Keep the Emotions at Bay!

That is great! I think I too will have that problem in not wanting to give anyone less than I would want if it were my house. You show how it can be a win situation.

you are right, it's about building rapport with the people you're doing business with, but also sticking to your numbers!

Thanks for sharing!

yea, I have that all the time when I make an offer and have had to swallow hard when I give my offer. I have even offered too much for prop's feeling like I wasn't going to get the deal, but have learned the hard way boy we have to get our number or the deal wont work. Great job on that Karen. Happy Holidays

Karen. This is great advice, and something that needs to be a common thought as anyone goes about investing. It’s about the numbers and how you present them. Whether it’s your realtor, your buyer or the seller, the manner in which you present your offer is critical. Be confident. Never second guess yourself. Run your numbers, make sure they’re accurate then sell your offer. Be yourself and stay firm on your numbers. Changing you and your numbers can spell disaster.

As investors we have to look at the numbers but also we cant forget that some folks this is a place of growing up or some great attachment that we have to respect. What im saying is if we can understand what they are going through and help them we can help ourselves also, now thats a win win!

If we show them the breakdown of just how much its going to cost to fix and bring it up to date a light bulb goes off, Im a firm believer that when they see the cost then they understand a little more and can better understand our offer.

Karen I think you handled it very well,congrats..

Aaron

As stated this is so true.I am working on a deal I recently posted on Deans Insider Elite site.The circumstances are very similar in that it is a couple that are retired and have built a new home closer to family.They are the original owners and have 100% equity in the property.He was considering a lease option and we had negotiated the terms,when I disclosed I would not be residing there his wife had him take the offer off the table.In this case I quickly realized(had several previous conversations and the rapport had been built) it was her mental attachments and emotions of strangers living in her home.

The home was livable but was outdated so rather than point out negative aspects I used a recently sold home nearby when I was initially investigating the area.They mentioned the property first and pointed out what it just sold for and what the new owners are renting it for.I knew all about it.It was a very similar comp that was an investor fix and flip. So rather than say yeah but you need a total remodel.I talked about all the beautiful things that were done in the home,while sitting in their living room let them imagine what theirs COULD BE. they admitted theirs was not the same caliber of home as it was.

You have so much more influence with sellers if you have a knowledge of not only the property but the area itself(which can be easily done at your computer through many resources) before you even go to look at a house.Time is too valuable to go chasing deals that may not even be worth it if you don't have the right numbers for a good cash on cash-ROI % factored in.

I too have had a tendance under curtain situations where my emotions creep in and start to hinder a deal. I always have to check myself into remembering it is strictly about the numbers. Knowing you ran them correctly will only help you acheive this. Stick to what you know, and push those emotions aside.