THE LONE WOLF STRATEGY?
Wait, you’ve never heard this real estate investing strategy? Maybe there are some very good reasons as to why not!
“It takes a village to raise a child.” It takes a team to win games, tournaments and trophies in soccer, hockey, basketball, etc…. It takes a different kind of corporate team to create successful businesses; or a scientific community to put people into Space.
Successful real estate investors all know that it takes a team to grow a strong portfolio of houses or doors.
But somehow, almost daily, we meet people trying to do it all on their own. These are proud, independent and non-conformist investors. Nothing wrong with that philosophy, except it’s so much harder than it needs to be!
In the wild, wolves are normally pack animals. One of the reasons for this is that their primary food source is large ungulates (deer, moose, elk, etc…). It takes a group to literally bring down each meal for the pack. If you’ve ever been near a moose, or seen how quickly a deer can jump and dart away, you can imagine how difficult it would be for a lone wolf to find, take down, and then protect each meal from other predators. (My apologies to the vegetarians!)
As real estate investors, each investment is often thought of as a meal. The cashflow, mortgage paydown and appreciation form different courses of your dining experience. And, like the wolf pack, your success with this investing strategy can be rapidly improved with a great team!
Last week we chatted about working partners and money partners combining their efforts and talents into greater success.
This week we’re thinking more about the “pack.” Yes, a realtor, a mortgage broker, and a property manager can all be part of your traditional team. But your “pack” is also your broader community. To begin, many investors will connect to learn: the Real Estate Investment Network and Keyspire are two very Canadian learning networks. Barry McGuire’s Creative Real Estate Education is another platform for investors interested in legal and creative real estate.
More and more, there are also online networking communities. For example, in Alberta there is now a Facebook group that connects landlords and real estate investors all across the province. Got a question? Someone has probably already figured out a solution—or 5! Try FB@AlbertaLandlordandRentalPropertyOwners.
Looking for a stronger connection online? The Fearless Real Estate Investors group has several different levels that you can now participate in. For example, their Bootcamp starts Sept 29; it’s 5 days of energy, learning and focus towards your real estate investing goals.
Looking for a more specific community? There are many Mastermind groups—it’s a networking opportunity that is rapidly growing in popularity. Ladies, you can check out FB@GabbyHillierMasterminds to learn more; gentlemen, try Kunal Mohindra – both are based in Alberta. Dads can check out Wayne Hillier’s Real Estate Investor Dad podcast. So many great options!
And then there’s always the super-simple but highly effective approach: an accountability partner. Find the right person, and the two of you can keep each other motivated and on track.
Whatever your vision of a pack is, there are options within the real estate investing community in Alberta. You can do it alone, but why make things so much harder than they need to be?
