Make money by tracking deals, pipeline, and follow up

Make money by tracking deals, pipeline, and follow up

Rental Property Investor · Mineola, NY · Member since 2014 · 838 posts · 212 votes

I wanted to share with the BiggerPocket community 3 tips that could change your life. I recently signed contracts on a 138 unit property in North Carolina. This was a property I originally saw and added it to my pipeline. By the time I get to call the broker the property was under contract, I was dossapointed because it was an interesting deal. I didn't let this stop me, I immediately entered it in my pipeline and started tracking the deal on a weekly basis by setting follow up reminders in my calendar. Every week, like clockwork, I would call the broker and touch base to see what stage the deal was at. Week after week, I got the same answer, "deal is in contract." Over the next couple months I built a good relationship with the broker. Out of the blue on a Friday afternoon the broker called me and said I know your working on another deal, but would you still be interested in the property. I immediately said send me the updated financials and rent roll and give me the weekend. 

The point was, don't ever give up on a deal, track everything until the deal closes, and follow up!!!

This deal is in contract and I will be syndicating the deal. Just wanted to give everyone some tips and some ideas on how to better the investment businesses.

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Pelham, NC · Member since 2015 · 160 posts · 54 votes
11y

Congratulations! 

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  • Pelham, NC · Member since 2015 · 160 posts · 54 votes
    11y

    Congratulations! 

  • Pelham, NC · Member since 2015 · 160 posts · 54 votes
    11y

    You're proof of what I read and hear a lot about. I watch and listen to Ms. Sharon Vornholt's videos and podcasts. She does a lot of direct mail, and says she never gives up on a property, unless, the person tells her to take them off her list or the property is sold. She said she got a deal from someone she had been mailing to for a few years, and it was because she was the last one still mailing when the seller was ready to sell. I've heard stories like that from quite a few investors. You're just more proof of never giving up on a property. If it hasn't sold, you're still in the game!

  • Rental Property Investor · Mineola, NY · Member since 2014 · 838 posts · 212 votes
    11y

    @Jay Johnson I love direct mail, I send out about 500-750 a month. You can't stop and never give up. The best deal could be the one you pursue for years.

  • Real Estate Professional · Winston Salem, NC · Member since 2015 · 57 posts · 16 votes
    11y

    @John Cohen

    Thanks for sharing this, John.  Persistence certainly pays off.  As a broker, I take a similar perspective.  Our firm keeps track of all inquiries on a property for just this reason.  A deal is not complete until closing and all interested parties can't take that for granted.  'Under contract' or 'in due diligence' does not mean the deal is closed.  I have found that respectful persistence often leads to the best deals.

  • Rental Property Investor · Mineola, NY · Member since 2014 · 838 posts · 212 votes
    11y

    @Charlie McCurry I love tracking deals 'under contract', in my space they fall apart all the time. If I am persistent and keep tracking those are sometimes the best deals.

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