Published by Forbes.com | May 26, 2023
In a real estate market that is always changing, where do you find the best deals?
With today’s digital connectivity and social influencer trends, it may seem that online is the place to begin. A quick search could lead to web listings or services which depict a few properties in your area.
However, in my experience, I’ve found that in the commercial real estate world, many options are not readily in the public eye. In addition, finding a great investment property typically involves several viewings or more. If you only tour one place, you won’t have others that can be used for comparison. Seeing only a limited number of properties could lead to risks such as overpaying or missing details in a building which set it apart from the competition.
When new investors ask me for advice on sourcing deals, I always share that it truly is a numbers game. In my experience as an investor, I’ve sometimes looked at dozens—or even hundreds—of opportunities before buying one. Following this process means you need to have a great pipeline in place. If you have a system, you’ll be able to monitor deals over time and spot the gems. Let’s break down this approach into steps you can follow as you build your own real estate portfolio.