When you start investing in property or move to the next deal or strategy often you have no concept of how many people you need to know to get results, because you’ve never been there.
How many agents to get deals?
How many viewings to get offers accepted?
How many possible JV partners/financiers to get deals funded?
How many good letting agents or refurb teams are there?
If you only have/depend on a small number, then you can think you have things lined up, then when it comes to deal/finance time, things dry up.
A few points on this which will help:
1. Getting let down/messed around, property deals & finance falling at the final fence is NORMAL. A pain, but normal. It is not you or that you are a failure [unless you are repeating a pattern/mistake]. It is a numbers game. We can over hedge our results on a few people/agents/partners, & then take it personally when everything we pinned our hopes on goes wrong
2. You need back up buyers, financiers, agents/deals, tenants for your multi-lets, refurb teams, etc. You need a good pipeline of them so you negate & de-risk 11th hour let downs.
3. To mitigate number 1. & 2. you need a steady pipeline of them all. Start it now, early, & keep growing it. The bigger the pipeline you build, early, in the first few months, the bigger the pay-off and back up plan to you later down the line. Don’t be picky to start just get the numbers up; you will learn as you go the best people & places and will be selective of your time & leverage later.
You will get more deals & finance when you don’t need it ironically, & a pipeline of deals & buyers gives that air of certainty people are attracted too. Plus you become less reliant & desperate on the deal you are chasing which will forces errors, overpayment & unfavourable terms you will regret later
4. The challenge many have is that you start with all the passion & energy but because building this pipeline is ethereal & can’t not be immediately seen, you slow down when you think you have what you need, then all of a sudden you don’t. So build this fast, early & consistently as it will play a key role in your success & your foundation for a steady stream of deals, finance, tenants, agents, managers, refurb teams and so on in the future.
And they will be assets for ever. You set, to forget. You work hard enough not to have to work hard.