Real Estate Investing - How to Get the Best Deals!
Every one is going to think I am going to give an easy answer or some simple formula. Well it is easy and simple to say, but it takes dedication to do:
Be in the Right Place at The Right Time!
Now before you get mad at me for stating the obvious I want to point out it is not so obvious. Real Estate Deals (and by deal I mean excellent opprotunities) come to people that position themselves in the right place, the right time comes when it is ready. You cannot do much to make the time - You can anticipate and pick the place!
For those that read my post a lot you know I like to watch my son Corbin play baseball. He is an Allstar first basemen, center fielder, and pitcher. There is no bigger thrill than watching him make a great play in the field. But for him to make those great plays he had to practice, he made a lot of bad plays first, and he spent a lot of time standing around in the field doing nothing - just being in the ready position.
A couple of months ago I was at one of his travel ball games. The coach had him playing shallow in center field. The ball was hit hard way over his head; as soon as the ball was hit he turned around and ran towards the wall, he looked back and tracked the ball, he stuck his glove out in front of him and lunged, the ball hit his glove and bobbled around and then he caught it, and turned to make the through without falling down. It was the most amazing play I ever saw him make - and no I don't have it on video.
The point is a lot of failure practice and waiting around went into that play. More than just what we saw. People like to brag about the good deals, they never talk about the average deals.
My sons coach made a decision to play him in center field, he apologized to me for not giving him more time at first base (where he is also very good) but went on to tell me how Corbin was the best person for that position. In fact he is the best outfielder they have - he can make the plays.
Well in Real Estate you need a team, Realtor, Lender, Inspectors, Termite Company, Repair people, property management people, Title and Escrow Company. If you were the owner of that team in most cases the Realtor would be a Player/Manager. You might pick some of the players or you might be trusting the managers expertise, but that team needs to practice together and with you to make great plays. Be loyal to the people you work with and learn to trust them, at the same time teach them your expectations. When the deal comes along you will be ready for it.
Now from the agents perspective I am the Manager and I have a number of Investors in my Bull Pen. I see a great opprotunity come up. Who do I call? Who is number one on my list? It is the Investor that has been loyal to me, worked with me, that I have mutal trust with, and I know that can close a deal? You bet it is!
If I know what an investor is looking for I can help him to jump on those sorts of properties. I invest a lot of time in finding good transactions; I want to show that to the Investor that is not wasting my time.
When most investors brag about a great deal, they have a number of other good deals they have done (and maybe a few that are not as good), but they were in the game and in the right place to get the great deal.
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