In this episode, we talk about the power of relationships and what makes them so important. I talk to some really incredible real estate investors from all over the country on this show, and they all, always, with no exception, mention the importance of business relationships and networking, and how these have contributed to their success. Networking is really a ripple effect across the entire industry.
I could talk about this subject for hours, but in this episode, I want to focus on a very important relationship that I have built over the past few months with someone in my local market. I had a wholesale situation arise in a market I wasn’t familiar with, so I reached out to this guy and we ended up partnering on a wholesale, which I’ve talked about before. Back then, I had talked to him about looking for rental properties and had given him my criteria. Not long after that conversation, he sent me the rental properties that I discussed in yesterday’s podcast! After that, he contacted me about a house he had started rehabbing but run into problems with. As a wholesaler with extensive background in transactional activities, running a rehab isn’t really his strength. So I took a look at the property and I am now helping him complete the rehab in exchange for a flat fee commission. He stands to make a decent profit on this house, my investor is making a flat rate of return, and I’m making a flat fee. At the end of the day, this is a win-win for everyone, and it’s a great example of the power of relationships and how they can end up benefiting you and the other person in ways you might not have expected.
So go out there and meet people, get to know them, tell them what you’re good at. See if there are ways in which you can help them in their business, or ways in which they can help you. Even if the benefit isn’t apparent right away, good things will come back to you in the end.