So, I began to search for less-traveled networking paths that might lead to discovering investment opportunities, locally and nationally. These deal- finding networks aren’t typically on a novice investor’s radar; however, each can prove lucrative. CHAMBERS OF COMMERCE Don’t underestimate your local chamber of commerce. It can be an unexpected goldmine for uncovering investment opportunities. Google reports there are more than 7,500 chambers of commerce in the U.S. Their main purpose is to support local businesses and promote economic growth within their specific community or region. Kevin Sheilley of the growing Charleston, South Carolina, Chamber of Commerce contends that within any chamber of significant size, there is usually someone on staff focused primarily on local housing. He encourages investors to make connections within their chamber and build a relationship with such a person. Surprisingly, few investors do. But those who take advantage of the opportunity will learn what that staff member does within the chamber as well as who they know, which in turn may lead to knowledge about the areas in the local community that are ripe for new housing development. Armed with this knowledge, an investor can more accurately predict local businesses that will be needed to supply the incoming surge of residents. Or, knowing the path of new development may help an investor choose an area nearby that is aging and may be ready
Does it really take 27 years of weekly lunches to start seeing the patterns, the under-the- surface investments, the quiet plans already in motion?”
for renovation, making those homes potential fix-and-flip candidates.
the city council supports particular projects. She believes investors can glean information germane to a project by talking to civic leaders and others embedded in the city, region, and state. Hall advises that networking is reciprocal. She recommends investors share their knowledge of the market, trends, and opportunities they’ve heard about, thus cementing the rapport and relationship with this vital community partner. PODCASTS On a much broader scale, real estate investment professionals have their choice of numerous podcasts that offer insights into investment and dealmaking. One of those is The Deal Scout. In addition to valuable insights, the show is shifting to become a platform that introduces investors and business owners/sellers who might never have found each other, if not for the podcast medium.
ECONOMIC DEVELOPMENT COUNCILS Like chambers of commerce, Economic Development Councils (EDCs), focus on creating and sustaining economic growth within specific areas. Kirsten Hall, of the Sunrise Economic Development Council in booming Sunrise, Arizona, noted that networking with EDC staff is all about intentionality, which is to “find a few like-minded people in your field and ask them to meet and discuss leads or trends in the area.” She recommends investors, developers, and brokers reach out to the local economic development staff and find out what’s happening in the region. A simple coffee meeting can yield a lot of knowledge. She also points out that EDC staff is a barometer for the local economy, movement by competitors, and whether
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