The power of networking

It's been a busy past week. First, we've been busy planning the an investing field trip to Sokcho (near Seoraksan) this Saturday to view investments properties that were bought with low money down strategies as outlined in the article How to buy an apartment in Korea for $5,000.

On top of that, I was able to attend a real estate development seminar held at the Google Campus Seoul next to Samsung subway station. The event was hosted by the Urban Land Institute and sponsored by Konterra, who is developing a large part of the corridor between Washington, D.C. and Baltimore. Here's a video of their development plans - it's pretty cool.

Here's an "action shot" of me on my computer as the speakers spoke.

Here's an "action shot" of me on my computer as the speakers spoke.

At the event, I felt a little out of place. Most of the people there were working for large companies and represented millions if not billions of dollars of real estate related revenues.

I thought about leaving after the speeches, but they were offering free beer and wine afterwards, so of course, that made the decision to stay easier.

I walked around the room, grabbed my drink, then decided to just go for it and started introducing myself to people. Everyone I talked to was very interested in knowing more about our meetup!

And afterwards, the ULI even treated everyone to more free beer and chicken!

The ULI even treated everyone to more free beer and chicken!

The ULI even treated everyone to more free beer and chicken!

I've mentioned in a post before, sometimes the key to success is just showing up.

So, I stayed for as long as I could, and near the end, as the group size dwindled and we headed for the noraebang (the singing room) - again paid for by the ULI - I had a chance to get to know the different real estate entrepreneurs and professionals much better.

One of them even told me that the building that we're currently using for our meetups - the Young Samsung Life Cafe - is being sold!

This beautiful space located right in the heart of Hongdae is being sold.

This beautiful space located right in the heart of Hongdae is being sold.

 

You know it's worth a lot of money!

He then said,

"Your group should buy it! I represent a REIT, and we help investors purchase large buildings all the time."

Uh... really?

Needless to say, I'll be reaching out to him to see if he'll attend our next meetup.

I met several other contacts who I've since followed up with and arranged smaller coffeeshop meetings with, including asset managers who have handled very large sums of money. As a young (maybe not that young in retrospect) real estate entrepreneur, I can't tell you how valuable that is for me to have that type of access. I also met a bunch of others whose values are similar to mine, which is the primary way I find people I want to strengthen relationships with.

It's not easy going up to someone you've never met before, particularly someone who seems to be so much more knowledgeable or seems to be so far above you in terms of experience, but there's a word for people who don't - wanting.

Don't spend your life wanting. Real estate success is not going to come knocking on your door as you spend all your time staring at computer screen or simply reading books at home. If you want move forward, you need to go out there and meet people.

I'm not sure where my latest contacts will lead me. But in the past, networking has enabled me to buy a house in Florida without ever setting foot there; led to this chance to visit investment homes in Sokcho using a strategy I had never heard of before, led to an online real estate opportunity that I'll tell you all about soon; and will possibly lead to knowing more about REITs and **gulp** maybe even buying a building?

Who knows where it'll take me.. but I know this - I'm not going to wait for something to happen to me; I'm going to go out and make things happen.

What have you been doing lately to make things happen? Let me know!