November 18, 2011 in Negotiating Tips
Learn how to Negotiate Like a Pro by Changing the Seller's Expectations
I believe one of the toughest skills to master (especially when you are a brand new real estate investor) is negotiating. This is such a critical part of our business yet for most of us, it is a skill we ultimately master through trial and error. Can you learn to negotiate like a pro? Absolutely!
Typically when you have that initial phone contact with what you hope is a motivated seller, what you are likely to find is someone that has a preconceived notion of how much they want for the house. Whether or not this value they have placed on the property has any factual basis or not, rarely matters to the seller.
In most cases, your job as a real estate investor will be changing their expectations. So how do you do this?
Negotiate Like a Pro Tip #1: Changing the Seller's Expectations
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October 22, 2010 in Investing In Real Estate, Probates/ Probate Investing, Wholesaling
This is a story of a deal gone wrong with what was a motivated seller, and how newbie investors can mess up your deals.
Is it just my imagination or are there a bunch of folks coming out of nowhere calling themselves real estate investors? Yes, they have messed up a few of my deals. But even worse than that, they are poised to get themselves in a whole bunch of trouble.
I met with a motivated seller one afternoon last week that had a very nice 3 bedroom, 2 bath brick ranch in my city. The property had a partially finished walk-out basement with a two car garage which was also in the walk-out. The house was about 35 or 40 years old and was in a good neighborhood. The property hadn’t been updated but even the ugly green ceramic tile in the bathrooms was pristine! The furnace and AC were also original which was not surprising. Overall, it was outdated but this home had been well cared for. This was a probate and the executor lived in Florida and, this deal absolutely screamed motivated seller. He just wanted to get rid of the house and go back to sunny Florida. Read the rest of this entry →