Here are some of the thoughts I had while driving around thinking about how you can prepare for the January WREIA meeting.
You need to be ready for this next WREIA meeting.
Monday night is all about generating leads.
I want everyone to get value out of our WREIA meeting Monday evening.
As I was driving around today I thought of something you can do to prep for Monday night.
While you are driving around, or riding on the Metro, or waiting in line somewhere, here is something to think about…….
Ready?
Here we go –
I am going to spend the majority of the Monday giving you my favorite sources of leads but more importantly how to create a system and process to reach the audience of leads and begin to make deals.
We all should know by know that making deals means making money. What a great way to begin the year!!
So here is where the prep work begins:
Before attending the meeting Monday night, I want you to spend a few minutes
and ask yourself a few questions.
Understanding where and how to market for leads is vital in our process to become successful investors.
But before we can get you there, we have to know what type of investor you
want to be.
I am going to focus on three investor types in this e-mail and will give you a few more at the meeting
1. Do you want to wholesale real estate?
Wholesale is defined as placing a piece of property under contract and then
assigning the contract to another party for a profit. You will not take title to
property and will create income by your wholesale fees.
This is a very common strategy for new investors and investors that want to spend time and energy marketing and locating deals to wholesale.
Capital Consideration
Since you are closing on property you will not need to raise capital for your investments. You might need monies for marketing to generate deals but the outlay will be less that purchasing the property.
Renovation Requirements.
You will not need to lead a renovation team but it does make sense to have some knowledge of renovation costs so you can educate your potential buyers and
properly present the deal. I have seen many wholesalers ignorant to the costs. This ignorance causes the numbers presented to make zero sense to experienced
renovators.
If you plan on wholesaling – take some time to get educated on renovation expenses.
2. Do you want to renovate property?
A common approach to investing is to locate property that needs work. You will
purchase the property, renovate and sell the property for profit.
By learning renovation, you will be exposed to maximum profits. The average
profit on a renovation in the Washington DC metro area is $40,000 to $60,000.
The profit can be more if you plan on renovating more expensive properties or doing more extensive work. You can see how you can make a very nice living renovating
property. You will learn how to manage multiple properties at one time. Our
company has had upwards of 20 projects gong at one time.
3. Do you want to own cash flow property?
Owning property long term is a time-tested investment method to become wealthy. Many very rich individuals own real estate as part of their portfolio. Locate solid residential, commercial or industrial property and hold for cash flow and long- term appreciation. I strongly believe we all should own some real estate long term.
What type of investor are you?
Take a few minutes this week and be prepared to answer that question at our meeting. I will provide you a road map of lead sources to help you accomplish your goals.
I prefer you pick one and then you can certainly add as you move your business forward.
If you are involved in real estate now, 2020 is the time to think out of the box and add strategies to your current model. By doing so, you will increase revenue.
Just do it! Come out and join us at our first 2020 WREIA meeting!
You are going to love this next meeting! Especially if you want to grow in 2020.
I guarantee it.
John Peterson
P.S. If you need to reserve a seat or update your WREIA membership you can find tickets at this link.