the funding will appear.
- I would have worked harder to monetize my leads. I could have bought the house, passed the deal to an investor looking for more rentals in exchange for a fee.
- I would have gotten my real estate license sooner. Not to necessarily sell properties on the MLS, but to legally be able to collect a referral fee from an agent who does end up listing the home.
No matter how you do it, it’s important to monetize the leads you are working so hard to generate. Don’t throw away leads like I did, simply because you aren’t able to buy a house outright.
Look For The Helpers…
Helping your clients and finding solutions to their problems will not only benefit them, but it will also benefit you in the long run. Satisfied clients will provide referrals, 5-star reviews, testimonials, references, and most importantly, longevity. Don’t be afraid to take on a deal that may not be that great, if you are truly able to help someone. The profit may seem small up front, but the ability to monetize that lead will come later. Keep in mind, that this is a people business, we aren’t just flipping houses, we are assisting homeowners with difficult properties and situations.