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3 Steps to a Deal Flow Machine

By: Dike Drummond MD

Real Estate Investing is like fishing in some ways. You have to learn how to find the Big Ones without working too hard.

I have been a fly fisherman for years and even dabble in tying my own flies.

Stop for a second on the river and you will see that the big fish aren't the ones you see splashing on the surface, eating flies.

No ... the really big fish don't like to waste that much energy. They like the food to come to them.

Polarized sunglasses will let you see the really big fish sitting quietly behind each rock and stump on the bottom of the stream.

They park themselves behind the obstructions waiting for dinner to come to them. When a bug floats by it just takes a little turn of the head to grab their dinner and settle back in.

Real Estate Investing like a Big Fish means getting great deals to flow over your desk every day.

I am talking about Deal Flow here. Deal Flow is when Projects come to You

You play the Big Fish and nab the best deals as they stream by and you can create a system that makes this flow happen automatically with these three steps.

Step 1) Set Perfectly Clear Goals

Grab a pen and some paper and write down your goals for your Real Estate investments in the next 18 months.

- What property purchases do you want to make?

- How many deals do you want to do and what dollar amount?

- What amount do you want to add to your Net Worth?

With clear answers to these questions ... I mean real clarity on these goals ... you are ready for the next step.

Step 2) Constructing Your Network

Get the word out. Let EVERYONE you know in on your goals, especially if they have a business reason for helpin you reach them.

The more people you tell, the more people will be in a position to give you just what you are looking for. And people love to help. I can guarantee you this ...

If you are not satisfied with the number of deals coming your way it is because not enough people know what you are looking for.

The Bigger Your Network, the Better Time for High Gear

Make a conscious plan to expand your network with people who you know can help you reach your goals.

Go through your contact list and pick

- several Real Estate Agents/Brokers

- A Title Company or three

- Real Estate Lawyers

- Several Mortgage Brokers

- Some Accountants and book keepers

- A couple of Appraisers

- Property Managers

- Bankers/Lenders

- 1031 Exchange Agents and more

Everyone you know and everyone in your target market who would profit from helping you on a project - and TELL THEM ALL what you are looking for in this next year.

Leave them your business card and make sure you keep in contact every several months to stay in touch.

Now let's put it into high gear.

Step 3) Put Energy in BEFORE You Expect a Return

As you are building your Network remember to make it work in both directions. You give time and support to the people in the Network and they will do the same for you. That's how you get the Deal Flow started.

The Key? Give others what they want and they will give you what you want.

Every chance you get ask your Network members for their goals and then help them get there whenever you get the chance.

If you are looking for raw land and your friend is looking for apartments ... and you stumble on a great apartment deal - tell them about it. I guarantee this good deed will come back to "haunt you" in the form of a lead from your friend on just the raw land deal you like the most.

It can be as simple as these three steps

1) Know Your Goals

3) Grow Your Network and Feed it Well

3) Help Your Network Reach Their Goals

Remember the big trout at the bottom of the stream. The current brought the food right to them. Your Network will do the exact same thing. Your Network is your current.

Practice the three steps every day with patience and persistence and in a few months you will see Deal Flow that can last as long as you want.

Then you can sit back like the Big Fish in the stream - watching the deals flow by - and reach out and grab only the really profitable ones to acquire.

Article Source: http://www.simplepetcare.com/pet-articles

If you are currently investing money you can join in on Dr. Drummond's Deal Flow of Commercial Property Investment Opportunities by clicking these links.
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