I have often told my associates about how I learn as much from my students, whether real estate investors or agents, than they do from me. Some of what I learn is very helpful for others, while some reinforces the need for the strategies I help them to form and the need to execute a complete plan.
A simple example is when investors tell me they “work on flips”. There are times when I see him or her so focused on a flip that they might miss out on a solid deal which could be a rental or could be flipped without performing a lot of rehab, even when needed. They think they need to “simply” formulate a single process and stick with it.
As the below linked article explains, there are some entities which clearly understand the value of having a plan or approach. Leaders in downtown Kansas City are an excellent example. While some municipalities and economic development groups merely “seek” investors, the K.C. group has formulated a solid plan which targets parts of the downtown area.
They are holding meetings to receive input from people involved and not directly involved in the project. More importantly, they have defined roles for developers, contractors, investors, and others that would be involved. Having the “clear blueprint” will truly create a community in which everyone works together while various groups and individuals each benefit.
It is an excellent reminder to find the right role for the right people, which is important even on an individual basis. An individual flipper would do well to work with others looking to provide a similar path. Perhaps they could share in redeveloping a group of properties instead of a single property “here and there”. Doing so might be able to save each of them money, such as being able to purchase materials in bulk to divide among a group of investors and eventually being able to market multiple opportunities together.
Another set of eyes on the project may also help lead to being “first in” for other opportunities, whether for the specific project under review or a future opportunity!
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