This one is easy for some. They know exactly where they want to invest and focus on that area. But most of us have trouble nailing down our farm, and we often end up without any area of focus. I’ve learned from experience that I need to narrow my focus and just say NO to some types of properties and some areas. When you are learning to invest in real estate, you need a smaller area to hone your skills. This is your farm. In your farm, you should call the realtors who are listing houses and working as buyer’s agents. You should have a realtor on your team take you through as many houses as possible in your farm. Go to open houses like crazy. Read the classified sections of papers and check listings on Craig’s List. The goal is to be so familiar with your farm that when someone contacts you about buying their 3 bedroom house in your farm, you will automatically have a pretty good idea of what it’s worth fixed up. You still do your due diligence but what working your farm does is give you great confidence. And once you master your farm, you are ready to expand to other areas. So, where is your farm????
