Finding New Prospects for Real Estate Investing

Today we’re going to talk about some strategies for building your real estate investing business plan and some specifics of how I go about growing my portfolio. Your plan should be comprehensive and well thought out to help ensure you are successful. It should include a clear vision, objectives, strategies, and actionable steps that outline the path to achieving your goals.

The first step in creating a business plan is to identify your vision or goal. Do some research and answer the following questions: 

  1. How many properties do I want to purchase? Remember that more properties will require more capital, more risk, and more management responsibility for you (even if you use a management company). 
  2. What types of real estate do I want to invest in?  This could include homes, duplexes, apartment complexes, storage units, and a variety of other commercial options. 
  3. What are my criteria for deciding on an investment? Run the numbers with my calculator app (on iPhone or Android) to enter in all the variables and see what kind of output you get. Browse my other articles to learn about my criteria and tweak them to meet your needs. 

After you have identified your primary goals by answering the questions above, it’s time to create an overall strategy for reaching those goals. Consider all steps of the process and the standards of the industry such as marketing plans, capital requirements, risk mitigation strategies and legal considerations when developing your strategy.

Look for local real estate listings in newspapers, local news websites, pamphlets at gas stations, grocery stores, and libraries. Check sites like Craigslist and Zillow to see what’s available in your area. Talk to local landlords, go look at properties and do as much research as possible to see who is buying and at what price.

Once you have a good understanding of your target market, it is time to start looking for investment opportunities. One of the best ways to find new properties in the real estate market is through networking and referrals. Talk to real estate agents who are experienced in buying, selling, or leasing local properties — such as agents at other firms, mortgage brokers, home inspectors, title companies and appraisers — as they often know people who are selling property. Reach out to former clients and ask if they know anyone needing help with their real estate needs. I would also consider joining professional organizations that specialize in working with sellers and buyers; these groups can provide valuable contacts and resources.

You should also take advantage of digital marketing opportunities available online. Develop an engaging website that includes listings of your properties for rent with professional photos and helpful articles on buying or selling property. If you are utilizing a property management company to handle your rentals, they may take care of this aspect for you. 

Use social media to reach out to potential customers; people are often searching for real estate info and you can provide it. Make sure your website and social media accounts contain up-to-date information about properties available and any services you offer, such as financing help.

If you are ready to get really embedded in the industry, you could attend trade shows, conventions, open houses and other events that may attract property sellers and other valuable contacts for your business. You can also advertise at these events or pass out flyers or business cards with contact information so people know how to reach you when they’re ready to sell a property that meets your criteria.

By taking the time to get to know your target customers and reaching out through networking, digital marketing and local events, you can quickly find new customers in the real estate market. With a strong focus on customer service and providing helpful resources throughout the process, you can ensure that those customers become loyal clients for years to come.

If you want to get into the nitty gritty with me, pick up my real estate training course for a more in depth understanding of this whole process. My goal is to help you build a huge passive income by investing in real estate, and by setting up a well thought out business plan you will be well on your way to getting there.