When we as real estate investors (and entrepreneurs at large for that matter) have our noses the the grindstone working hard on our core strategy we may be losing out on other opportunities in our investor networks. When we are at at a networking meeting often the focus is telling other investors or potential clients what we have on the books at any moment in time as well as what types of properties/deals that we are looking for that fit squarely within our standard wheel house. However, this could be limiting your profits in a huge way – often we may hear of a very large deal that a more experienced investor may be working on, or speaker, or partner of someone we do business with on a semi-frequent basis and dismiss that information as “nice to know” and file in a deep dark corner of our memory (or forget the project all together an hour later). These deals that could very well beyond the scope/resources of your company could be exactly what your next meeting (or their partners may be looking for) and you could get paid a referral that could be huge money just by keeping track of what other people are looking for! This strategy is not new in real estate or business in general lawyers/accountants are champions of this tactic to multiply their number of clients for both of their respective business – they are obviously complimentary services but there are these same parallels in the real estate game. Just think of a rent to own company and a busy mortgage broker – these two are like two peas in a pod for how their clients need the opposite services. There are many other pairings in real estate just like a fine wine and the right cheese! So I think it is very important to keep track (make some notes) of what your network of investors is up to because you can keep your ear to the ground and find the deal that has nothing to do with your core strategy that one of the people you have met could have been desperately searching for over the last few months or even years and trust me they WILL pay you for that connection! Therefore I say take a break from your core strategy just long enough to stay privy to the other deals you can’t execute on that you can put into the hands of another investor for huge profits and very little effort on your part!
To your success!