Networking and friends in the business

Hey Folks,
How are you today?
Me? I’m doing GREAT, the weather finally came back to Florida. We are currently in the upper 70′s, with sun and blue sky.
About time!
Supposed to be back in the lower 80′s this weekend……….Sunny Florida is once again, the sunshine state.

I wanted to touch on something that has never been my strong point……….networking.
See, I don’t play well with others, and therefore, don’t really have a LARGE local network.
People get on my nerves, so I prefer to go it alone, when I can.
I know this is something I should work on, and do here and there.
However, whether I like it or not, in the course of business, I’ve managed to make some friends and contacts.
Thankfully, these folks put up with my obnoxious self.
Thing is, when I have something to offer, or come accross an opportunity that might not fit into my plans, I can call on these folks and pass it along.

Today, my phone was rather active, as I was either on it tracking down leads, working with lenders, etc, or, folks were calling me.
Thanks to some of my network of friends and associates, I had a few things handed to me today.
Some I cannot mention, because they are not done deals, yet.
The other, a couple of houses we will be looking to wholesale.
Thanks Dan.
A private lender has a couple he has gotten back from defaults, and he lives out of state. I know the area, have buyers, and really think we can move these for him.
The lesson learned here, again (for about the 100th time for me), is that networking does really have value.

I have, thanks to years in the business, basically have a team in place, but realized, once again today, there is always room for more.

So, todays post is about networking, and making friends in the investing world, whether they be other investors, or vendors/businesses that you may transact with, or refer to on occassion.
Not to mention, having like minded folks to talk to…….in this business, that’s a BIG Bonus.

Where to network is usually the first question my students ask. My answers are not always conventional. Most folks suggest attending a local REI club meeting, and that is a good idea.
Thing is, I prefer to have my own team of folks, special folks, who might think WAY outside the box, and actually be acting on it.
I’ve found, at some clubs, there are real investors, active ones, and they all work together to a degree. Then there is a slew of wannabes who hang out, study, talk, and never take action.
I don’t have time for that.
So, sure, attend club meetings.

Then, think about who else you need in your business. RE agents, brokers, title companies, mortgage/lender reps, repairs folks, etc.
Chamber of commerce lunches and charity events are GREAT places to meet folks and network.
I attended a lawyers luncheon here a few years ago, and met some title company folks, and two lawyers.
I use one for RE, the other for collections.

The best way I’ve discovered and developed relationships with important members of my team is simply by talking.
I tell everyone what I do, share business cards, buy drinks, coffee, lunches, etc, with anyone running any kind of business.
One of my private money lenders locally, I met while waiting for my car to be washed. He owns the car wash, and saw my biker vest with a patch on the back that reads, “I Buy Houses, www.BikerJim.com”
We talked, and he’s been on board for a couple deals where we needed cash fast.
He also has people who work for him that he has offered to me as cheap labor for cleanouts, etc.

Thing is, I would have never met this guy at an REIA club meeting, or the chamber of commerce.

My insurance agent, met him at a bar, we threw darts, played pool, talked a little shop………several beers later, we had exchanged numbers and set a time to meet the next day. He saved me a bunch on insurance for cars, rentals, and personal residence, etc.
Right as my kids began driving too…….All because I opened my mouth, then my ears.

Met some one the other day who inspects houses for lenders, and has a list of houses that his lender told him he could have first crack at. (a small local lender, it’s a part time gig for the guy).
I think he uses the inspection gig to get wholesale deals……..fine with me, he has some buyers, as do I…….surely we can work something out.

Bottom line, networking has value, and no matter how multi-talented an investor may think they are, or how much ability/skill they have to do things for themselves, time is money and networking can help you utilize your time more efficiently. Using the talent of others for mutual benefit, simply makes life a little nicer.
I’m at the point now, where I can get a lead in my office, and basically do the entire deal from here, with others doing all the footwork, etc. Due in large part to my begrudgingly networked associates and friends.

So, been kind busy here, and thanks to those folks, everything will get done……….and I won’t have to do it all.

I also have a couple of other things in the works.
Looks like a 3 house week so far………wonder what next week will bring.

Happy Investing, and keep the rubber side down,
Jim
The Biker Who Buys Houses