One of the most frustrating things that successful real estate investors will face is a wasted Real estate event in Houston. We’re not talking about an experience that you paid for through the nose on credit, and then you somehow find yourself unable to invest. That’s a completely different subject and not one that we’re going to delve into right now.
We’re talking about real estate events that are probably perfectly enjoyable but simply ineffective, which means that you’re going to end your weekend feeling like you’re simply wasting your time. You could have spent the hours you dedicated to that conference or expo better elsewhere for yourself, your family, and your business.
What real estate networking events can you attend?
As many as you can do so. You never know who you will meet, what deals will emerge, or what insight you might gain into potential opportunities.
Some networking events may focus on education, while others may focus on new services or sales. There are also events that are more of a get-together of fellow peers, just for conversation, sharing ideas, and fun. They can all result in opportunities.
Sometimes, networking activities that are not your favourite environment or style are the ones that give you the most opportunities to extend your network. You’re likely to make connexions outside your current circle.
If a networking event doesn’t result in the partnerships you’re looking for, don’t be discouraged. It’s unrealistic to expect that all events will result in an immediate success story for you. The best networking is focused on real relationships established over time.
Preparing for a Networking Event
Firstly, when you get there, get in touch with people and talk to them. Don’t be quiet about that. Don’t wait for the others to talk to you about it. Be honest and create a bond, just like any other person would do. Before the conversation ends, ask for business cards to be exchanged.
Second, have a goal in mind. For example, if you are looking for properties, meet as many wholesalers as you can, and sign up for their wholesale lists. If you’re looking for funding, have questions in mind to help you assess lenders.
Have a good picture of what you want to do to make sure you spend enough time talking to the right people.
Is this the best time to invest in troubled properties?
Distressed property listing can be an outcome of your networking and in the current market conditions, many distressed assets are available at attractive valuations and it might not be a bad idea to close a deal. However, this should not be achieved without a concrete action plan for how to use or monetize the assets gained.
Aspects to be investigated prior to the acquisition of distressed property:
Reasons for the distress sale – It is particularly necessary to determine the reason why a property has become distressed, to evaluate whether it includes policy adjustments (which could impact the new owner as well), financial problems or incorrect intentions. The latter is the most difficult to define and fix, and must therefore be examined with the utmost care.
Current Debt – A distressed property buyer must conduct a comprehensive check on the existing debt assumed by the new purchaser. In addition to the overall quantum, it is important to divide certain debts into short-term and long-term ones, and also to understand whether the debt is backed by any security or otherwise.
Physical condition – The physical condition of the asset to be acquired may seem appealing, but the underlying worth of it to the new owner plays a key role. This check is necessary in order to determine the cost consequences, regardless of whether the buyer wants to renovate and sell and/or demolish and rebuild the house.
There are other important aspects such as physical condition, law adherence, litigation checks, title clarity, and lease contracts. For more clarity and transparency distressed property or real estate events in Houston get in touch with Real Acquisitions today!