Every new real estate investor wants to close their first deal as quickly as possible. The longer they wait the more impatient they become and the more likely they will pursue the next, best deal that comes their way. As hard as it may be you need to stay focused on the big picture at all times. There is truly no such thing as an overnight success in the world of real estate. What typically happens is once you get a taste of closing your first deal you become more confident and comfortable with the business and begin having success. Until you get to that point you may need to grind it out for several months. This period will test your patience but if you can make it through you will be better off for it. Here are five actions that will help accelerate the process of finding your first deal.
- Make Goals. Knowing where you want to go is a great way to help you get to your first deal. If you have found yourself struggling with direction the best way out is to sit down and list your real estate goals. Listing your goals will help you identify which types of deals to pursue, in what markets and even at what price points. You will know exactly what you want to do with them well before you ever make an offer. On the flip side without goals you will bounce around from property to property never knowing the right time to make a move. This type of hesitation will cause deals to pass you by which would have been perfect fits for your portfolio. Don’t go another day without writing goals for the next three, six, twelve and sixty months.
- Improve Your Education. Education often prompts action. The more comfortable you are with the business the more eager you will be to talk to people and find deals. There is more access to education than ever before. If you are reading this you probably know where to find good information. In addition to good websites there are also dozens of good books that can help you learn a specific niche. Part of your morning routine should be spent on reading something about real estate. By substituting thirty minutes of time on social media for thirty minutes reading up on the business you will greatly accelerate your learning curve. Instead of having to research a specific market or a specific niche you will be more inclined to just act. Going one step further by acting instead of thinking you increase the chances of getting a deal you really want. The more you know the business the closer you will get to your first deal.
- Assess Skills. Looking for your first deal is full of uncertainty. Even if you have an idea of what you are doing you aren’t 100% sure. You think you are on the right path but you don’t know if you are going about it the right way. The best way to help figure out the best path is by assessing your skill set. Simply put: what do you do that helps you stand out from the crowd? Don’t be afraid to tap into your current employment even if it may appear unrelated to real estate. If you are a skilled public speaker you can use this to your advantage at networking meetings. If you are good with technology this can be your go-to method of generating leads. If you are a system builder you can implement systems that work for your style and personality. Everybody has something they either do well or have an interest in doing better. You have a set of skills that is more valuable than you may think. Don’t be afraid to tap into them to help find your first deal.
- Go To Networking Meetings. There is a catch 22 networking for any new business. On one hand, you want to learn as much about the business as possible but you also don’t want to start until you have a base of information behind you. There are many new investors who are intimidated at the prospect of going to networking meetings. They feel like they don’t know enough to carry a conversation and avoid it all together. As uncomfortable as it may be going to networking meetings is one of the best ways to learn the business. You will talk to people that are directly involved in real estate in your area and may even be able to help you. You can pick up some lingo or some tactics that can help get your offer accepted. Just being around like-minded investors and people in the business will help further your career.
- Stay Positive. You are going to get knocked down plenty as you are just starting out. The house flippers you see on TV struggled for years before being successful. As difficult as it may be you need to stay positive in the face of adversity. You don’t know where you are going to find your next deal. By having a positive outlook and not moping around and complaining you increase the chances that someone will want to work with you. All it takes is one contact to change everything. Positive things happen to positive people. Remember this as you are just getting started.
Success typically leads to more success. However long it takes you to close your first deal the second one usually comes much quicker. Use this five actions to help find your first deal.