Can physicians mix their careers with investing? We are often told to just be doctors and let our financial advisors take care of the investing. This type of faulty thinking has trapped physicians into trading their time for money for years. No longer does this have to be the case, however. There are many avenues physicians can choose but real estate investing is one of the most practical ways to continue working as a physician while building steadily toward financial freedom.
How can we do both? By leveraging the power of networking. Meeting professionals we can collaborate with can dramatically accelerate our investment goals in real estate.
Networking can enable physicians to build robust professional portfolios without quitting their regular day jobs…although…you’ll actually have the choice to do so much faster than if you simply “dollar cost average” into a fickle stock market.
Investing in properties is a wise decision for physicians who wish to build passive incomes for retirement. Properties are tangible, insurable assets that enable us to build generational wealth that our children can benefit from long after we are gone. The pathway to this outcome is paved by networking and I’ll go into detail below about why.
WHAT IS NETWORKING AND WHY IT IS VITAL IN REAL ESTATE?
Networking is the art of building mutually beneficial connections and relationships with people in a particular area you are interested in. It’s often stated, “Your net worth is equal to your network.” This statement encapsulates just how important networking can be to your financial success. Networking will enlarge your circle of contacts, enable you to learn essential knowledge, find team members and mentors, and can jumpstart your journey to financial freedom.
Real estate networking can be tedious, especially for us introverts, but it can have the most far-reaching effects of anything you do on your real estate journey. Networking requires determination, persistence, and strategy. The more you grow your contact list, the more you can leverage each other to mutually grow your network. You’ll find access to deal flow, better operators, unique financing options, and even other networks as you continue to level up your efforts and grow your circle.
There are an infinite number of ways to engage in networking. Sector conferences are a great way to start. Whether you are interested in multifamily, manufactured housing, or mineral rights, find a regional conference and attend. With the advances in technology over the past decade, networking has gone virtual as well. Numerous webinars, conferences, and meetups are held online now more than ever.
Embracing digitalization and technology is a crucial part of my networking journey. It has increased my success in networking without necessarily having to be there in person. For instance, you can open a YouTube channel, open a business page on Facebook, or create a professional website and find a world of people waiting to network with you.
ADVANTAGES OF REAL ESTATE NETWORKING
Networking is a process, and as such you need to be committed to it. Time is the most crucial resource we have so it’s important we spend it wisely. Doing so could help you reap numerous benefits down the road. Here are just three of the benefits I’ve seen from my networking efforts.
Builds Your Team
Succeeding in real estate is a team sport. Real estate investing requires collaboration with others, and networking promotes team building. Building your contact list will take time, but it is a necessary endeavor for any real estate investor. Everyone you meet can potentially introduce you to the people they know. Those people can connect you to their contacts and help enlarge your list and so on and so forth. It’s a virtuous cycle. Your investing success is directly correlated with the strength of your team. The more robust your network, the stronger your team.
Access to New Deals
“A real estate investor without deal flow is not a real estate investor at all.”- Me ????
As an investor, I need to be decent with calculations. This calculation definitely holds true; The more contacts I have, the higher the odds I have of getting my hands on good new deals. One goal of networking is meeting people who have access to more deals. The more deals you have, the more likely you are to find deals that fit your investor profile and you will be successful. The old adage, “if you’re a hammer, everything is a nail” comes to mind here. The more deals, or tools, you have in your tool belt, the more likely you’ll pick the correct one for the job and have a successful outcome. The better your network, the better the deals you will be a part of. It all starts with you making the decision to meet people.
Gaining Knowledge
Make it a goal to learn something from everyone you meet. Having a few questions ready when meeting someone will help you. “What project are you working on currently that makes you excited?” “I just read a great book on_____ called_____. What’s the best book you’ve read on_____ lately?” “I just read an interesting article on RV park purchase criteria, what are the acquisition criteria you use when looking for these deals?” Notice, you didn’t say, “Can I pick your brain about something?” By the way…please don’t ever ask that. All that says is you are going to take their time and not add any value to the conversation. By framing the questions in a way where you are adding value to the conversation as well, or at least have the potential to, it’s a mutually beneficial interaction from which you both grow. That’s when networking works best!
When you jump into real estate for the first time, your knowledge will be low. You should read industry publications, and books on the subclass you want to invest in, and listen to podcasts in order to gain a handle on speaking the language…kind of like when we all first took medical terminology. It was awkward in the beginning, but now we can’t remember when we didn’t speak the language. You may have to be a little creative in how you ask questions, in the beginning, to be sure you’re adding something to the conversation as well, but as your knowledge expands, your questions will improve…and so will your network! One will feed the other. The internet has plenty of areas to search to find answers to specifics, but people who have firsthand experience can offer more reliable knowledge than any internet resource. Networking allows you to mutually share knowledge and level up together.
What if you don’t have the time to read books, go to conferences or attend virtual events? Try finding a mentor that can give you access to their knowledge, network, and deals. This can dramatically accelerate your timeline for your real estate investing journey. The right mentor will guide you in acquiring the right deals, making better decisions, and help build a strong foundation and network for success. When I first started out, I found a mentor in the multifamily space and paid them to teach me everything they knew and got the benefit of learning from their mistakes as well. I simultaneously was able to leverage their network to catapult my investing to much greater heights in a fraction of the time if I were to go it alone.
This method can vastly accelerate your growth curve and expand your network. When you increase your network, you increase your net worth by gaining knowledge and access to deals and investment classes that you would have not had access to otherwise or maybe even not know existed. If you want to take the first steps in seeing what a coach could do for you, then reach out to me by clicking here.
HOW AND WHERE TO NETWORK
As I mentioned above, conferences, webinars, and meetups are always great places to start when beginning your journey. Networking opportunities come in many other forms as well. Meeting new contacts usually expands your horizons, but don’t discount the contacts you already have as they, or friends of theirs, may know people in the subclass of real estate you are interested in. Start with your existing network first.
Other reliable networking techniques include:
Joining Your Local or State Real Estate Investors Association (REIA)
The REIA is a great place to start in your local/regional networking journey. These organizations usually have tons of information you can access as well as regular meetups, a list of other members and masterclasses by local experts in their related areas of real estate. Membership is usually very reasonable and it’s a great chance for you to meet different professionals in your local area. Your local REIA will enable you to build connections, find and provide mentorship, locate local seminars/conferences, and up your networking game.
Build and Optimize Online Profiles
LinkedIn is a platform for professionals and can be one of the best places for you to meet like-minded people. You can search for tons of different contacts including real estate brokers, lenders, investors, bankers, and similar professionals, and connect with them. You then can leverage those relationships to connect to their network. It can be a very powerful tool in your relationship-building arsenal.
A LinkedIn presence necessitates you putting time and effort into building out your profile. You want this to represent the best version of yourself, so make sure you put the appropriate time and effort into this. If done professionally, it can really beget great results in your real estate journey.
Your profile should tell a compelling story about you and your professional endeavors. The more description you can give, the better the person considering connecting can see if there is synergy or not. If you have links to a webpage, business, or any other platforms, attach those links as well. The more access to who you are that is offered, the better others feel like they “know” you. We are more likely to connect with those we feel we relate to and know on some level.
Once your profile is active, follow and connect with experts in real estate, finance, insurance, tax planning, estate planning, or any other facet that will help you grow your investing acumen. Don’t stop at simply following their pages. Engage by writing comments, liking content, and attending their events. You will be noticed by them and their network much quicker this way. You can start this process by following my LinkedIn if you aren’t already. I’m happy to share any of my content and give you access to my online network. You will be surprised how quickly this can grow your network!
Join Online Groups
Blogging, just like what I’m doing, about real estate news and content is a great way to network with others online. Creating a blog is super helpful especially if you have a website, and it is a relatively low-cost way to add value to others and increase your network. But…very few busy physicians have the bandwidth to start a website and maintain a blog. So what else can you do?
Joining Facebook groups/pages is an excellent way to network among like-minded physicians. These groups can act as sounding boards for new ideas you may have, help with deal flow, educate or announce education opportunities and let you ask the “dumb questions” because everyone likely has the same or similar questions. A good moderator will make sure that valuable content is posted often that adds to the members’ journey and levels up the group. Webinars, conferences, and masterminds can spring from these groups organically as the numbers grow. There are several on Facebook and you can simply put in a search with your criteria to find one that fits your needs. The Cash Flow MD Facebook page can be found HERE and I’d love to have you join my network!
YouTube
YouTube is a great way to gain valuable content from thought leaders and connect with them. Often, the YouTube page will have information on how to contact the author or gain access to their network embedded in the videos or via the comment section. There is usually a way the audience can join an email list and then start to receive regular newsletters. Those newsletters will often have information on how to get access to deals, education, and even more ways to expand your network.
If you are a writer, you can reach out to the author to ask if they would consider letting you write a guest post. This could get your name out very efficiently and help the YouTube host by giving them content. Adding value to each other and building a network! Pretty cool! I use my YouTube channel as a way to offer content to new and seasoned physician investors. It also helps me build my network as most who listen reach out in some form via email, signing up to receive my blog, or joining my investor club (click the investor club button on my website).
Masterminds
Masterminds consist of a group of people who are seeking community with the intention of mutual growth. The goal of these groups is to build high-value relationships that challenge assumptions, beget professional and personal growth, and provide an environment that is experiential and filled with people that are tightly connected with each other. These groups often join forces to negotiate better terms and have access to deals collectively none would have had individually. This is one of the highest levels of networking and where I’ve found the most value in my investing career.
These groups of people are focused on similar goals and committed to sharing their knowledge. Everyone provides mentorship, accountability, and fresh ideas. The diversity of perspectives, differing levels of experience, and unique skill sets make these groups dynamic and super impactful for participants.
As this form of networking has been most valuable to me in the past, I’m currently working on building out a mastermind for my network. If this is something you would like to learn about when it’s available, register HERE to be notified when it’s forming and receive a FREE COPY OF MY NEW EBOOK.
TYING IT ALL TOGETHER
Networking has many benefits and ways it can be accomplished. In real estate, it’s not only recommended, it’s vital if you want to have success. The good news is there are numerous ways to raise your networking game, so figure out which of the methods mentioned works for you and embrace it! Whether it be attending various networking events, joining your local REIA, having a stellar LinkedIn page, or all the above, networking is a perfect way to meet people with similar mindsets, build more connections, and level up. As physicians and entrepreneurs, networking is a tool in the toolbelt we should reach for early and often to build our way to success in real estate investing.
If you’re ready to network, reach out to me today! It’s time to grow your network and your net worth.
Here’s to winning your time back!
Danny