August 2023

Everyone needs a confidence boost every now and then. Entrepreneurs included. If you’re feeling down on your convictions, unsure of your path, and you seem to have misplaced your business mojo, this one’s for you. You don’t need to rely on friends, family or colleagues to remind you of your awesomeness. Let ChatGPT rewire your brain to a more confident channel with these five prompts.

For best results, use the prompts in order, in the same ChatGPT conversation. That way it will create responses based on the entire conversation. Open ChatGPT, or an alternative large language model, and get ready to feel superhuman.

Prompt ChatGPT to give you more confidence

Create the movie of your life

There are no boring scenes in movies. Protagonists act with intention, every moment has a purpose, every line makes an impact. When the movie of your entrepreneurial journey is inevitably made, it’s going to be just the same. Those mornings where you wake up and snooze the alarm don’t make an appearance. Only your best and brightest version need apply for the title role. Use this first prompt to introduce yourself to ChatGPT and get a synopsis of the movie of your life, the one in which you star.

“Create a dramatic synopsis for a movie where the main character is a hero based on me, [your name]. Within this movie, I am on a mission to [describe your main business or life goal], overcoming challenges brought by [describe your one main challenge]. I am helped along my journey by people including [outline your closest few friends, colleagues or family members]. Make the storyline inspirational and result in ultimate victory, both for me as the main character but also for the world as this mission comes to fruition and benefits everyone.”

Evaluate your key skills

What do you do when you feel unconfident? How do you think, what do you say, what actions do you take? Chances are they are less than optimal. You make smaller decisions, dream well within your capability and don’t take chances or put yourself forward. But that’s a waste of your talents. Match your existing skills with unwavering confidence and it’s a different story. Together, confidence and proficiency multiply. Tell ChatGPT your proficiencies for a reminder of why you have no reason not to be confident.

“Throughout my journey so far I have picked up skills from research, education and experience. These skills are [describe your key skills in detail]. Sometimes I forget that these skills are valuable and it leads me to feel unconfident. Can you outline three reasons why each of my skills is valuable and include options for how I could apply them to make more progress? I need reminding of my powers so I don’t underestimate them.”

Design your superhero character

In a parallel universe (or maybe the movie of your life) there is a superhero version of you. They look incredible, they take no prisoners and they are always in their full power. Bring that version to life using ChatGPT. Let it choose a name, an outfit, a sidekick and a personality for your alter-ego. Imagine that version of you showing up when you feel like you need to step into someone else’s shoes. How much better would life be if you channeled their confidence all the time?

“Create a superhero character based on the skills I described, based on me, [your name]. Give this superhero character a name, an outfit and a sidekick. Describe this character’s personality and explain why they have the power to be so heroic.”

Listen to your eulogy

One day you won’t be here, and neither will anyone you know. But if your mission on earth is complete, one stint will suit you fine. Set up for success with the end in mind by getting ChatGPT to write your eulogy. It knows all about you, now let it figure out the mark you want to leave and the people you want to have helped, whipping up a powerful speech that will sum up the life you lived. All you have to do is work back from there, putting in the work today that makes this future reading accurate. Feel the calm sense of knowing that it’s totally possible.

“Act as if today is my funeral and write my eulogy, that will be read by a beloved friend. Based on the above, include how I made a difference to the world, how I made people feel, and what they will miss about me. Describe how my legacy will live on even after I’m gone.”

Get a motivational pep talk

If you could hire any person in the world as your personal, motivational coach, who would it be? Someone who inspires you, whose books you read or whose films you watch. People whose wisdom always seems to speak to your soul. This prompt will give you a motivational pep talk in their unique style. Based on the information you’ve given ChatGPT so far, it will know exactly what to create. For extra confidence, enter the script into a voice cloning tool to get it read aloud like them too.

“Act as if you are a motivational coach, tasked with giving me a pep talk to prepare me for my day. Act as if I am feeling unconfident and unmotivated, and with what you know about me and my mission it’s your role to get me ready to attack it. Use the style of [your favourite well-known motivational speaker] to deliver this message.”

How to become more confident using ChatGPT

You’re the main character in the movie of your life, who knows what they are capable of. You can picture your superhero self, you know what your life will represent and you’re working towards being missed when you’re gone. Your favourite motivational speaker has got you pumped and ready to go.

Turning unsureness into determination is simple when you know how to prompt ChatGPT. Read your answers every time you need an instant boost of confidence.

Are you interested in dipping your toes in the world of real estate investing, but you don’t have enough saved for a down payment on a property? Perhaps you would like to make money from real estate, but you don’t want to be a landlord. If so, real estate bird dogging is a strategy you can use to profit from deals without owning homes.

There are many advantages to bird dogging in the real estate market, and one of the best is that you don’t need any money to do it. If you are open to networking with investors and researching potential deals, you may be able to earn money by providing a valuable service to other real estate professionals.

What Is a Bird Dog in Real Estate?

A bird dog is someone who looks for distressed properties or undervalued properties that might make good investments. When a great opportunity is found, it is then presented to real estate investors for a finder’s fee. Depending on the investor and your negotiating abilities, you may also be able to earn a percentage of the profit if an investor flips the property.

Finding real estate opportunities to invest in often requires a lot of time and effort. Because of this, many real estate investors use bird dogs to free their time up for other things.

Bird Dogging vs. Wholesaling

Bird dogging and wholesaling are similar in that they both involve finding distressed properties and undervalued properties for investors. There are two important differences, however, that you should be aware of. Those differences involve who puts the home under contract and how you get paid.

If you are bird dogging, you do not put a property you find under contract. You merely present the opportunity to investors and let them decide whether to pursue it. With wholesaling, however, you put a property under contract and then sell the contract to an investor.

As a bird dog, if an investor likes the opportunity you present, you will be paid a referral fee for your services. Real estate wholesalers, on the other hand, earn money by adding 5% to 10% to contracts when selling them.

What Does a Real Estate Bird Dog Do?

A bird dog’s job may be different from day to day. A productive bird dog may work on growing his network one day, looking for motivated sellers the next, and presenting deals to investors another day. 

Here are some common tasks that bird dogs do in their daily work.

Network with real estate investors

A successful bird dog must have a large network of real estate investors who are looking for deals. They are a bird dog’s bread and butter.

To maintain good relations, a bird dog must spend time each month nurturing and growing their network of investors. This may involve attending real estate networking events, meeting investors for lunch, and doing other things to build a network.

In addition to networking with investors, bird dogs should also network with others in the real estate industry, such as agents, brokers, attorneys, appraisers, and home inspectors. They may remember that you bird dog when leads come up and refer them to you.

Research upcoming foreclosure auctions

Foreclosure auctions can be great opportunities for investors to find deals on properties to flip or rent. Finding auctions, however, can sometimes be tricky because it requires keeping up with various sources. 

Foreclosure auction notifications can be found in:

• Public records
• Bank websites
• Local newspapers
• Government agencies

Productive bird dogs routinely search these sources for upcoming auctions to look for potential investment properties.

Research the MLS

Although real estate agents typically list homes at the current market price, deals can sometimes be found by searching through the multiple listing service (MLS). A potential investment property could be found on the MLS, for example, that could be an ideal fix and flip if it only needs minor cosmetic improvements.

Research bank-owned properties

When homeowners default on their mortgages, lenders take possession of their homes and sell them to get the money back that they loaned out. Bird dogs often research bank-owned properties to see if they can find good deals. Lenders may sometimes be willing to sell foreclosed properties at a discount to remove them from their books.

Conduct public record searches

Bird dogs regularly search through public records to find off-market opportunities, like preforeclosures and short sales. The research can sometimes be tedious and slow, which is why many real estate investors prefer to let bird dogs do the work for them.

Conduct direct-mail campaigns

A direct-marketing campaign is a tried-and-true method that some bird dogs use to find real estate investment deals. A direct-mail campaign involves sending a letter to the people in a community advertising that you are interested in buying homes. If enough letters are sent out, a certain percentage are likely to respond with leads.

Place bandit signs

Bandit signs advertise that you buy houses. They are a great way to have leads come to you. Before placing bandit signs, however, it’s important to always ask permission from landowners and to ensure that you comply with local laws.

Drive for dollars

Another tried-and-true method that many bird dogs use to find real estate deals is to drive around in different communities looking for distressed properties. This is called driving for dollars. After finding a property, a bird dog can track down the owner to see if he is a motivated seller.

Analyze the profitability of properties

After finding distressed properties, successful bird dogs must carefully analyze them to see if they will be good investments. If the property is a rental, the monthly income and expenses will be considered to see if it is profitable. If it’s a distressed property that would make a good fix-and-flip investment, the cost of rehabbing it must be evaluated to determine whether the deal will be profitable.

Present deals to real estate investors

After locating a deal, a bird dog will then present it to real estate investors to see if any of them are interested in pursuing it. The deal must be presented professionally and in an easy-to-read way, with necessary information clearly listed so investors can evaluate it.

How Much Does a Real Estate Bird Dog Make?

Real estate bird dogs earn different fees, depending on their negotiating skills and the investors they work with. A bird dog contract usually earns a flat fee of $500 to $1,000.

Bird dogs don’t earn money unless they know real estate investors who are looking for deals. Because of this, they will need a strong network of motivated buyers to ensure deals go through.

The income you will earn from bird dogging may not always be consistent, however. One month, you may close one deal, and the next, you may close two or more. You may also have some months when you don’t close any deals.

Bird dogging isn’t a real estate business that provides steady, predictable monthly earnings. Because of this, many people bird dog as side hustles to supplement their incomes. Bird dogging is something you can do in your spare time after work and on the weekends.

How to Become a Real Estate Bird Dog

Becoming a real estate bird dog isn’t difficult, and it’s a great way to start a new career as a real estate investor. Very little money is required to bird dog, and you don’t need a special certification to do it.

A bird dog works independently and is not a real estate agent. No real estate license is required to do this type of work.

Here are the general steps to follow to start bird dogging so you can have your own real estate business.

Grow your network

Before you start looking for deals, first you’ll need a network of investors. When you find a deal, you may need to move quickly on it before other investors find it.

Also, be sure to get to know real estate agents, attorneys, home inspectors, and other professionals. If they know you bird dog, they may occasionally send you leads.

Find out if you need a business license

Depending on where you live, a business license may be required to bird dog. Business licenses are usually handled locally and don’t cost much. If a business license is needed, it can be obtained by applying with the required fee.

Research local demand

Before you start looking for properties, find out if investors in your area are interested in your bird dog services. It’s also a good idea to find out how much they are willing to pay to make sure the work will be worth your time.

Look for properties

You can now start searching for distressed properties and motivated sellers. Some bird dogs prefer to focus on off-market properties because fewer people may know about them. These properties can be more profitable than searching the MLS and other common sources.

Conduct a profitability analysis

When you find a property that you think real estate investors might be interested in, it’s important to conduct a profitability analysis to determine how much money can be made from the deal. In addition to the acquisition cost, you will also need to consider closing costs, renovation costs, taxes, permits, legal fees, and other expenses.

You will also need to consider the current market value of comparable homes (comps) in the community. This will help investors decide how much money they can make after renovating it.

Sell the lead to an investor

After you have identified a profitable investment, you will need to sell it to an investor to earn a bird dog referral fee. The investment information will need to be presented in a way that is professional and easy to read.

When you are first starting out, you can hire a real estate attorney to write a contract that you can use when closing deals. The contract can be amended for each new deal you complete.

Look for new deals

After you have successfully concluded your first bird dog real estate deal, you can repeat the steps to do more deals. As you gain experience, you will become more efficient at researching properties. Also, don’t forget to work on growing your network so you will always have a long list of contacts to present offers to.

Bird Dog Real Estate Training

Although there are some online programs available, you don’t need any formal training to start bird dogging real estate. You can get started as soon as you have a sufficient network of investors who are looking for deals.

If you aren’t sure if this is a real estate investing strategy you want to pursue, you can practice looking for distressed properties before approaching investors. You can explore different research methods and conduct profitability analyses to see how long it takes you to find great deals.

Is Real Estate Bird Dogging Legal?

Generally speaking, bird dogging is perfectly legal. It’s important to research local and state laws, however, to make sure you know what you can and can’t do. Although you don’t need a real estate license to bird dog, for example, you can’t do anything that an agent or broker would normally do. 

The Bottom Line

There are several great reasons to consider bird dogging. Unlike most real estate investing strategies, bird dogging doesn’t require any capital to get started, and you don’t have to worry about securing financing. If a deal falls through, your only loss will be your time, which makes it a low-risk way to earn money with real estate.

Bird dogging is also highly flexible. You can continue working a full-time job while looking for bird dog finds in your spare time. It can be a great way to gain valuable real estate investing experience and network with others in the industry.

Finally, bird dogging is also a great way to earn money for your first real estate investment. It could be an important first step in getting started with real estate investing and growing your portfolio.

The ultimate guide to get started in investing!

Many people say they want to get into real estate investing, but with so much information out there, how do you know where to start? Thanks to Brandon Turner and Joshua Dorkin, you can get started now with just one book.

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.

For many small businesses, growth is a tricky thing. You obviously want it to happen, but if you don’t plan for it and manage it well, it can get out of hand. On the flip side, there are times when your growth plans could definitely use a boost.

You didn’t start your company so it could flounder. You want your team to go places, gain recognition and serve markets in innovative ways. While you can see these visions play out in your head, knowing how to carry them out isn’t as clear-cut. To ready your organization for growth, here are three methods to try.

1. Delegate Like a Boss

You founded your company on your ideas. So it’s not unusual to feel the urge to oversee every detail. And in the early stages of a small business, everyone’s roles can be less structured. There’s a need for a single decisive voice to lead the way.

But this chain of command can stunt your company’s growth as operations get off the ground. If employees are afraid to act without your stamp of approval, initiatives will fall by the wayside. Team members won’t feel empowered or trusted, to the point where they withhold their skills and expertise.

A lack of role clarity can also hold your team back. Employees won’t know what falls within their range of authority and responsibility. Staff members will feel uneasy about stepping on someone else’s toes, so they won’t take any steps at all. Role ambiguity can confuse, frustrate and demotivate.

That’s why Thryv, a provider of all-in-one small business management software, recommends a matrix structure. Under a matrix structure, the business owner is like the head coach of a football team. You’re in charge of the game plan but delegate to and empower those who assist you. Each project has a lead who manages the initiative with the help of other employees’ contributions. Every team member knows what to accomplish and how it relates to the company’s strategy.

2. Do a Process Audit

It’s often not the people who fail but the processes they’re expected to follow. Business growth can stagnate when there are procedural and resource inefficiencies. These inefficiencies can stem from overly complicated procedures or not having any processes at all.

To find what’s not working well, you need to play detective. Investigate what resources and courses of action your team’s relying on in different situations. Say your marketing team is responsible for supporting your retail sales team. Marketing creates in-store brochures and other materials for the sales staff to use.

However, the stores consistently report problems with not receiving promo materials on time. In addition, there are frequent errors in what the brochures and flyers say. Further investigation shows there are too many people involved in the approval process. Marketing scrambles to make last-minute changes, and overall direction is inconsistent. Employees are also shipping materials they could digitally distribute with technology.

Revising these processes will speed things up and improve accuracy. You could start by removing unnecessary people from the approval chain. Better tech resources at the store level will allow sales staff to print the basics on demand. And tighter planning and cutoff dates could let marketing complete their creative tasks without the pressure that leads to mistakes.

3. Optimize Internal Communication

Poor communication within a company does more than create chaos. It erodes trust in the team and leadership for more than 40% of employees. And internal communication troubles impact a larger proportion of remote workers. About 54% of offsite staff say it negatively influences trust in leaders, while 52% say it lowers conviction in the team.

Whether your small business operates remotely or in person isn’t the issue. It’s how, when and what you communicate. Effective communication requires avoiding mixed messages and choosing the right channels for different kinds of information sharing. You wouldn’t explain a major change in company direction via Google Chat any more than you’d hold an all-hands meeting to ask a question about an invoice. Choosing the channel according to context, your audience, and the nature of the information will enable you to get your message across in the right way at the right time.

Not surprisingly, Slack is one company that has internal communication figured out. Its real-time messaging platform allows team members to communicate instantly, eliminating lengthy email chains and enabling quick decision-making. Designated channels keep conversations organized and relevant team members engaged. And because conversations are searchable, all employees can call up needed info on demand.

Growing Your Small Business

Every owner among the 33.2 million small businesses in the U.S. wants their company to thrive. Firing up your growth plans can help you gain the steady market traction you need to stick around. While external factors influence your goals, what’s happening on the inside is usually the thing that stops you from achieving them. Optimizing delegation practices, processes, and internal communication will remove common barriers to small business growth.

Knowing how to find investment properties for sale in the real estate market is the key to earning anticipated rental income and profits. 

Finding investment property for sale isn’t a one-size-fits-all approach, since there are many ways to invest in real estate.

Check out our guide on finding good investment properties for sale to make the most of your goals as a real estate investor.

Determine Your Investment Strategy

Before buying investment properties, you should determine your investment strategy. 

This will help you determine which investment properties will help you reach your goals. For example, there’s a significant difference between flipping houses and holding on to rental property.

Every real estate investor has different ideas and strategies, which are essential when finding investment properties.

BRRRR

The BRRRR method, or “’buy, rehab, rent, refinance, repeat,” is for investors who can find undervalued distressed properties, fix them up, find qualified tenants, refinance the property, and repeat.

The “refinance” part of the BRRRR method is a cash-out refinance. The point is to build equity in the home by improving the property’s value by rehabbing it. The higher after-repair value provides more home equity. 

You can use the home equity on a conventional mortgage cash-out refinance. Use the excess cash to buy an investment property to increase your real estate portfolio.

This investment strategy works best for investors who want to build a more extensive portfolio. The cash-out refinance provides the down payment to purchase another undervalued, distressed property.

Ideally, you shouldn’t invest more than 70% to 75% of the property’s after-repair value (ARV), or the anticipated property value after renovations, to make the BRRRR strategy work.

This method allows for greater cash flow, allowing investors to take advantage of hot deals when they hit the market. 

If you can’t move fast, someone else will. So the BRRRR method provides the best of both worlds: You own an investment property but also have capital available to purchase more. 

To make this method work, you must be willing to find investment properties for sale often to take advantage of the best deals. 

House hacking

House hacking is a strategy for real estate investors who can rent part of their primary residence. This is often a good method for a first rental property, as it allows for more cash flow. 

You can house hack by purchasing multifamily properties, such as a two- or three-unit building. The key is living in one unit and renting out the remaining units.

However, if you don’t have the capital to afford the purchase price of a multiunit property, you can use the method on condos, townhomes, or even single-family homes. 

As long as you live in the house, you can rent out other bedrooms and use the money to cover your housing costs. This includes property taxes and homeowners insurance.

Even if you don’t profit from the rent charged, you’ll save money on housing expenses and potentially benefit from your taxes by deducting depreciation and other housing expenses—all while earning equity in the home.

House flipping

House flippers are real estate investors who enjoy finding undervalued investment properties, rehabbing them, and selling them for a profit. 

Unlike the BRRRR method, you don’t hold property when flipping houses. Instead, you buy an investment property, rehab it, and sell it as quickly as possible to minimize the holding costs, as they decrease your profits.

You don’t need special skills or even a license to find an investment property to flip. The key is to have a network of real estate professionals working with you, including a real estate agent, mortgage professional, real estate attorney, and contractors. 

With a circle of reputable real estate professionals, you can quickly jump on investor-friendly properties for sale, taking advantage of the opportunity to flip houses.

Buy and hold

Buy-and-hold investors purchase investment properties for sale to hold on to and use as rentals. 

When done properly, it’s a long-term investment strategy that provides passive income through monthly rent. Proper research is the key to investing in real estate.

You should know more than the property’s market value when you buy an investment property. Holding on to a property to earn rental income requires extensive research into the area’s rental market, including the area’s safety and school ratings. 

Don’t assume any real estate investment will turn a profit; instead, do your due diligence to ensure you’ll see the desired returns.

Short-term or vacation rentals

You can also consider investing in short-term or vacation rental property. Unlike buy-and-hold properties, you rent for a few days, with a maximum of 30 days in most states. 

The popularity of sites like Airbnb and Vrbo has increased the number of rental properties investors purchase for short-term rentals.

Like any real estate property, you must know the area to ensure it’s lucrative for short-term rental properties. 

If you find the right area, you may make much more than what you’d earn from traditional rental properties, since the rent charged per night far exceeds the per-day rent charged to long-term tenants.

Some real estate investors prefer short-term rentals because they can control the schedule. You can optimize pricing for busy seasons and offer many opportunities for tax deductions.

How to Find Investment Properties

After choosing your investment strategy, it’s time to learn how to find investment properties. 

The best strategy includes the right real estate professionals and plenty of legwork. Here are the tips and tricks to start your real estate investment strategy.

With an investor-friendly real estate agent

Real estate agents specialize in different properties and types of real estate transactions.

If you partner with a real estate agent to find investment properties, ensure it’s someone with extensive experience in the real estate investment industry, specifically in the property type you want to purchase.

There’s a significant difference between a real estate agent who helps first-time homebuyers and one who helps real estate investors find the perfect property to buy and hold or fix and flip.

Finding the best real estate agent for the job can mean the difference between a profitable investment and one that causes more headaches and financial stress than you anticipated.

Real estate listings

Accessing real estate listings from as many sources beyond the multiple listing service (MLS) provides more potential. Some properties sell quickly before real estate investors can see them. 

Perusing multiple real estate websites to see as many opportunities as possible is essential.

Even if you work with a real estate agent, you can do some legwork yourself. 

For example, you can show interest in properties on sites like the BiggerPockets real estate listing site to gain early access to the property and be one of the first bidders if it’s a good fit.

Real estate investing groups

Surrounding yourself with like-minded people may be one of the best tactics to find investment properties for sale. 

You may think other real estate investors are competition. Instead, they can be a source of referrals and helpful information.

You may receive referrals for wholesalers, contractors, and even properties for sale that meet your needs, but not the person referring them to you. 

Look for local real estate investing groups, or use online forums like the BiggerPockets forums to connect with real estate investors nationwide.

Auctions

If you’re in the market for a fix-and-flip property or want to start the BRRRR process, attending local housing auctions may help you find off-market properties for sale at prices much lower than their value.

Lenders sometimes auction foreclosed or bank-owned properties that are run-down and need a lot of work. This method requires extensive networking to find auctions to discover hidden gems. 

However, beware that most properties at an auction are sold as-is, and you may not have the opportunity to inspect them first. This method may not be best for your first rental property, but it can be a good way to increase your portfolio.

Real estate wholesalers

Real estate wholesalers do all the legwork that some real estate investors don’t have time to handle. 

Wholesalers are experts at finding undervalued properties in the local real estate market, putting them under contract, estimating the necessary work and ARV, and assigning the contract to real estate investors like yourself.

Real estate wholesalers target motivated sellers on the verge of losing their homes to foreclosure, allowing investors to purchase undervalued properties before they hit the housing market.

Property management companies

Property management companies work directly with property owners, managing their properties. 

They are usually the first to know when owners want to sell their residential properties, providing you with inside information to act quickly before the property hits the market. 

Many properties for sale that property managers share are move-in ready and require little to no work before renting them to tenants.

Drive around the area

If you don’t mind doing a little legwork yourself, drive around areas where you’re interested in purchasing the right investment property and look for potential properties. 

You may find homes hitting the market, homeowners considering selling, or run-down/abandoned homes that you can purchase for a low price, fix up, and sell for a profit.

Word of mouth

Let everyone know that you’re a real estate investor always looking for investment properties. 

Talk to friends, family, real estate professionals, contractors, insurance companies, mortgage lenders, hairdressers, and even your favorite barista.

You never know who might know someone who is selling the perfect property, leading you to investment properties that check all your boxes.

Look for short sales

If you hear of a distressed homeowner who cannot make his mortgage payments, consider contacting them to discuss a short sale. 

Like foreclosures, short sales are usually sold as-is, so it may be a fixer-upper situation, but it could allow you to purchase profitable investment properties.

How Do You Determine a Good Investment Property?

No two real estate investors have the same idea of good investment properties. What is profitable for one investor may not be ideal for another.

The key is understanding your real estate investing strategy to find investment properties that meet your needs and allow you to reach your financial goals.

Here are three common areas to focus on.

1. Location and market analysis

Location is everything in real estate investing, but market analysis holds just as much weight. 

You can find an investment property that seems perfect on paper. Still, if it’s not in a busy rental market or the property values don’t regularly appreciate, you may not realize the anticipated rental income or profits.

2. Repairs and maintenance

Carefully consider the property’s necessary repairs and maintenance. If it’s a fix-and-flip, this plays a vital role in your profits, but considering this factor can be important in any real estate investment transaction. 

Take into account how well the property was maintained and how you’ll handle maintenance moving forward. Factor in whether you’ll pay a property manager to handle it, as this will increase your overall costs.

3. Cash flow

Your real estate investment strategy will also determine what you should look for in cash flow. If you’re investing for rental income, you should carefully evaluate the property’s costs and potential to ensure you’ll have the desired cash flow.

If you’re purchasing an investment property as a fix-and-flip or BRRRR, you’ll have different cash flow thresholds, which will play a role in how to find investment properties.

The Bottom Line

Knowing how to find investment properties is crucial in your real estate investment strategy. 

Before looking for the perfect investment property, determine your strategy, long-term plans, and risks you’re willing to take, and then take steps to find properties that meet your needs.

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Effective marketing is essential for success in today’s fast-paced and always-changing corporate environment. Even though many businesses spend a lot of money on marketing, some important components frequently go undetected or underused.

This article reveals four frequently disregarded marketing strategies that could completely revamp your company. You may obtain a competitive advantage and optimize the growth potential of your business by combining these methods into your marketing campaigns.

1. Make Good Use of Customer Reviews

Customer reviews may make or ruin a company in the digital era. However, a lot of businesses don’t make the most of this important marketing resource. Positive customer reviews not only boost credibility but also drive new customers to your doorstep.

Encourage satisfied customers to share their experiences through online platforms like Google Reviews, Yelp, or industry-specific forums. Additionally, actively engage with customer feedback by responding promptly and professionally, showcasing your commitment to customer satisfaction. By leveraging the power of customer reviews, you can build trust, enhance your online reputation, and attract a steady stream of new customers.

In a recent conversation with Matt Peters, CEO of Search Manipulator, he provided some insight: “Online reviews are an important resource for consumers in the current digital era as they try to make educated selections regarding goods and services. However, it’s not enough for companies to passively collect reviews; they must proactively leverage this valuable resource. By accepting honest feedback, businesses can improve their products, services, and customer experiences.”

2. Prioritize Personalization

Customers want a personalized touch. While targeting broad customer segments is essential, personalization can take your marketing efforts to the next level. A tailored approach in digital marketing gives a company an edge over its competition, much like a personal stylist has a professional edge over a retail salesperson.

You enhance your customers’ experience by tailoring offers and recommendations based on individual preferences. How can you achieve this effect? Use purchase history, browsing behavior, and demographics to fine-tune marketing campaigns. You can also use algorithms and automation tools to deliver content across various platforms like email, social media, and websites. Interact with your audience wherever they are.

But marketers beware: as AI-driven tools and automation are being increasingly utilized, customers will become more attuned to what is meant to sound “like a human.” Creating an authentic, personalized experience will strengthen brand loyalty and improve conversion rates.

3. Choose Quality and Focus on ROI

There is an enormous variety of companies specializing in digital marketing, but the quality of these companies and their tools are just as varied. Be certain to gauge the quality of your marketing company’s advertising platforms and websites. Some companies will create a long list of URLs by publishing your business to lots of free websites, but this does not provide your business with a meaningful ROI.

A better choice in a marketing agency is one that focuses on securing placements on higher ranking sites and will utilize a wide variety of advertising options, including Facebook, Google Ads, LinkedIn, Yelp, etc. A higher quality marketing company will also conduct A/B tests with their ads and demonstrate to your business that they are generating a significant ROI.

4. Incorporate Video Content

Video content has exploded in popularity in recent years. It is a dynamic medium that grabs a potential customer’s attention like no other channel. For some odd reason, many businesses do not take full advantage of this powerful marketing tool.

When built into a well-rounded marketing strategy, video content can offer many benefits. You can create compelling videos that showcase your products, provide tutorials, share customer success stories, or give behind-the-scenes glimpses of your company.

Leverage platforms like YouTube, Instagram, and TikTok to share your videos and engage with your target audience. Video content captures attention and enhances brand storytelling, improves website SEO, and increases social media shares. Through the intentional use of video content, you boost your marketing campaigns and engage with your audience more meaningfully.

Being Innovative Pays Dividends in Digital Marketing

To gain an edge on your competition when it comes to digital marketing, you have to be willing to adopt strategies beyond the “tried and true.” By making good use of customer reviews, prioritizing personalization, focusing on quality and ROI, and incorporating video content—you can differentiate your business from the competition and achieve remarkable results. Remember, success lies in continuously adapting and refining your marketing strategies to meet your target audience’s evolving needs and preferences.

The Federal Reserve has been actively trying to tame inflation for over a year now. Since March 2022, the central bank has hiked its benchmark interest rate 11 times—all in hopes of getting inflation down below 2%.

While the efforts have so far proven unsuccessful (the nation’s inflation rate is 3.2%, as of last week’s numbers), one city has bucked the trend: Minneapolis. 

The Minneapolis-St. Paul metro area’s inflation rate slipped below 2% back in May. By July, it had dipped to just 1%— the lowest of all major metros in the U.S. 

How did the Twin Cities do it? It all comes down to housing.

Bucking the NIMBY Trend 

Shelter accounts for a third of the overall consumer price index, so with ever-rising home prices—not to mention higher mortgage rates—housing has played a big role in the run-up of inflation in recent months. 

So that’s where Minneapolis started. Back in 2018, the city stuck it to the Not in My Backyard (NIMBY) crowd, passing the Minneapolis 2040 plan, which eliminated single-family zoning in 70% of the city’s residential land. 

And the move was an unleashing. “The most wonderful plan of the year,” as the Brookings Institution dubbed it, led to an explosion of new development—and most importantly, more dense housing. 

Duplexes, triplexes, and apartment buildings popped up left and right, and developers no longer had to jump through hoops for zoning changes or face hard-nosed neighborhood opposition. At one point last year, a whopping 1,500 multifamily permits were approved in just one month. Across all of 2022? The city saw about 16,000 new multifamily permits approved—up by about 3,000 from 2021 and even more from years prior.

The extra supply helped tamp down housing cost growth—both for buyers and renters. The median home price in the city currently sits at $382,000, according to Redfin, significantly lower than the national average of $426,000. 

The city has also invested more than $320 million in rental assistance and subsidies over the last few years, tempering local housing costs even further. In fact, according to the Pew Charitable Trusts, Minneapolis rent growth since 2017 is just 1%. Nationwide, it was 31%. 

As Minneapolis Mayor Jacob Frey recently told Bloomberg: “I can’t tell you how many people were like, ‘Oh, look at all this supply, look at all these just brand-new buildings,’ and kind of scoffing at it like this was going to lead to gentrification or rents skyrocketing. The exact opposite has happened.”

Can Other Cities Replicate Minneapolis’ Strategy?

Judging by the latest inflation numbers, Minneapolis clearly did something right. But is it a strategy other cities can replicate? That remains to be seen.

The NIMBY movement has been vocal in recent years. It effectively killed New York Gov. Kathy Hochul’s housing plan earlier this year, which aimed to add 800,000 new housing units to the state over the next decade. It’s also posing challenges in California, Georgia, North Carolina, Texas, and other states across the country. 

Those in this movement come armed with plenty of talking points, such as: Adding more dense housing to suburban areas will cause crime to spike. Property values will drop. Traffic will worsen. It will stretch local services thin or change the character of the neighborhood.

Whether those arguments are true is debatable, but they’re arguments nonetheless. And until cities are willing to take on these movements, mimicking Minneapolis’ approach will be all but impossible.

That said, California, which undoubtedly has one of the biggest affordable housing shortages in the nation, has tried to make inroads. The state is actually suing the city of Huntington Beach for restricting certain development applications. Gov. Gavin Newsom even called the city’s elected officials “the poster child for NIMBY-ism.”  

Considering Huntington Beach filed its own lawsuit against the state, it’s likely to be a protracted battle (and probably not the easiest path for other locales to follow). 

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Logan Mohtashami, HousingWire lead analyst, joins ‘Squawk Box’ to discuss skyrocketing mortgage rates, after the National Association of Realtors warned rates could hit 8% if the economy continues to show strength and the Fed hikes rates again, the impact on the housing industry, and more.