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Building an investor list is the key to success in real estate investing. The concept is simple: Find a list of investors who buy houses, then go out and find the inventory to flip to such investors. Let these investors know that you buy houses, too. The more people in your network, the easier it will be to buy and sell houses.
Building an investor list is easy, in fact, “ITS MAGIC.” Here’s how the acronym plays out:
I - Have an identity: Superman has an identity. Batman has an identity. Do you have an identity? When you go to meetings like your local real estate investors’ club, people need to remember you.
Wear the same pink tie, yellow shirt, or red hat so people always remember you. You want people to identify you with something they can remember, so they will always call you when they want to buy houses from you or when you call them to sell them houses.
T - Title records: Sophisticated investors who buy and sell a lot of houses will show up over and over again on the title records. Get access to local records through your friendly real estate broker or title company. Make note of the names that come up over and over again. Put these people on your list.
S - Street signs: You see them everywhere: “We Buy Houses” signs stapled to a telephone pole or stuck in the ground. Call them. If they really buy houses, you want these people on your investor list. And, if they come across deals that they don’t want, make sure they know to call you.
M - Marketing: Do some good marketing to generate a list. Start with a good business card and brochure and pass them out to everyone you know. Ask your title company rep if you can leave brochures in their office, so when other investors close deals, they can be introduced to you. Your goal should be to pass out 500 business cards a month or more.
A - Auctions: Auctions attract lots of investors. Go to local foreclosure auctions and pass out your card. Collect the cards of others you meet to generate your investor list.
G - Groups: Join every business group that has luncheons or meetings. Investors or potential investors come in every walk of life. And, people who are not investors will call you when they come across a house in foreclosure or a couple in divorce. Everyone within your influence should know what kind of business you are in, so they can refer business to you.
I - Internet: The Internet is loaded with real estate message boards and discussion groups where investors congregate. [Check out the CRE Online Main Real Estate Forum and other discussions.]
(Even if people you meet on these boards are located in other states, keep them on your list. You never know when you will come across someone who has moved to their city or when they will come across someone who is moving to yours.)
C - Real estate investment clubs: Obviously, this would be a great place to get some names from, for your list. If you are not part of any investor clubs in your area, you should seriously consider getting involved.
this article was written in collaboration with bob yeager and more information like this can be found as well as a free private money report at http://report.privatemoney4deals.com