5 Tips to Give You an Edge on Other Investors

In this business, the competition is REAL. Other investors want the same things you do – it’s as simple as that. If there’s a good deal out there, you can bet that 10 people have their eye on it. So how do you ensure that you’re the one that ends up with said good deal? You do it by developing a competitive edge that is so good the other guys can’t get around it. Of course, you’re not going to win 100% of the time, but even a small increase in your success rate can go a very long way. Here’s how you can do it:

1. Make yourself irresistible to lenders. Financing is one of the biggest obstacles faced by investors, so you if you’re not paying for properties with cash, you want to set yourself up to get approved every time. Banks are looking for people with great credit scores, good-paying and secure employment, and a nice down payment on hand. Put yourself in this position and you’ll have financing to fall back on whenever you need it.
2. Keep ready cash on hand. A mortgage isn’t the only way to invest in property; you can also pay cash, which comes with its own set of benefits. Having plenty of cash on hand gives you an immediate advantage because it allows you to act quickly and confidently, and sellers love all-cash purchases. To build your reserve, you have a few options: save like crazy, partner with another investor and pool your resources, or take out a line of credit.
3. Become an expert in something. Knowing a little bit about of a lot of things is great, don’t get me wrong. But when you become a bona fide expert in a certain area, your status is immediately elevated. With real estate investment, this might mean obtaining a real estate license, or getting really familiar with a certain type of property or part of town, or maybe learning all you can about construction and rehab. Whatever the case, the more you know about a certain part of the investment process, the better off you’ll be when it comes to snagging deals.
4. Get those referrals pouring in. A big part of success in real estate investment has to do with who you know. Networking is a vital part of the machine, and if you really want to give yourself more of an edge, you need to take it a step farther and ask for referrals. Do this by meeting people, letting them know who you are and what you’re interested in, and then asking them to clue you in if they come across something that matches your interests. Family, friends, colleagues, your UPS driver – they all have value. If you’re not a natural extrovert, this may feel a bit awkward at first, but referrals are one of the most effective forms of marketing, and getting them is absolutely a skill you should master.
5. Find your hidden talent. We’re all good at different things, and oftentimes that particular thing can be turned into an incredible competitive strength. Maybe you’re completely at ease talking to strangers, or maybe you have a knack for understanding complicated legal matters. Perhaps you’re a smooth-talking salesperson, or maybe you’re just a good old-fashioned hustler (I mean this in the best possible way, of course). Whatever it is, discovering your natural aptitude for something – and then playing it up – can put you leagues above your competition.

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