First Rental Property

…I told him that I knew a number of property managers that would be able to help him.  As  result of my brief 10 minute conversation with him, he is now considering taking on a property manager.  He was formerly considering selling his rental property and paying a mortgage penalty of over $15,000.  By taking on a property manager, he will not have to sell his property, and as a result pay this mortgage penalty.  I was able to save him $15,000 instantly, just because I knew somebody that he did not know…

As a new real estate investor looking to buy your first rental property, you may be hearing experienced real estate investors tell you that you need to have a strong network around you in order to succeed.

This network should consist of a strong Realtor, property manager, mortgage broker, real estate accountant, and real estate lawyer just to name a few.

There is no question that a strong network will help you to succeed as a real estate investor.  The network will help you out at times when you feel like completely giving up.

How do you establish a network?

1)  You need to have people in your life that support you.

First, it is important to have a supportive network of people around you  that know nothing about real estate. This network of people serve more as your supporters, rather than real estate investment advisers.  They support you in everything that you do.  They do not judge you or hold you back.  You can have friends and or family members as your supporters.  It is important to note here, that you cannot survive just with a network of supporters that know nothing about real estate investing.  You will also need a network of people to support you that know a lot about real estate investing…

2) You need to join a Real Estate Investment Club

Real Estate Investors that fail, have no one to support them with their real estate business when the going gets tough.  I have met many landlords that get burnt out and sell their rental properties out of frustration.  If they had simply hired a quality property manager, this could have helped them out significantly, by taking a lot of stress ‘off of their plate’.  At a time in which they may have felt like throwing in the towel all together, the property manager would be able to provide a lot of support by dealing with a lot of the issues that would be stressful to the landlord.

You will also need a separate group of supporters in your life that have specialized real estate knowledge.  Many of these supports you can meet by attending real estate investment club meetings.  A great real estate investment club that I am a part of is The Real Estate Investment Network.  I have met many fellow real estate investors here that have become great supporters of mine.

3)  You cannot invest in a silo

Real estate investing is a team support.  Someone who gets started as an investor, and thinks that they can tackle everything on their own is in for a rude awakening.  You cannot do everything yourself.  I was speaking to someone this week that owned a rental property in Ontario, Canada  however, lives in Alberta, Canada.  For those of you not familiar with the geography of Canada, take a look to see how far apart these provinces are…

He currently has NO property management for his rental property, so he has to fly to Ontario to show his property to prospective tenants when it is vacant and to deal with any tenant issues.  He is currently dealing with some tenant issues now, and has to take some days off of work in order to handle this problem.  This can only go on for so long, until the stress takes him over completely.  I am getting him in touch with property management, that will be able to help him with the management of his property while he is in Alberta. 

Surviving as a real estate investor is simple.  The secret is that you need people to support you.

If it wasn’t for key members on my real estate team, I probably would have given up when the going got tough for me.  I would not have been able to make it this far without a supportive network.

What provided me with the strength to get through the tough times, and what will provide you with the strength to get through tough times will be your network of people.

So what do you do if you are a new real estate investor or an aspiring real estate investor, and you do not have a strong network of people around you?

1. The first thing I can suggest, is to post your comment at the bottom of this post, let us know where you are and what problem you are facing.  Are you looking for property management, are you looking for a Realtor that deals with real estate investors?  Do you need a real estate lawyer?  We have enough people following this blog that will be able to help you out.  So post your comment, and I will encourage others to chime in and help you out by providing a response.
2. If you do not feel comfortable posing your name, issue or problem in the comments section, feel free to e-mail me.  I know real estate investors primarily in North America and Europe.  As a result, if you are in a certain State in the US, and need a recommendation for a property manager, I am sure that we can get you in touch with someone that will be able to help you.  Also, depending upon which country you live in, in Europe, we may be able to help you as well.

One of the points I hope that I have expressed in this post is that real estate investors fail because they don’t have support.

If you don’t have it already, you will be amazed at what a little support can do for you and your real estate business.  Start surrounding yourself with supportive people.

Best Regards,

Neil Uttamsingh

PS: My blog is awesome!  Follow me by entering your e-mail address on the LEFT hand side of the blog.   To receive the famous First Rental Property Newsletter, enter your e-mail address on the RIGHT hand side of the blog. In The First Rental Property Newsletter, experienced real estate investors will share with you how they bought their first rental property.  They will also share with you some tips and tricks to help you get started.