The recent partnership between Warren Buffet and Brookfield Asset Management (a Canadian real estate investor company) officially launched the green light for on-the-fence U.S. real estate investors. Buffet’s move to double the size of his brokerage business in U.S. real estate has seemingly had more impact on people than the consistent reports of U.S. real estate statistical recovery proofs. And that is to be expected – after all, real estate is a people business. If you want to leverage that fact, you need to actively implement networking strategies.
Finding the Right Model
U.S. foreclosures are a basic real estate investment strategy since the housing “bubble burst”. Not only is U.S. real estate appealing as a real asset, but real estate offers us control over the hottest commodity in the world. Being in real estate, I am constantly learning, meeting new and interesting people and traveling all over the world. It’s anything but boring and the money isn’t bad either. Hey, if Buffet’s in on it…
One of my personal strategies is to follow the model of other successful entrepreneurs. It’s also crucial to make contacts who are successful. Any person who has capacity and skill can be leveraged to some degree. If you want to keep up with the latest developments and follow-through on deals to get results (and you do) – you need to mingle with other successful people. When you network with more successful people, you gain valuable insights and develop a more confident mind set. That’s when it all comes together, you’re making deals and having the time of your life.
The Value of a Mentor
Real estate involves so many different professions that being successful practically necessitates a basic level of social mastery (and make no mistake about it, social mastery is an art). Even at the entry level, you have to interact with bankers, lawyers, accountants and other agents – and you’ve got to handle every situation to get the best deal possible. It requires a balancing act of confidence, boldness and respect – and that’s when having a mentor can be so useful.
In particular, as a Canadian U.S. real estate investor, there are a lot of in’s and out’s of U.S. real estate acquisitions. In the current preferred strategy of U.,S. foreclosure purchases, investors interested in highly competitive markets need to be wise to process and procedures. So, while we can look to Warren Buffet – for example – and see an overall strategy, in application, there are still a lot of details involved.
Make it Happen
Now, who wouldn’t want to have access to Warren Buffet’s private line and amazingly accurate financial genius? The thing is, there are lots of industry leaders who aren’t Warren Buffet financial giants, who are still going to be able to help you along your success. Personally, I am inspired by accomplishment. I love being able to talk with other successful people and read about the latest heavy hitters.
Having a seasoned mentor not only helps you avoid mishaps, there is also the hidden benefit of your mentor’s connections – use those wisely. It’s a cliché for a reason; it’s not what you know it’s who you know. The expertise I’ve gained over the years has been invaluable but real estate is a relationship business. It’s all about people, who you know and your reputation can make or break your entire career.