The importance of building a long-term network

[Peter Dunne]

Hi All,

I have been been methodically building my way towards launching my investment strategy and continue to find that my most productive time is spent building strong relationships in the area. However, in many of my conversations with both newbie investors and even some active investors, I find there to be two primary groups. The first is highly professional, up-front and helpful (these are less common), while the second are difficult to read (shady even) and seem more interested in making a quick buck than their long-term credibility in the market. I prefer to be candid, helpful and honest about the value I can or cannot bring to the table. My desire is to slowly build wealth through building a track record of credibility with the best players in the market (Be they investors, financiers, Lawyers, CPAs, etc.).

I would like to hear from more seasoned investors on the importance of building a network for the long-term. What kinds of qualities do you look for that set apart people you would like to work with?

[Trevor Ewen]

@Peter Dunne

You're on good track. Here are some of the things I look for in relationships in real estate:

1) Complementarity: My relationships should have skills and abilities that complement my own. If their position replicates mine, they can still be good for partnership, but are more likely to be steering their own ship.

2) Track Record: Ideally a track record in whatever they are selling. If they are new to it, then the personal relationship has to be in place so I can validate their credibility.

3) Abundance Mindset: Those that believe in scarcity will eventually try to undercut me in my own deals. I want to work with people who aren't always trying to slice into the cake before the wedding.

Big fan of Philadelphia, we're targeting a commercial deal in East Germantown by 2017. Happy for your opinions on that one.