Everyone knows about OPM- Other People's Money. If you are a professional real estate investor, you need to know about the other OPM- Other People's Minds!
Whether you are a brand new investor or a seasoned veteran about to retire, akey to success is knowing other people who can help you find, structure, finance, close, hold, and exit properties over and over again. Where can you go to find advice? Of course, there are the usual suspects:
- Real Estate Brokers
- Loan Officers (Traditional)
- Loan Officers (Short-term)
- Contractors of all types
- Title Officers
- Property Managers
- Real Estate Lawyers
- Financial Consultants
These are all good sources, especially if you are their client! The challenge is that their experience may be limited in scope to their area of expertise. Ideally, all of these people that you work with will be real estate investors themselves.
Give a Little, Get a
Local real estate investment clubs are a great source of free or inexpensive advice. Where else can you go to find dozens, maybe even hundreds, of other real estate investors who have understand the complete picture?!! Real estate investors are generally generous individuals and are willing to share with anyone who asks for help.
What do they expect in return? Reciprocation. Expect to give back through advice in your area of expertise, a lead on a good property that doesn’t fit your business model, or maybe just paying for lunch when you meet!
Here is the contact for a club thatt Clear Day Capital attends and supports:
Shawn Watkins (801) 678-1901 firstname.lastname@example.org
Of course, real estate clubs can be found all over the country. Find a state-by-state listing of clubs at http://www.reiclub.com/real-estate-clubs.php
So what is OPM2? Using other people money and minds! The two together are a powerful combination. Make sure that you are connecting with experienced real estate investors. Your business will grow, and so will theirs!
Reminders About Other People's Minds
- Send an e-mail to Clear Day Capital. We are all experienced investors and we would love to help you work out a deal or introduce you to someone who knows how to make things happen!
- Stay in touch! We suggest e-mail and we use iContact. It’s fast, it’s easy, it’s inexpensive. Want a free trial? Click here: Free 30-day iContact Trial