I was talking to a RE agent at Wendy's today for lunch. I asked him what he thought the most important thing was in today's market. Probably, he thought he was being smart when he said "The most important 3 things in today's market is location, location, location" How predictible. Obviously, he is old school and doesn't have a clue. Let me tell you what my most important 3 things have been for the last decade: Training, timing and terms.
Training means you need to have the education to know what you are doing. Continued education for all sort of places count. Just because you have a pen and a contract doesn't make you an investor. You need to keep learning and associate yourself with people who know what they are doing. I did and I still do.
Timing means that sometimes the best deal in the world isn't the best deal in the world when the economic sands are shifting. You can go to a nice town and buy the best house in the best neighborhood but if a big factory lays off the everybody in that town and nobody has a job, all of a sudden your property doesn't have the value you thought. You have to keep your eyes and ears open to non-real estate things too so you can always be prepared and factor what you learn to your benefit.
Terms means the items in a contract other than the price. I always use that to my advantage. Most investors are focused on price and are unprepared to consider what terms do to a deal. Consider the fact that I can buy any property in America for the full price if the seller gives me the terms I want. How about no money down, how about 4% interest, how about a interest only loan with a ten year balloon. I think those things are more important in my world.
Anyway, I hope this starts you thinking about real estate in a different way. There's a big opportunity around the corner in this economy and you need to be ready to grab your piece of the pie.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Good way to look at it.
Re training....You are right on. At the local REI club I attend, it never ceases to amaze me how multi-millionaires still go to seminars
Re timing...."If bought at the wrong time, location is of no use. If bought at the right time, location is of no need.".....Robert Campbell
Re terms....Your price, my terms. Your terms, my price. A good starting point for the negotiations.
Hi Bill
Boy some people don't listen, you just said the phrase I've gone by for years.
Terms make the deal, no matter what your buying,car,house,horse,or the Brooklyn Bridge.
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Dean always preaches a deal is a deal. Whether it be full price and your terms or discounted and cash flowing. Our very first deal was a full price offer that was accepted on our terms....Jan
I first must say thanks.... Everything in this post is so helpful and true. I will definetly use this kind of thinking in my first deal. Why try and get rail roaded when your holding your own cards...
What you've said seems so simple, but is chock FULL of wisdom...and in the proper order!!
Training and education is my FIRST priority and the rest will come as a result of those efforts; no doubt.
Another great post...thanks.
John
Quitters NEVER win - Winners NEVER quit!
"P.U.S.H. = Persevere Until Something Happens" Dean
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas A. Edison
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