<p>Key Takeaways:</p><p>Identifying Emerging Markets:</p><p>- Track public infrastructure projects, city council meetings, and development plans to identify areas primed for growth. </p><p>- Look at residential market indicators like days on market to spot emerging neighborhoods. - Understand the local market dynamics, not just national trends.</p><p>Balancing Risk vs. Reward:</p><p>- Quantify and manage different types of risks, including feasibility, financial costs, and quality. </p><p>- Aim for a low basis to better withstand potential risks. </p><p>- Focus on buying right, as that can help mitigate issues even if other aspects of the project go wrong.</p><p>Maintaining a Deal Pipeline:</p><p>- Utilize Aristotle's advice - tell people what you're looking for, tell them, and then tell them what you told them. </p><p>- Build relationships and network actively to uncover off-market opportunities. </p><p>- Communicate your investment criteria clearly to everyone in your network.</p><p>Staying Competitive Without Overpaying:</p><p>- Prioritize understanding the seller's needs and offering unique solutions over just competing on price. </p><p>- Build rapport and relationships with sellers to create a competitive advantage. </p><p>- Consider the "blue ocean strategy" to find ways to provide value without direct competition.</p>
