During your acquisition years, when you are buying and selling, building your six property portfolio, you must deal in a small specific investment area. With specific knowledge of historical and comparative real estate market data in a small area, you gain an essential negotiating edge.
Your small specific investment area should contain approximately 25,000 people. If you live in a city, your investment area may be one neighborhood. If you live in a rural area, it can be an entire county. Your area may have 5,000 to 10,000 properties. This is sufficient inventory to complete your six property investment mission.
Most real estate agents will serve an area far larger than your small specific investment area. In consulting and negotiating, their broader knowledge will not match your specific knowledge. What they know is not important. What you know is.
Your objective is to become an expert in value in your small, specific investment area. You should begin to feel confident about your research in two months and you’ll probably be one of the few area experts on prices in six months. In a year, odds are that you will be “the” expert. Knowledge will be your power to make money.
You will be an expert on value. You are a Master. Boasting would be counter-productive. Smile as others disagree with your analysis. Operate under the radar. Make your offers. Stay low key. Let others keep thinking how lucky you are over and over again.