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There are a lot of similarities between Fishing and Real Estate Investing. You are always looking to find the Big Ones without wearing yourself out. I am a fly fisherman from way back. Even tie my own flies on occasion. Standing by the stream you will soon notice that the biggest fish are not the ones eating the flies on the surface of the water. The big ones don't waste their time thrashing around. They want their food to come to them. Put on your sunglasses and you can see the big ones finning slowly behind each of the bigger rocks. They sit in the slack water behind the rocks waiting for bits of food to flow by on the current. Then they just turn their heads and gulp it down and return to their resting place. Real Estate Investing like a Big Fish means getting great deals to flow over your desk every day. It's called Deal Flow ... when you see multiple profitable projects flowing by your eyes every day. Like the Big Fish you grab the meatiest deals as they flow by and you can set this up so it happens on autopilot in three simple steps. Step 1) Get Crystal Clear on Your Goals Think for a second ... what are your Real Estate and Financial Goals for the next 12-18 months? - How much property do you want to take under control? - What dollar value and how many projects will you take on? - How much do you want to add to your net worth? When you are crystal clear on your answers to these questions, you are ready to move to the next step. Step 2) Constructing Your Network You simply have to tell your goals to everyone you know ... I mean EVERYONE ... most of all those people who have a business reason to help you out. It is only by telling more people what you are doing that you can expect to see more deals come your way. What is cool is that people love to help. I will even guarantee you ... If you aren't seeing enough profitable deals flowing to you right now it is only because not enough people know your goals and what you are looking for. The Bigger Your Network, the Better Time for High Gear Make a conscious plan to expand your network with people who you know can help you reach your goals. Make a list of your current network and choose - several Real Estate Agents/Brokers - A couple of Title & Escrow Companies - A brace of Real Estate Lawyers - Mortgage Brokers - Book keepers and a CPAs - A couple of Appraisers - Property Managers - Bankers - 1031 Facilitators and others Everyone you know and everyone in your target market who would profit from helping you on a project - and TELL THEM ALL what you are looking for in this next year. Give them your contact information and stay in touch at least four times a year. Now let's put it into high gear. Step 3) Put Energy in BEFORE You Expect a Return As you are building your Network remember to make it work in both directions. You give time and support to the people in the Network and they will do the same for you. That's how you get the Deal Flow started. The Key? Give others what they want and they will give you what you want. Take every opportunity to ask the people in your network what their goals are - what they want and need - and give it to them every chance you get. If your goal is buildable land and your contact wants a multifamily deal ... and you run into and great multifamily project - let them know. This act of kindness will circle back in the form of a referral from that same person for just the tract you are looking for. It just takes these three steps - diligently and persistently applied - to reach your goals. 1) Clarity on Your Goals 3) Grow Your Network and Feed it Well 3) Help Your Network Reach Their Goals Just like the big trout has the stream current bringing food right to its mouth, your Network is the current that brings Deals to your desk "automatically". These three steps implemented every day - make it a part of your basic routine - will allow you to generate your own Deal Flow that lasts as long as you continue to feed your Network. You will soon be able to sit back like a Big Fish and just watch the deals come across your desk grabbing only the meaty ones to take on.
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