Listen up, people... we’re in the people business.
What do I mean by that?
Well, creating new relationships is essential to every real estate investor’s success. You can be the smartest, most financially savvy, or business-minded person on the planet... but if you don’t have people, you won’t thrive in this career.
Chris Urso here, letting you know that relationship building and networking are absolutely critical.
Why?
Because leveraging those relationships can help you find property deals, make more money and boost your multi-family property investment business – without spending endless hours researching online.
Who has time for that anyway, am I right?
In other words, build the connections... and then let the business come to you.
Every time I’m in a new city, I go the whole 9 yards to build relationships that could lead to new acquisitions or opportunities. Because you never know when someone might have heard of a property that’s a super-great fit for your investing business.
Here are some scenarios of how this can actually apply to you – in real life. For real.
Making Connections
Look, when I talk about creating connections, keep in mind that you don’t have to know all the most experienced real estate investors either.
Case in point…
I once met with a young, aggressive broker who was working to make a name for himself in the multi-family investment property business. He was out there pounding the pavement and snatching up deals. He’s the type of guy (new to the biz) who is great to develop a professional relationship with – because you can help each other grow.
Another good example...
I had another meeting set up through a good friend of mine who happens to work for a company that is headquartered in the city I was heading to. I was doing a deal there and flew in to check things out regarding my deal. But, I used my time wisely.
Here’s what I mean…
My friend knew I was investing in this particular city, so he put me in touch with a bank that owned an apartment property in that area. I was intrigued by the property and was potentially ready to make an offer.
So – long story short – when I discovered this property, I reached out to my contact... figuring that he would know someone who might be able to help me.
Within a matter of just a couple days of my friend making phone calls, I was introduced to an attorney who represented the bank that owned the property. He put me in touch with the right peeps and – voilà – I set up a meeting.
It was an insta-opportunity for me to meet with the bank and learn more about the property. And, it took very little effort and time on my part.
Bottom Line
The moral of the story…
Use your resources!
Build relationships and leverage your connections.
When you’re visiting a different city or closing on a property, take advantage of the opportunity to meet other people...
Network. Build rapport. Establish valuable relationships
Ready to get started?
If you’re serious about building your business, make an effort to build at least a few new relationships every week. You’ll be surprised how the potential property deals and information start to flood in.
How Do You Connect?
Got any tips about building relationships and networking? Share below.
Seize Every Opportunity. Heading to a new city or area to seek out properties? Reach out to contacts in that area – even if they have nothing to do with real estate investing. They could know of someone who can point you in the right direction.
Connect with the Newbies. Make an effort to reach out to brand-spankin’-new multi-family investors. Sometimes, their “freshness” means they have the enthusiasm, drive and motivation that experienced investors may have lost.
Get Out There. Whether you do business in one city or many, take a chance on finding new areas to invest in. The first step is simply to find professional connections in the cities or communities that interest you the most.
Christopher Urso
is the founder of URS Capital Partners and National REIS. Chris has been investing in real estate since 2001. Over the years he has been involved in all aspects of real estate, from single-family fix and flips, buy and hold cash flow houses, and finally to apartment buildings. His real estate investment career only took off when he purchased his first apartment building 3.5 years ago. He now controls over $15,000,000 of apartments and has raised over $8,000,000 of private money in just over 3 years. He now structures investment partnerships to acquire large apartment complexes and also private coaches investors helping them purchase their own apartment buildings.