This article is a continuation in the series “Becoming a full time real estate investor“
As a full time Canadian real estate investor, we need to everything we can to create business for ourselves that is outside of the conventional method of buying a property. This typically is purchasing property with our own money witch includes an exit strategy of either becoming a landlord or fixing property up and selling it. This is buying yourself a part time job which usually includes a full time job time requirement.
There is a better way
We must create a network for ourselves where we are attracting deals to us on a regular basis. These deals are such that we can either close them ourselves or create one of many better strategies which prevents us from having liability in the deal or any of our own money, but provide the financial results we desire.
How do we do this?
First, we need to create a network. This network will include many categories but must include a database of investors. Something as simple as getting to know other investors that are renovators as a source to send deals to sounds simple, but it is not as easy as it may sound.
One must join a local real estate investors networking group. These groups provide both education as well as great networking opportunities. This means getting to understand what each investor does or likes to do as part of their investing strategy.
Increase your bottom line
Once we understand what their desire is, then we can fulfill that desire by finding properties for these other investors and making money as a result. Those investors who may perhaps like to close properties in a conventional manner by putting their on money and becoming a landlord or renovator are the perfect people for our database. In this way, you are expanding the amount of deals you can do, and thus increasing your bottom line.
Regular streams of income
We can also similarly network at a local Chamber of Commerce or Board of Trade. These groups have members in various businesses. Often there are realtors; mortgage brokers, as well as other professionals in business. We must let them know that we are a professional real estate investor and we give referrals for great deals they provide us. Or perhaps we can help their business by closing quickly on properties, or finding candidates to increase their closing ratios, at the same time we help ourselves, then we can start forming regular streams of income.
There are so many advantages for networking with other investors in order to produce both massive and passive income. When you come across a like-minded individual, based on your knowledge and skill, you are able to continually expand your business by creating more deals, and are able to move forward towards a successful business.
Canadian Wealth Builders offers many unique, practical, out of the box real estate investor trainings which offer the student hands on, in the trenches style instruction. To find out more, please go to www.canadianwealthbuilders.com