I received an email from a guy who I considered to be one of the hustlers of all hustlers. This guy found me on the internet and some how we clicked and we’ve been sharing ideas, business strategies, marketing concepts, and etc… This post isn’t about him but an email he sent to me. I’ll give you the short version…
Imagine your business as a garden. Not a garden at a luxury home where the
owners over-pay to have fully grown plants “installed” to make a garden
appear in an afternoon…no, no, no…a garden the old fashioned way. With
good nutrient-rich soil waiting to accept seeds. A garden which provides
all the food, nutrition and stores you will ever need. You have prepped the
soil, you’ve done your space planning, (…I will have potatoes here, two
rows of corn here, some green beans there, broccoli over there, squash
there, and perennials over here just for fun…). You have been planting
seeds and watering for 3 months now. A very good start.Every conversation you have with a potential seller plants another seed in
your garden. No one can rush the sun, seed and water. You cannot can
control which seeds grow and which do not.San Diego has perhaps the best growing climate in the US – which is one
reason why I’m bringing my family from the frozen tundra of Minnesota to
visit San Diego the last week of March this year. Remember the garden:
prep, sow, sow, sow, water, rest. Weed, water, rest. And you will reap.
All in good time. The prospecting you do today will sprout in 60-90 days.
Momentum begets momentum.If pricing is out of whack in CA on the assets you’ve been looking at,
consider expanding your garden. Take out some more sod and prep more soil.
Make your garden bigger. What opportunities might you be missing on other
property types?We just met a guy who for 10 years has specialized in one thing: selling oil
change service stations all over the US. He’s sold over 900 of them….900.
At over $50,000 commission per deal. Now, he’s not buying notes, but when
he started he didn’t know jack about oil change stations, but he learned.My point is, there might be a particular property type in your market that
is getting less attention than resi; where there are still dislocated prices
available. What is that property type? This is the question for you to
answer. Ask the bankers that you talk to: “what is your biggest challenge
right now?” or “What’s the toughest part of your portfolio to work out
right now?” When you identify the asset types that are causing the banks
the most difficulty, do some research and find the 10 biggest owners of that
property type in the county. Get a meeting with them. If they’ve been
owners for over 10 years, they might have cash and want to buy more.Or, try a different route on resi. In dry spells, I’ve been known to hunt
for vacant single family houses (by driving around [my favorite], or getting
lists from cities) and do free title work on them at the county and find out
which mtg company holds the paper and make an offer to buy the paper
highlighting the many problems (city code violations, nuisance orders,
damage, etc.) Continued…
I’ve learned from a mentor of mine… that our income is directly proportionate to the size of the problem you solve. If you’re a hamburger flipper, what type of problem are you solving? If you’re a brain surgeon, what type of problem are you solving? You get the point?….
As a real estate investor your business is NOT real estate. You as a business owners is to MARKET your business. This was one of the biggest paradigm shift I got. Concept is simple… become a better marketer than your competition by solving bigger problems. Simple enough right? So go out there and plant your seeds to, water them, watch it grow….
One of my favorite quotes is
Life responds to deserve and not to need. It doesn’t say, “If you need, you will reap”. It says, “if you plant, you will reap.” The guys says, “I really need to reap.” Then you really need to plant. – Jim Rohn
Become Extraordinary,
Jeff Coga
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