The Science of Flipping - The Importance of Networking: Why It's Key to Becoming A Success

Episode Date: October 24, 2022

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Yo, yo, you are listening to an audio version of my newest YouTube video I put up on my YouTube channel. I talk all things business, real estate, and entrepreneurship. If you're looking to watch an incredible video with awesome graphics, then head over to my YouTube channel, youtube.com forward slash Justin Colby and subscribe. If you're interested in just listening to this audio, please enjoy. All right, the most important thing you need in any economy, your network. It is always going to be about the relationships you build throughout your career. So let's just take real estate investing for example. It is really important to have incredible wholesalers, realtors, contractors, title companies, lenders on your side.

Now, for many of you, especially if you're in a wholesaling space, you might actually think, well, why do I care about realtors? Here's why. I can tell you right now, two realtors are sending me deals that they are going to look at. They're going to look at as a potential listing and they're sending me the address and the pictures they're taking prior to even getting the listing agreement. That's because I bought homes from those realtors on the MLS and they know that I can actually perform.

So that relationship now is feeding me more deals for free and it's allowing me to actually continue running a business without spending a bajillion dollars on marketing and they're feeding me leads directly. Now the age old saying over and over is your net worth is your net work. And I can tell you since the beginning when I was broke, busted and disgusted and I was sleeping on a couch and didn't even have a car because the repo man took my car, I've been focusing on building the network and continually building the network. So again, whether you have the opportunity to go to a really big event that has a lot of big name speakers, I would encourage you to go to those events because those rooms have

500, a thousand, 2000 people in there that you can actually network with. Even if it's a small meetup group and there's gonna be five, 10, 15, 20, 40 people, I encourage you to go there because you might have a deeper relationship with the people that you meet in those networking meetings. I was taught very early on in my business career that not every meeting or every relationship

is directly going to give you a paycheck that day, that week, that month. But if you nurture the relationship and you guys are both on the same page, more often than not, there will be a paycheck that comes from that relationship. So regardless of what's going to happen in the economy moving forward, I do believe interest rates are going to be hiking again here shortly because the government wants us to believe that the unemployment is way better than it is. And so that means the economy is good because unemployment is down. So they're going to say we need to adjust for that and they can raise the interest rates. So again, you are going to see a shift in the market. What is going to get me through that and what is going to get you through that is your network. And sometimes,

sometimes it even makes sense to pay to play. What do I mean by that? Sometimes, and I do this a lot, I pay to be around the right people. So I invest in coaching, I invest in masterminds. And sometimes I even invest in the business so I can actually sit at the same table as some very big names. That's not for everybody, but I can tell you it has put me in certain networks that I for sure would not be a part of. I teach this to my students all the time. The number one pillar of our business as real estate investors is going to be your network. Never has it been more important to rely on that number one pillar than right now. Again, whether it's contractors, agents, title companies, hard money lenders, private money lenders, you name it. Your network is what's going to keep you moving.

Rely on your network. Utilize your network. And here's a key to your network. If you need or want something, ask. Too often people go home and they talk about the things they want or they need, but they don't put it out in the universe and they don't go to their network about it. If you need or want something, make sure you're asking your network because a lot of times they're going to be the ones that provide it. So to sum it all're asking your network because a lot of times they're gonna be the ones that provide it so to sum it all up your network is the very most important thing you can be focusing on in your business right now in today's economy real time and by the way it doesn't matter what economy it is it should always be the number one thing you are focusing on alright so once

again this is the audio version of an incredible video i have over on my youtube channel make sure to head over youtube.com forward slash justin colby and make sure you subscribe you