Jabbar Fairweather is a Serial Entrepreneur and Real Estate Professional who, in addition to closing multiple deals every month, takes the time to help others overcome the barriers to success. He’s a graduate of Drexel University with a degree in Information Systems Technology and Temple University for Real Estate and has 21 years in the business.
Jabbar has that rare combination of formal and informal education. He’s book smart and street smart. He’s highly successful yet doesn’t shy away from rolling up his sleeves, grabbing a flashlight and bug spray, talking to everyone in his path, and stopping at nothing to get a deal done … if the deal is good.
Jabbar runs some of the largest REI Webinars, Zooms, and Meet-ups in the Tri-State. Through his marketing, and networking skills, he has helped hundreds of investors, and entrepreneurs, acquire real estate assets. He has bought and sold multi-million dollar assets in Opportunity Zones.
Here his top ten real estate tips
Don’t fear mistakes.
It’s human nature not to avoid making mistakes, but the flip side of the coin is that fear could make you walk away from what could be a good deal. To succeed in real estate, you must put aside your fear of making mistakes and see them for what they are – opportunities to learn. Jabbbar explains that he is like everyone else. He’s had missteps and experienced failures, but he’s learned from them all and is determined not to repeat them.
Know the numbers.
The only way to make a profit is to know the numbers. Even if you don’t have a background in construction, you have to know whether the dollars your contractor is throwing your way, make sense. When you are in the business long enough, you learn the numbers, but in the meantime, bounce every thing off your Better than Success network.
Don’t lose money.
Once you understand the numbers, you can figure out if it makes sense for you. As long as you make your spread, don’t worry about others making more than you. It’s helpful to remind yourself of the relativity of risk. Those with more risk, ought to make more.
Last deals matter the most.
In real estate, the old saying, “You’re only as good as your last deal,” couldn’t be truer. If, for example, it’s a bad deal for the investor, or the investor doesn’t make the spread they talked about, you might lose yourself a future partner. But, you could have even more trouble as word gets out on the street and your reputation takes a hit. When it comes down to it, you have to care about people, not just your bottom line.
Learn five zip codes.
There is no substitute for knowing the market. Jabbar points to his early experiences, doing property management when Bart Weinstein would take him around town showing him where the deals were, or working with Drew DeMarco at Coldwell Bankwell, looking at 22 properties a week. These were tangible ways that Jabbar learned about the neighborhoods and could see where new developments were cropping up.
Set aside money for your next deal.
From every single check you get, set aside something for either an emergency or for the next deal. Jabbar sets at least 10% of each check aside for savings, 10% for investing, and 10% for emergencies. Having a reserve of funds at your disposal can make all the difference in bringing a deal to completion or getting in on something new.
Be a regular.
Stay in the game and be consistent, don’t just do deals for social media value. Regularly invest, even if it means doing little strategies here and there. The key to keep in mind is to always be growing your portfolio.
Taking names, numbers and handles should become second nature whether it comes natural to you or not. Jabbar credits his success to the fact that he has interacted with and done business with people from every end of the spectrum. All those contacts become a network. Just meeting someone isn’t enough. You have to keep in contact, let them know what’s up with you and find out about what’s going on in their lives.
In business, and in life, most people don’t follow up and they rarely do what they say they will do. One of the easiest ways to distinguish yourself in the real estate business – no matter what your niche – is to simply follow up and be good to your word.
It only takes a few seconds to text, and you never know where it will lead. Jabbar’s other piece of advice about networks is to openly share contacts and make connections for people without trying to control those relationships. Jabbar hands out numbers, instead of being the middleman brokering introductions. All too often, people want credit for connecting others. There’s no time or place for that, because at the end of the day, it doesn’t get you anywhere.
People get into the real estate business at all different stages of their lives and the only way to be successful is knowing what you don’t know and finding the right people to ask. BTS is a one-stop-shop for all things real estate. You can go to a meeting or text other members with virtually any question, and you’ll find someone that has been there done that and willing to help.
Take advantage of the resources available to you.
BTS was created as a place where information would be free throughout the league, so we could grow together. Its sole reason for existence is to share resources, contacts, and information to make it easy to have success.