Tap the Minds of the Experts

I'm a big believer in NOT recreating the wheel. In fact I tend to seek out the most effective wheel I can find and unabashedly rob the heck out of it. There is always something in every system, tool or process that can be molded to your unique situation and thereby improve it for your own use. Getting to the starting point though can be a daunting experience. For so many of the people that have been interviewed on the BP podcasts and so many others that have posted on the site, there has been a long and arduous learning curve. The road has been long and painful, full of many unexpected twists and turns and more than a few flat tires. Personally I'd like to miss that part of the journey wherever possible. There will always be some potholes to hit and some detours to take that will be both unavoidable and perhaps even an essential part of the trip, but I think less is more here.

In addition to being a real estate investor, I am also an active RE Broker in Everett, WA. Let me say really early here that I may not be your typical broker and anything I say in this blog post or any others should NOT be taken as any sort of guarantee that you will find the same opinions with all (or any for that matter) of my fellow brokers. Having provided that necessary disclaimer, I am here to tell you that some of the best information you may get on the real market in any area will come from your local broker and a good title person. To be fair, pick ones that are active in their market. There are tons of people in the real estate business that think about doing something from time to time. Some of them end up getting a license and get into the brokerage side of things only to continue to think about doing something from time to time. There are also those that accidentally make a sale or two, list a property and then go back to thinking about it. 

Find the ones who have been in the business for a few years and are still making it work. They will be your treasure chest of information and if you can build the relationship, they will be a source of some truly hilarious anecdotes that will not only be insightful, but will help you get through those times when you think you must be the stupidest person alive (yes there will be those times) by offering you proof that there are those that surpass even your worst days and they do it on a regular basis. I always enjoy passing on what I have learned to others and have found that it is a common trait among the many talented and devoted real estate professionals I have encountered since 1990 when I first got my license. 

A word of caution for the over-exuberant; these will be busy people so respect their time. Let them know that you are getting started in real estate investing and you are looking for insights from those that truly know. Some will pass, but some will be willing to meet for a coffee or take some time when they are in their office (most of us don't spend much time in the office unless its to finish up the paperwork on a sale or listing - the business of real estate is out there on the streets). Buy them a coffee and have some questions ready. When you're done, thank them and move on. Half an hour of a good broker's time for the price of a vente latte could be a valuable investment with an excellent and immediate ROI.