Why you need to review 100+ investment deals every year!
"I review over 1,000 potential deals every year."
I was recently at a conference and one of the presenters ($100 Mil+ Net Worth Real Estate Investor) grabbed my attention with this statement. His point was simple, if you want to invest in real estate and be successful you have to review A LOT of deals. Even before you can actually afford to buy your first property, you have to begin studying and learning how to spot opportunity. One of the best ways to do this is by tracking deals and watching how they perform. The idea is similar to someone investing in the stock market and building a "fake" portfolio and tracking their investment performance before they begin purchasing shares.
By reviewing investment deals before you are ready/able to buy you can gain substantial knowledge. For example, if you find a potential flip property you can track how quick the property goes under contract, how long the remodel takes, what type of remodel work the investor performed, how long it takes to sell once remodeled and what it sales for. This is all extremely valuable information that can help save you a lot of money when you are ready to purchase your first deal.
By reviewing deals and watching how other investors are doing deals you can greatly reduce the learning curve and save yourself tens of thousands of dollars on beginner mistakes. I have been investing in the Tucson, Az market for 10 years and it took me 6-7 years and involvement in 150+ deals to begin feeling confident in my knowledge. You have to review and be involved in deals to be successful in this business. Fastest way to get started is by reviewing deals today!
Good luck to everyone out there looking to get started!
Stay Purposeful