If you want to be successful at real estate investing and find your diamond in the rough, listen more than you talk. Listen for the word on the street. The buzz. Not just what the news is saying, but rather what people are informally talking about. Shop owners, other apartment owners, neighbors, utility meter readers, cable technicians, mail carriers, UPS carriers, everyone who spends time in the market.
Listen to what the insiders on your team are talking about. Listen to where they say they are going next. But don’t be fooled by rumors. If you hear something, verify it with your team of experts and others with opinions that matter.
I believe in my network, and I make a point of keeping in touch with everyone in it regularly. There are people who I go to lunch with just to listen to what they have to say and to find out what they are doing. Eventually, you’ll hear about things you’ll read in the paper weeks later. That’s being on the front of the wave, and for any real estate investor, that’s where you want to be.
To learn more about entrepreneurship or real estate investing and how to get started, click here.