Short -Term Strategy / Instant Cash Profits
Most of us starting out as a real estate investor are looking for fast cash and this can be done in real estate but you must establish your short-term strategy or goal if you will.
Most likely your initial goals will be to:
- Acquire cash for your lifestyle.
- Solve current problems. Perhaps you want to supplement your income or get out of debt.
- Develop buyers for your deals. Try to sell before you buy. Begin to develop a database of buyers to sell properties immediately.
- Reward yourself. Set up a series of personal rewards when you buy, sell, assign or acquire a property. Make it fun. Make your goal list complete by scheduling rewards when you achieve certain levels.
Cash in your hands is gratifying. It will motivate you to pursue more transactions.
When first starting out as an investor with limited or no credit and or limited or no cash you have one great option as an investor and that is to simply get a property under contract and sell it as fast as you can.
A great way to get this started is to simply let people know you buy and sell real estate by marketing your service in newspapers, passing out business cards, direct mail, door hangers and direct cold calling.
I use upcoming foreclosure sales to determine my market area of interest.
All my marketing will have an emphasis of selling and than to buy.
I then run two adds "One to buy" and "One to sell".
I have what is called an in sight rule when it comes to business cards "If you are in my sight you get a card"! I will chart out my market area on a map and will pin point my first areas to market my business cards by first locating within a 25 mile radius of my market area libraries, hardware stores, restaurants, other retail establishments of high traffic and I now go to work passing out business cards. Leaving them in restrooms, on counters, on paint cans, in home repair books, in credit repair books, in bankruptcy books and the list goes on.
I have flyers made up to advertise I buy and sell real estate. I try to get local advertisements placed on the back side to cover my printing and distribution cost and some times I even make a profit off this.
Now I place signs near my market area.
Now I go to the library and get the old Polk Directory out and start my direct mail campaign to my market area and at the same time I start listing their phone #'s for my cold calling program.
Look at it this way, you are marketing a service and you must let all know what your service is.
You must dream big, if you dream small your outcome will be small!
You must work hard at first because with hard work the payoff in the long run will create results for a lifetime.
Not only will these type of marketing avenues work with RE, but with just about any type of service business as well!