Becoming a Real Estate Investor

Becoming A Real Estate Investor

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Three Important points for becoming a Real Estate Investor

1. You become "lucky" when you take action.

If you don’t buy your first investment property, you hinder your start in becoming a real estate investor, and will be in the same situation you currently find yourself.

Never listen to the naysayer, losers never prosper, and winners never lose.

Buying Real Estate is always easy when you understand the tools. Become a winner and you willprosper.

Be smart, but also be decisive and aggressive.

2. Second, you won’t make money unless you are proactive.

You can either buy run-down properties or fix them up to create value, or choose properties that will support themselves while they make money.

Realize your strength’s and weakness’ then go for it.

3.Economic Cycle’s Increase Wealth Potential, not Decrease it!

When you begin to understand economic cycles, live through a couple of them, or begin studying these patterns, you will see that they do not present obstacles to wealth building.

On the contrary, economic cycles are just that, natural cycles, which YOU can learn to make money in.

To take advantage of these will come by understanding what is best to do during each cycle.

I will never tell you to run out and buy every piece of real estate you can find in every climate.

Always look for properties that will support themselves with positive cash flow, and ones that will make money for you whether your keep them or sell them.

This is an important concept you must understand;

Every recession has been followed by a period of prosperity.

Every period of prosperity has been followed by a recession!

One of the natural laws of our economic system, seem to be this continuous cycle of prosperity followed by a recession, let’s learn to take advantage of these cycles.

Recognize the fact that tough times create opportunities, maybe not what you define as traditional ones unless you define traditional by cycles that are always existent, which this is.

In fact, it's during the tough times that wealthy people set themselves up to hit major financial home runs when things turn around.

Let’s learn these lessons and then put into action what wealthy people do all the time.

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Negotiation Tips For Becoming a Real Estate Investor

Basic negotiating tips can be applied to any situation not just real estate investing, whether you’re selling a product, deciding on a movie(when you and your spouse are not in the mood for the same thing), or persuading your fussy toddler to eat his vegetables.

There are some specific techniques that you can use when negotiating real estate deals that work well.

1. Set limits and stick to them when.

Know what you’re willing to pay and what concessions you’re willing to make, and don’t go beyond that.

This is especially important if the property is one you really want because it could be easy to allow your emotions to override your common sense.

To think, “Well, it’s only $X more” is OK for a luxury consumer purchase if you can afford it, but that type of thinking can mean the difference between profit or loss on a real estate deal.

2. If you cannot get the property for a price that will allow you to make a profit, walk away.

This is also important to keep in mind if you’re buying at auctions.

3. Early in the process, whether you’re buying or selling, very clearly state that you want to do the deal but that the numbers have to make sense.

You are an investor, this is your business, and you must make a profit or you won’t do the deal.

At the same time, say that you also want the other person to be satisfied with the outcome.

When you set the goal early on that you want everyone to come away from the closing table a winner, you’ve established a positive tone for the negotiations.

4. If the seller rejects your initial offer because it isn’t high enough, you can expedite the negotiation process by asking,

“What is the very lowest price you would sell this property for?”

Most people will answer you honestly.

With that number, you can decide how and if to continue negotiating.

5. When a seller asks if you’ll increase your offer, your immediate response should be.

“My research indicates that I am able to offer $X [whatever your offer was] at this time.

I’m not saying your property may not be worth more to somebody else, but I’m willing to offer you $X for your property right now.”

Then wait for a response.

You can always change your offer later.

6. In your initial offer, ask for things that you don’t care if you get.

You might ask the seller to do some cosmetic work, such as painting, that you really intend to do yourself.

Alternatively, ask them to leave things that you do not really care about, such as a swing set, area rugs, special light fixtures, non-built-in appliances, or even certain pieces of furniture.

This gives the seller something to say no to, and you might even end up with more than what you really wanted.

Take a similar approach if you’re asking for seller financing.

7. Don’t begin with your best offer.

If you are willing to pay 10 percent interest with a five-year balloon, offer 8 percent with a seven-year balloon.

Most people just becoming a real estate investor need to understand these balloon payments.

If you have to go up to what you were originally willing to pay, you have not lost anything and the seller feels like he’s won something in the negotiations.

And you may end up getting a better deal. This technique works with every part of your offer.

8. When you’re dealing with a first-time buyer or seller, recognize that they are going to feel insecure and apprehensive about the transaction.

It may be just another piece of investment property to you, but it’s a home to them.

Respect their feelings and do what you can to take the mystery out of the process.

Give them an outline and timetable of what they can expect to happen as the transaction moves forward.

Break it down into simple, easy-to-understand steps, and be sure to do it in a way that is not condescending.

If you sense “first-timer fear,” try saying something like,

“One of the things I like to do in all my transactions is go over what’s going to happen and when. You may already know this, but I’ve found it helpful if we just go through the sequence of events.”

Then quickly outline what is going to happen and how long it will take.

This is also a good way for you to identify any potential problems that may arise with the deal.

9. Throughout your negotiations, ask questions to confirm that the other person understands what you’re saying and agrees with it.

Phrase the questions to elicit a positive response.

For example, you can ask;

“Does that sound fair (or good) to you?” or a more simple, “Fair enough?”

Most people will let you know if they don’t think it’s fair or good and you’ll have a chance to deal with a sticking point before you close the deal.

When your becoming a real estate investor remember that your clients are just like you, they want honesty.

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You can also order Industry specific Quick Book software for any Real Estate Needs you may have.

This software will make all your forms, contact lists, business cards, financial planning, and even your pay schedule for your properties.

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I hope this doesn't sound like a Commercial, my desire here is to make accessible to you the very best, as well as economically viable tools for someone who wants to become a Real Estate Investor.

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