Kevin Guz elaborates on the different types of networks that every real estate investor needs. By receiving the support you need from each of these networks, you’re able to have go-to people for questions, guidance, education, and efficiency.
Mike: Welcome to the We Buy Ugly Houses show, where real investors share real investing stories and lessons from the trenches, where our team buys thousands of investment properties each year. Now, let’s meet today’s host.
Kevin: Hi, my name is Kevin Guz and I am a full-time real estate investor and franchise owner here in Dallas, Texas. Today, I’m the host of the We Buy Ugly Houses Show and I’d like to talk to you today about your peer network. It’s an absolutely critical component for you, as a successful real estate investor. And it’s often hard to accept or get your hands around because many of us investors, much like myself, we came from full-time, corporate environments and now we’re a solo entrepreneur. So we’re doing our own thing, we’re owning our own businesses and we’re running our own businesses and the idea of needing or establishing a network of peers may be contradictory to what you thought you were getting into or why you thought you are getting into it.
But you’ll find as a real estate investor it can be a very lonely world out there if you try to go right it alone. And it may also hinder your success. So let’s talk about three types of networks. There is a support network you’re going to need, there’s a peer network you’re going to need and there’s a provider network you’re going to need. Let’s talk about each of those.
First of all, your support network, this can come in a lot of different shapes and sizes and forms. For me, when I purchased a HomeVestor franchise, I got an instant support network in the HomeVestor corporate office. They provide me training and guidance and some of the more professional and tactical aspects that I need in order to understand real estate investing and be successful.
Your support network may come from somewhere else. You may seek out a mentor or a more formal relationship or different types of training or seminars. There are all sorts of different ways that you can get support for you in the form of knowledge and education and just having somewhere to go or someone to lean on when you get to those points in your real estate investing when you need support, when you need help, when you need knowledge and when you need expertise. So make sure you’ve got a good, solid support network to fall back on. Though you may think you won’t need it, I assure you there’ll be times when you do.
Secondly, let’s talk about that peer network. And this is probably the most important one. Like I mentioned earlier, real estate investing can be very lonely. Entrepreneurs, we’re out there doing our own thing, we’re doing it on our own, but you’ve got haven network of peers. And for me, as a HomeVestor franchise, that came instantly. I am automatically in a peer network of other franchise owners. Now for you, it could come in a lot of different places also, just like your support network. You may join your local real estate investment club or you may have friends or family or relatives or whomever who are already a real estate investor and you may join up with them and start to build an informal peer network with them.
There are, once again, a lot of different ways to built your peer network, but it’s critical. Your peers, they’re little more informal than your formal support network we talked about. These are people you can pick up the phone and call on a whim. You can share with them the good, the bad, the ugly, anything you want. You can bounce ideas off them, you can partner with them in different deals, you can use them as a source for deals, you can use them as a source to sell your deals to. They have a different role than your more formal support network.
So make sure you’ve got your peer network in place and if you don’t have one, have no fear. There are plenty of places you can go to meet others who invest in real estate and will be happy to help you and talk to you and support you and work together with you as you build your business and they build theirs.
And then, finally, it’s your provider network. And this may be an afterthought for a lot of new investors, but you need a whole myriad of partners. You may not have employees, but you’re going to need partners in your business. You’re going to need lenders, you’re going to need title companies, you’re going to need someone who can paint your homes for you, put on roofs, build fences, lay tile. You’re going to need a good real estate attorney, you’re going to need an accountant and the list goes on and on of all these different providers you’re going to need in your network.
This doesn’t mean you need to go out and hire these as full-time employees in your business, but it does mean that you’re going to need to have a team and a team of partners, and a provider network that ‘s going to help you and help you to run your business and be successful.
So as you build your business and think about your business and how you want to grow it and sustain it and make it healthy, keep these three peer networks in place, your support network, your peer network and your provider network, and you’ll do great in your journey as a real estate investor. Thank you very much. I look forward to talking with you again soon.
Mike: Do you see real estate investing as a way out of that J-O-B, a way to take control of your financial freedom, a way to take control of your destiny? If so, you should check out the HomeVestor We Buy Ugly Houses franchise opportunity. We have more house buying experience that any other system and have turned more investors with little and no experience and the experts than any other system. Chat with the member of our team by visiting UglyOpportunities.com/contact.
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