Sometimes it can take some time to find your next rental investment. The length of time may depend on the market or how busy you are with other things in life. So, what do you do in between investments? As a serious real estate investor, there are some things you can do in the meantime that will help you continue your investing success.
- Connect with a realtor experienced in investments
If you haven’t already done so, start your search for a realtor that understands property investing. This way, you won’t have to deal with any newbie mistakes. Plus, an experienced realtor may have important connections for you, such as a lawyer, title company, or other investors for a possible joint venture.
- Get familiar with neighborhoods
If you have a smaller target area where you’re interested in investing, like a certain part of town, for example, get as familiar with that neighborhood as you can. You can drive around the neighborhood checking out the area, or better yet, get out and walk. Check for overgrown lawns and stickers on the window or door, which may signify vacancy. Talk to neighbors and gather some information about the homes in the area. By doing this, you may be able to spot a home that is ready to go into foreclosure or on the market, getting first dibs on it. You can also learn what streets you want to avoid when it comes to investing.
- Write a letter
When you do find a property that fits your criteria, what can you do? Write a letter explaining to the owners that you are interested in learning more about the home, and possibly buying it. While you’re in the waiting stage in between your investments, craft a great sales pitch letter that gets to the heart of the owner. Don’t tell them that their house is a mess and they need to sell it at a low price. That will surely offend them. Let them know how you can help them out in the case that they want to sell the home. Mention that you can save them money by not using a real estate agent. Let them know that even if they’re not interested in selling right now, keep your letter in case they change their mind in the future.
- Grow your wealth mindset
Take time regularly to grow personally and professionally. You want a successful business, and most likely you want to acquire wealth. If you talk to some of the wealthiest people around, they’ll tell you one thing they worked on continually was their mindset. They chose to believe that they could achieve wealth, that the opportunities would come, and that they had the courage, confidence, and wisdom to make the right choices for them. As you commit to grow your wealth mindset, feed your soul motivation and inspiration regularly. That may be listening to audiotapes, reading books, attending seminars, getting a mentor, and so on. Find out what keeps you motivated and on fire to become the best version of yourself and walk that path.
There are plenty of things you can do in between your investments. Take these tips into consideration as you continue your real estate investment journey looking for your next deal.