Business Management

Approach Every Property With an Open Mind

Expertise: Real Estate Investing Basics, Landlording & Rental Properties, Real Estate News & Commentary, Mortgages & Creative Financing, Real Estate Wholesaling, Personal Development, Flipping Houses, Business Management, Real Estate Deal Analysis & Advice
189 Articles Written
Open Mind

With the real estate market changing as quickly as it is right now, it's important that investors not forget to adapt to these changes. Here in Atlanta, our market is being dramatically affected by the tremendous amount of institutional investment money competing for single family properties. Add to this the quickly diminishing supply of inventory and you can imagine what's happening to the average investor in this market. While it's amazing to watch the kind of upward pressure we are seeing on prices, it's forced investors to adapt quickly.

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Just in the last few months, I’ve been reminded how important it is to have an arsenal of strategies to employ for many different properties and situations. With fewer houses available, the need for creativity becomes even greater.

For example, most of the homes that I purchase are fully renovated, then rented and sold turn-key.  That’s my primary business model. However, there are occasionally properties  where  the numbers don’t quite justify my traditional model.  At the same time, the property still might make sense to wholesale to another local investor, owner occupant or even  hedge fund at a slight mark-up. Rather than walking away from the deal altogether because it doesn’t fit my “typical” investment, I’m able to turn a quick profit and move on to the next deal.

The Importance of Education and Networking

A big part of learning to adapt strategies midstream is education and networking. It’s taken some time to network and build a decent buyers list, but once you’ve put some time and effort into getting to know other investors and buyers, it makes it much easier to tailor certain opportunities to specific buyers.  Not only this, you get to know which attorneys specialize in these areas and can help you work through any challenges or road blocks that may arise from a particular transaction.

Over time, you’ll be able to do more deals because your buying criteria becomes less stringent as you become more familiar with additional exit strategies and buyers.  I believe the need to continually learn and network is one of the most important principles in real estate investing.  Not only does it allow you to grow your investing business, it allows you to adapt in an ever changing real estate environment.

I would love to hear how other investors  have learned to broaden their investing strategy to capitalize on new and different real estate opportunities. Let me know in the comments.

Ken Corsini is a seasoned real estate investor and business owner based in Woodstock, Georgia. Ken is best known for his role on HGTV’s hit show “Flip or Flop Atlanta,” and has flipped over 800 hou...
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    Dave
    Replied over 7 years ago
    That’s right flexibility must be there all the time. And another thing, networking might be quite difficult but we’re made to interact with other people and used to share our lives with them. Why not do it for our possible clients and other professionals, right? Thanks for such an interesting article!
    Ken Corsini
    Replied over 7 years ago
    Dave – thanks for the comments. Couldn’t agree more – people are meant to be relational. Learning to network and relate specifically to people in the same industry only opens up new opportunities!
    Dave K.
    Replied over 7 years ago
    I agree with you Ken, this market is always changing and without networking and building online relationships with clients, we have no sturdy ground to stand on. Dave, I also enjoyed your comment, I believe in the building of clientele online. This is now how we will begin to socialize with our clients while letting them interact with us on a more personal level, other than just being a realtor. Thanks for the great article!
    Ken Corsini
    Replied over 7 years ago
    Thanks Dave – you are exactly right – the more relationships and clients you can build, the more sturdy the foundation of your business becomes.