OfflineTo be honest, folks, this forum NEVER ceases to amaze me. The cumulative body of knowledge, experience, clever tips, things to avoid, how to work with people, etc. just seems to be never-ending. This place is like the Bible of Real Estate Investing, and while I'm writing the Book of Dallin, everyone else is writing their own book of wisdom to pass along and share with other people. To quote a line from a religious song, it is like "The Dew from Heaven Distilling."
So my thought is that maybe we need to have one post thread that is the best of the best of the wisdom that we each feel we have gained and wish to share with other investors who are following along the path behind us.
Now this is not limited to only one entry, but if you feel like there is something that you have learned that has been a key to your success as a real estate investor so far, this would be the place to share that. I'm going to have to think a little to decide what I feel is the most important thing that I have learned, but I will be posting something soon, and I invite others here, no matter whether you are really new or really seasoned, to share your most valuable piece of wisdom for others to read. We may have some surprises here, and some things that may sound redundant, but are nonetheless gems of wisdom to pass along. We are all brilliant, please share a little slice of your brilliance here.
Dallin Wall
Real Estate Training Team
Forum Blog Location--A collection of my
"Best of" posts:
http://www.deangraziosi.com/blogs/dwall
If you're buying a property to hold and rent, or to flip, or a turnkey, you should always get a home inspection. A $350-$500 expense can save you $1,000s and a big headache.
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
It sounded backwards to me at first, but I have learned now to get the buyer first!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
This will show ALL things you dont want to see on walls,floor and ceiling as well,it will freak you out.
Good for pet urine,the smelly stuff you cant get rid of,the black light will find!
Aaron-n-Suzy
My main philosophy that I operate by is that it HAS to be a win for all three parties involved.
If the seller, end buyer and myself are not coming out better at the end of a deal, I will refuse to participate.
I have had sellers approach me to do deals where I could easily have made six figure profits if i would structure them a certain way. I knew that the buyer would jump on the opportunity to L/O because they trusted me but that they would never be able to get the appraisal to get the loan at the end of term, so i refused.
Must be a win for everyone. I sleep well at night.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Honesty is the key, building rapport get's deals done. You are looking for people that "Must Sell" or "Need to Sell". After that you are really just connecting dots.
Don't be afraid to help people understand what cash investors are looking for, and be able to back it up with why.
For example:
An investor has to put up cash on these properties, half closing costs, structural engineers reviews, inspections, put up another 20-100k to fix up the prop. Then hold for 3-4 months to sell just so they can pay closing again, and new commissions %6 of new value upon re-sale. It all adds up.
Whole-sellers/ cash investors have a specific purpose. Look for the people you can help the most and help as many as you can, and in anyway that you can.
In many cases that is a quite a bit of cash to invest, and risk on each deal. Ask your seller if they would invest that to hope the market doesn't take a 2-8% drop in the next 7 months of time it is going to take to re-model and sell. They will understand.
Keep the "want to sell" people in the hopper, and send something to them every quarter or holiday. Jump on the "have to" and "need to" sellers asap.
-Chris and Kether Sprague
“I do not think much of a man who is not wiser today than he was yesterday.” -Honest Abe Lincoln
Want off market sellers to call you? I think writing letters to vacant home owners is a great marketing avenue. I have vacant homes in every state! With the owners address! I want to partner with other wholesellers. If you are interested, please PM me! -- This is how I got my first deal, and I will give you leads and help you build your/our team! if you don't have them already.
First, I am so thrilled to see the responses from each of you here. This is one place where I have hoped that people would come and share those bits of wisdom that do help you sleep well at night, and that make the difference in your success, and I see some familiar faces responding. For those reading here, these are people to listen to, they truly have your best interests at heart.
There a couple of phrases that I would encourage every investor to write down and always remember. The first came to me from my original mentor, A.D. Kessler, whose motto was: "There is Always a Way." And there is, if you will be committed to moving forward.
The second is my own little nugget of wisdom from my experience. It comes in the form of three words: "Negotiation Never Ends."
Now you can choose to take that negatively, if you like, but I have found that this guides me in my dealings with people. I can accept any situation, in advance, knowing that just when you think you have all the details worked out, something else will come up that needs to be worked out.
I always have a Plan B with every property, knowing that my original plans may need to be modified. And I remain flexible to additional negotiation that will come along as well.
Dallin Wall
Real Estate Training Team
Forum Blog Location--A collection of my
"Best of" posts:
http://www.deangraziosi.com/blogs/dwall