You know I'm sorry to break it to you
but you missed out. There's no more good
deals left in real estate.
None. We've already got them all so you
go back to your old life now. You know,
the one that you used to live because
you're not going to invest in real
estate. The party came, went, and you
completely missed out.
Sorry. Now, of course, I'm just kidding.
You can still invest in real estate, but
things have changed a little bit. Now, you
no longer can simply pick up a rock and
throw in any direction and break the
window of an amazing deal. Foreclosures
down, competitions up, and banks are once
again giving everyone with a pulse a loan.
Everyone's in this game, so if it's not
too late to jump in
what should you do? How do you find
success in real estate when everything's
hot?
Well, my name is Brandon Turner, author of
the Book on Rental Property Investing
and co-host of the BiggerPockets Podcast
and today i want to share with you the
three-part secret to invest in real
estate
even in a hot market. Number 1 - You must
be smarter. In the good old days it was hard
not to make money with real estate.
Almost everything was cheap and it all
made sense, but today you need to be
smarter than that. When looking for deals
you need to use your brain and ask
yourself some basic questions like where
are the great deals at in this market?
For example, maybe the A class
neighborhood is all bought out but
there's an up-and-coming neighborhood 15
minutes away that people are ignoring.
Maybe or what is the competition
actually doing right now and how can I
do something different? For example, if
everyone is buying on the MLS with an
agent
maybe I can do direct mail marketing or
driving four dollars or how can i find
properties with hidden potential? For
example, two-bedroom homes in my area
they don't sell very well, but three
bedroom homes do and so I look for two
bedroom houses that can be turned into a
three bedroom.
So in other words, you need to out think the
competition. Be smarter.
Additionally, you have to be smart about
the math when you're pursuing a deal. You
know there's too many idiots in today's
market right around buying deals that
will never make sense.
Don't worry when the next real estate
crash happens we'll all be there buying
up their properties.
Just make sure that's not you. So be
smart about your purchases. Right, number
two - You must be faster. Now, good deals
still exist, but they are often snatched
up before you have a chance to get them
by investors like me. So if you want to
get good deals then you need to be fast.
This means first of all, get your
finances together so you don't have to
figure it out later.
Secondly, get automatic email or text
message alerts with your real estate
agent setup. You'll be the first one to
jump on deals or maybe even get your own
license. Third, when you find a potential
deal, walk through the same day and be
prepared to make an offer that very same
day. You gotta be quick. And last, don't
let fear slow you down just keep moving
forward.
Ok, on to number three - You must think
differently. Strategies shift all the
time in real estate. What might've worked
a few years ago might not work today and
that's okay.
Fortune favors those who think
differently. For example, maybe prices
have gone up too much in your area to
make a rental makes sense but maybe a
flip could work or maybe you could turn
the property to an Airbnb, the short-term
vacation rental or maybe you could take
the existing house, demolish it and build
something new. This is what it means to
think differently. It's all about
thinking outside the box. Find a solution
to the real estate problem that no one
else has thought of doing.
That's how you find these these cool
deals these great deals in today's
market. Remember, all the great deals are
not gone, they still can
be found but you have to work harder, you
gotta be smarter, you gotta be faster and
you gotta hustle.
So are you willing to do that? I guess
the big question here -
ask yourself are you willing to hustle?
Are you willing to do what it takes to
find a good deal?
Now, if you enjoy this video today I want
to ask you just three quick favors.
Number one, when you click the plus or
the thumbs-up sign on this video letting
the YouTube world know that it's a good
video. Number two, will you do me a favor
and sign up for this week's bigger
pockets webinar? I want to hang out with
you live in person.
Well this in person on a video.
BiggerPockets.com/webinar - we do them
every week free online classes and third
if you enjoyed this video give me a
favor and share it on your facebook wall
or on your Twitter feed or whatever
snapchat thing you use. I don't know what
all the kids are using these days.
Share this video and let your family and
friends know that as well that it is not
too late to invest in real estate! For
BiggerPockets.com my name is
Brandon Turner. Signing Off