As we grow our operation we are constantly re-focusing our efforts on what is most important in this business. The focus is make your phone ring in all aspects of this business. Build relationships with asset managers, real estate agents, wholesalers, buyers and motivated sellers. Your business will quickly die, if you can’t make your phone ring.
Six months ago we completely stopped looking at properties because we had six retail renovations on the go and a couple properties in escrow. We stopped working with agents and our phone stopped ringing with new property opportunities. In early July, we started looking at property again and it felt like we were starting from scratch. After 30 days of hustling and making calls we got pretty discouraged as we couldn’t buy anything, the agents we worked with before needed some time and a reminder that we are buyers again.
Fast forward to March 12th, we have bought or put seven houses in contract in the last 1.5 months. We have learned the hard way, never stop buying, always make your phone ring. This made us decide to concentrate on wholesaling a couple more houses so we can always be looking for new inventory. So for House #21 we decided we would turn it for a quick profit, we could retail or rent it, but we got a decent offer, so we put it in escrow. It should close by the end of the month.
Don’t forget what makes you money, MAKE THAT PHONE RING!