You’ve most likely heard the phrase, “Your Network is your Net Worth”. In real estate investing, this is absolutely true. Without a solid network, growth is slower because you don’t have recommendations and connections to help speed things up. You’re also likely missing out deals.
In our Investor Fuel Mastermind group, members are frequently posting about leads they have in other areas of the country that they don’t market in. These are one-off leads that might be lucrative, but someone in the market needs to analyze them. Typically, there’s a member either in that market or close enough that they’re willing to take a look.
If it works out, both members made money and it’s a win-win.
Without that type of network, that lead would likely be lost and you left money on the table.
With a nationwide network, you have SO much knowledge at your fingertips, if you create genuine relationships and don’t just go to them when you need something. It’s good to always have a giving mindset, in general. You can keep up with the latest strategies in other markets so that you can keep an edge in your local market by having open communication with other investors.
Tools and apps in the real estate investing industry are constantly changing and it’s good to know what’s coming out soon and the results others are having so you can make the best decision on what to use for your own business.
In addition, it’s easier to have accountability partners who are in other markets because you aren’t sharing your strategies and track records with your competitors. By having an accountability partner, you can stay motivated and have a sounding board when you’re struggling.
We all know real estate investing can be a lonely business. Create a genuine network of investors and vendors who are like-minded and who push you to be your best version of yourself. Always try to provide value to them and when you need something, they’ll be there for you.