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Kendyl Stovall
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Introduction & Building Relationships

Kendyl Stovall
Posted Jan 21 2023, 06:51

Hi Bigger Pockets Community!

My name is Kendyl and I am new and educating myself in the whole Real Estate Investment world. I would love to build some relationships, especially to those that are in the DFW market. Any tips and advice for starting out? I think I am going to try and wholesale a few deals to get some money to make bigger decisions. 

Thanks everyone!

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Abel Curiel
  • Real Estate Agent
  • Queens, NY
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Abel Curiel
  • Real Estate Agent
  • Queens, NY
Replied Jan 21 2023, 07:54

Welcome to BP @Kendyl Stovall!
Posting on the BP forum and connecting with local investors & RE professionals is a great start!

Wholesaling is how I started before deciding to get my license as a Realtor. If you're looking to start in RE by jumping into a full-time role where you can get compensated on other people's deals, these could be great avenues.

House-hacking is another effective way to get started as an investor (depending on your living situation & goals) as you'll gain acquisition, project management and property management experience.

Best of luck to you on your journey!

Abel

  • Real Estate Agent NY (#10401295960)

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Nathan Gesner
  • Real Estate Broker
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied Jan 22 2023, 05:25
Quote from @Kendyl Stovall:

Welcome to the BiggerPockets forums!

Go to NETWORK at the top of your screen and you can search for other investors and investment groups in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.


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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
Replied Jan 22 2023, 07:18

@Kendyl Stovall

Per this NY Times article, the average American knows around 600 people.
https://www.nytimes.com/2013/02/19/science/the-average-american-knows-how-many-people.html#:~:text=The%20average%20American%20knows%20about,do%20you%20know%20named%20Kevin%3F

Per the US Census Bureau, the average American moves 11.7 time in their life, which based upon an approximate lifespan of 84 years, works out to be about every 7 years.
https://www.census.gov/topics/population/migration/guidance/calculating-migration-expectancy.html#:~:text=Using%202007%20ACS%20data%2C%20it,one%20move%20per%20single%20year

So, if the average American knows 600 people and they each move about every 7 years, that means that the average American knows around 85 people that move in any given year.

How many of those moves do you want to be involved in?

To maximize the number of transactions you’re involved in you will need to:

  • Be Top of Mind when they think about moving - which requires consistent reminders.
  • Be seen as an Expert – which requires a consistent message and Evidence of Success stories
  • Gain their Trust – which requires communicating integrity

So, start out by listing everyone you know in an Excel spreadsheet.

Why Excel? Because later, you can easily use it as your mailing list! Create columns for Name, Street Address, City, State, Zip and then contact info: Last Contact, Relationship, Status, Email & Phone.

IMPORTANT: do NOT ask people for THEIR business, ask for referrals! Why? Because they will get defensive if they feel you are pressuring them. Remember, they can always refer themselves😊

Now, make it a goal to call at least 5-10 of these people EVERY day and ask a MAX OF THREE off the list below of who they know that:

  • Just inherited a home
  • Had a loved one pass away
  • Is behind on their mortgage or tax payments
  • Has a relative that can’t take care of their house anymore
  • Has a house they’re having trouble selling
  • Is facing bankruptcy
  • Knows a probate attorney
  • Knows a bankruptcy attorney
  • etc

Why only three off the list per contact? Because on average, we can only remember three things at a time. If you try to go over the whole list, you’ll lose the attention of an average person and they won’t remember anything!

It should only take you about a month or two to contact everyone on your list and then the tough part – you start all over again.

Why the repetition? Because it takes repetition for people to remember things and you have to be top-of-mind when they encounter a potential client for you!

Have you ever been to McDonalds? Of course you have! So, why is McDonalds still spending billions on advertising?

One more tip – people remember stories that trigger their emotions. So, tell a story of how you (or a fellow wholesaler) helped a seller out with their challenge(s). Change your story each month as different stories will resonate with different people AND use each story to emphasize one of your “who do you know…” questions.

As you start closing deals, you will need to reinvest your profits into mailing lists and other scalable activities to grow your business.

One last thing – we recommended you create a Status column on your spreadsheet, now we’ll explain why. If you find someone that seems to know a lot of people needing your services, wouldn’t it make sense to focus more resources on them? Conversely, you will run into people on your list that just seem to be a waste of time, so you’ll want to avoid them. So, create status codes for both of these and a few in-between codes to help you work smarter, not harder.

Please send us any feedback via email, as we do not use the DM feature here.
Also, if you like our response, please don’t be shy about giving us a vote😊