You’ve decided to be a real estate entrepreneur.
You know what that means, right?
Now you have to be the best P.I.G. you have ever been. No, no… I’m not talking about a guy or gal who leaves socks on the ground for other people to pick up or that person who leaves dirty dishes everywhere.
Being a P.I.G. means you are now a Professional Information Gatherer!
This is such an important part of being a successful real estate entrepreneur I’ve devoted a lot of time talking about it in my book, in livestreams, in podcast interviews, in my own Cash Flow Diary podcast and even in my YouTube videos. Here’s one for you to watch right now…As the best P.I.G. you can be you will always be on the lookout for buyers, sellers and investors. You’ll be on the lookout for properties… a.k.a., deals at discounts.
Being a good P.I.G. in your real estate investing business means you’re going to find out what the marketplace wants, how to serve the marketplace, how to deliver your services, what have others tried that didn’t go well so you can avoid doing that stuff.
You also need to learn how to gather information in a professional manner, especially when you’re gathering some of the basic data from people you meet on the street, so you can do business with them. (You know, like their name, phone number and email address, so you can invite them to your next Cashflow game.)
You will also L@@K at things differently…
Lots of things, like how about the news?
As a P.I.G. who is building your real estate investing business, you’re going to look at the news differently… with different ears. That’s a promise. You’re going to process the information you see and hear on the news from the viewpoint of someone who earns income as a real estate entrepreneur.
Why? Well, when you get good at gathering information and then using the data to find the best properties in which to invest you’re going to be way ahead of the rest.
The news (in whichever deliverable format you prefer) is your friend when you’re looking to earn cashflow from your properties. The news tells you what’s going on in your neighborhood as well as neighborhoods across the country and the globe.
Where other readers will simply see chaos, you’re going to spot opportunities. Where others see news of layoffs or a company closing shop to move across the country to open operations there as a sad event… you’re going to see massive opportunity.
Once you open that tap, you won’t be able to shut it off.
Since everyone needs a place to live, work, play and lay that means they need real estate. As a real estate entrepreneur you can provide what they need.
If it’s housing, excellent! You can invest in the type of housing they need. If that means single-family homes, multifamily properties or apartment buildings, you can provide it.
If it’s transitional housing for corporate executives who need a landing pad until they can find their dream house when starting a new job across the country in new lands, you can provide that, too. (It’s called corporate housing and it is a lucrative space.)
Even if the need is for quality vacation rental housing, I promise that you can provide that type of housing, too. And, boy, can it bring a whole lotta cashflow. I’ll save this topic for another day, however.
The point is that when you become a P.I.G., you’ll know what buyers and renters are looking for in housing, which problems you can solve, which types of investors you need to align yourself with so you don’t have to use your own cash or credit to get deals done, and how to best serve your customer… your tenants or your buyers.
Where can you start?
Truth is that there are lots and lots of sources for the information you need as a real estate entrepreneur. Here are just 10… and yes I said “just 10,” because there are more sources available to you. Right now, let’s start with these:
1) Talk radio – You can listen to talk radio all day and night. When driving in your car, why not flip on a local or national talk radio channel? There are lots of shows to choose from.You’ll hear the news about what’s going on not just in your area but everywhere. You’ll find out where big companies are moving, like Tesla moving its battery manufacturing to Reno. People will have to move to Reno to follow the jobs, and they’re gonna need housing. (Ahem… that’s called a clue.)
2) TV talk shows – Just like talk radio, there is an endless supply of talk shows on TV. You learn a lot from the newsy news shows, but you can also learn from the opening monologue of a late-night show. The host makes jokes about the big news headlines, right?If the host says something interesting that you feel relates to housing needs and trends, it’s time to head off and do some research. GATHER INFORMATION.
3) Newspapers – Every time I open the newspaper I see opportunities related to real estate. Maybe it’s housing; maybe it’s entertainment venues people say they wantin their neck of the woods. Open the paper anywhere. Start reading. Disseminate the information. Check the business section. Check the lifestyle section. Look for clues.
4) Daily newscasts (local, regional, national and international) – If you don’t like to read, there are plenty of news stations online, on TV and on the radio. Watch the news. Learn what’s going on in your neighborhood, your city, your state and the world. The news affects you as a real estate entrepreneur. If you want to provide clean, safe, affordable housing like I do, well, you gotta stay up on the latest news!
5) Podcasts – As you know, my Cash Flow Diary podcast is pretty popular. Why do you think that is? Simply, it’s because I share my knowledge about how to acquire properties using little or none of your own cash or credit, how to do bigger and bigger deals, how to take down apartment buildings, do commercial real estate and most recently vacation rentals. It is really good stuff. Plus, I have guests who come to talk about what they do in real estate and as entrepreneurs. The information they share is massive and invaluable. Mine is not the only podcast in town, so don’t stop at just listening to mine. Browse iTunes and find all those that resonate with you as a P.I.G. (that bring value and clues).
6) Print and online magazines – There are free magazines and those you pay for. Either way, you can get a lot of great information about opportunities in real estate trends in magazines. If you think I’m talking only about those magazines devoted to topics in real estate you’d be wrong. There is usable information in travel magazines, home design magazines, family magazines, news magazines, trendy magazines and all the rest. Heck, the covers alone will give you clues! Browse them when standing in line anywhere and see what I mean. (That said, avoid the tabloids, cuz they aren’t so truthful… but there are clues you can use even in them if you want to deal with celebrity properties. Maybe that’s how all those wealthy real estate agents to the stars got their start, huh?)
7) HARO – This is short for “Help A Reporter Out,” and you can sign up to receive twice-daily emails to your favorite email in-box. This is a gathering of stories that editors from around the world are working on. These editors need help in your area of expertise. They may want to interview you! Even if you don’t have anything to share with the editors looking for experts in your field… which would be real estate trends… you can still gather a great clues about trends in real estate markets. Look in the business categories and you’ll see what I mean! (There are reasons the reporters are asking the questions.)
8) Business feeds – What happens when a large company announces a move or a big layoff? That’s what I call a HUGE clue! You can have stories of interest delivered right to your in-box every day when you sign up for the RSS feeds that focus on business, real estate investing, investing in general and related news. Just tell Google, for example, what you want to land in your in-box and it will happen.
9) Social media – What’s trending? There’s a real quick way to find out. Visit Periscope and Twitter; take the pulse of America and the world. Find like-minded people and follow them. Start conversations. The same goes for Facebook and Linked In. The list of social media sites goes on and on. You can’t be everywhere at the same time, so pick a handful social media spaces you like and use them to spread the message of what you do and about your goals. For a more localized approach, try Meetup.com. There’s a group for every focus. Use livestreaming to your advantage, too. But don’t just watch it; jump in there and start livestreaming. Tell them you’re gathering intel so you can share it with your viewers, maintaining your focus on the types of deals you’re looking to do. This takes time; success is never an overnight thing… not even as a P.I.G.
Follow me on Periscope and stay up on the latest trends in real estate investing!
10) Gather info the old fashioned-way… from other humans – If you want to know what’s going on with a specific property or neighborhood, head over there and start chatting with people who live there. Neighbors know a lot about what’s going on with different properties and their owners. Go to the city and talk to the people behind the desk at the Zoning and Planning Departments. It’s amazing what happens when you learn how to start conversations and use your words works. Develop a nice conversational style and you’ll be amazed by how much information people divulge. They love to share this information. They want to feel helpful. Let them. Don’t give them the 10th degree treatment. Just have a conversation with them. You will walk away with tons of information you can use.
Want even more great information you can use right now?
If you like tips like the ones you’ve just read in this article, I have great news. There’s plenty more where this came from. The articles in this blog are meant to educate. You’ll get lots of practice at being a P.I.G. here, too. There’s a bunch of articles and videos here that will help you move further down your path as a real estate entrepreneur and investor.
You’ll get tips on everything from how to hone your wholesaling skills, to how to invest in multifamily properties, to how to raise private capital for all your deals.
And just in case you’ve ever wondered how I take down deal after deal after deal, no matter what type of property I’m focusing on at any given time while using zero of my own cash or credit, here’s another thing you’re going to want to take a look at…