Starting out on the journey of getting your first deal done is a scary proposition. What do you do first. Where do you go? Who do you contact. Which guru method do you follow?
Step 1: Pick Your Marketplace. This is where it all starts. What State will you be doing business in? What City? What County? You need to get granular here. You need to start making decisions based on data. No emotion! Pure data. You need to do business in a market where other investors are actively purchasing investment properties. Why? Because these are the people you will ultimately be selling deals to.
Step 2: Start Generating Leads. Marketing is the life-blood of your business. If you have no ability to place yourself in front of Private home owners, then you will not last long. This business is all about getting the phone to ring. One of my favorite sources to target is probate. These are people that are in charge of a property in which the original owner has passed away. There is alot of potential motivation here.
Step 3: Convert Leads into Contracts. If you market, but have no ability to actually convert those leads into contracts, then you are basically lighting your money on fire. That's not a good feeling. This is a marketing AND sales business. You have to have a proven sales process that can turn your cold leads into people signing purchase agreements with you to sell their property.
Step 4: Get Your Deals Sold. It's great that you get deals under contact, however you're only 2/3's of the way home. Now you must get the deals sold and to the closing table. This is the best feeling ever. This is the easiest part of the journey. The reality is, if you've got as good deal....all you have to do is get the right exposure for it.
