We had a good meeting last month at Washington REIA Network. For over an hour we discussed some of the advantages and disadvantages of getting a Realtor license.
Earlier this week, one of our members sent me some research she found doing some follow-up homework after the January meeting.
Let me give you some background. After our January meeting she called me and was complaining about how much competition there is in the DC area. So after a few questions, I gave her a little homework.
In that process, she found that the site she was using to find her “deals” was being updated 7-9 days after properties hit the market. She also found that the same website was also listing 30% or more properties that were actually off the market. Between discovering the deals late, and spending time researching properties that were no longer for sale, she was getting very frustrated. She discovered, it wasn’t really the competition, it was her investor “toolbox” that needed some help.
It got me to thinking – How much time and money are most people wasting by trying to use free tools? Most new investors are using “free” sources of information for their research – but they are ultimately paying for it. When you first get started in this business, free may be all you can afford – and that’s fine. But if you have some initial success, I have always suggested putting money back into your business, either through good solid education, or through new tools you can use in your business.
We have moved to an information based economy, whether we like it or not. Nearly everyone has access to all the information you need to be successful. The trick is how you gather that information and how quickly you put it to use.
It’s true that in today’s economy, the people who are being rewarded with good deals are the people who made their decisions quickly. BUT – they also gathered the information quickly as well.
You see, a lot of people when they get started as a “real estate investor” can only choose free tools – and that’s fine. They also have to rely on contractors to come and give them a bid on their project.
This month at WREIA we will talk to a couple of General Contractors who work in the DC area. They are going to give you some insight into their work, and how they use their contracting tools and knowledge as an advantage when it comes to their investing business.
Let’s use our WREIA member above as an example. She is getting data on properties 7 days after most people because she loves the tools that come with her “free” account at Zillow.com. Then she takes another week to get a bid from a contractor. FINALLY, she calls her agent (who is also her cousin) to submit an offer. The next day, everyone is excited when they meet at the office to write up the offer – and guess what happens? Her agent/cousin calls to submit the offer – only to find out it went under contract 10 days ago.
Do you know who has the property under contract? Me.
Actually, it’s under contract through one of my general contractor partners.
I get calls all the time from a few of my contractors. We joint venture a lot on properties together. They know that I have a lot of experience funding and solving problems with properties and – together – we can move through these properties a lot faster than just one of us doing it alone. I hope you are on track to make 2013 the best year you have ever had. This month and every month we plan to keep sharing with our WREIA members what we learn out “on the street” in the Washington DC and Baltimore area.
Don’t let yourself get frustrated.
Even on a snowy Friday in February – I’m here. Let me know if you need some help,
Washington REIA Network, President
Profitable Property, Founder