As I have invested for a long time, I believe that many new investors always knew how to buy and sell investment property. It is absolutely not true. Everyone has less experience than I was starting, but I had absolute goals. I tried hard to achieve that.
Please tell me about my first transaction:
Jim and I knew that if you plan to find a deal to purchase you have to tell people what you wanted to buy a house. So, we placed a telephone close to the disposable diaper, put a magnetic sign on the door of the car, put advertisement on the local nickel paper, and started very inexpensive marketing (3 row advertisement It was only 265 dollars a year). I printed questionnaires and accumulated on the phone, so I remember which question to ask when the seller called.
Like most new investors, I felt terror. I did not know what I was doing, so I do not want the seller to say "yes" to my offer very Low offer. Investor ignorance is not always a bad thing.
Most of the initial calls were women calling from outside the state. At that time, the caller's number was stated on our phone and said that the phone was from "Govt.Baltimore, MD of the United States". I was convinced that I was arrested for doing illegal activities, but I could not do anything seriously at that point by streamlining quickly.
The voice of the woman said, "Will you buy a house?" what? Did the government already know that I was purchasing a house?
When it turned out, my son lived near us, parked in my local grocery store, dropped her phone number from the door of the car door. The Condo she had sold was actually in our neighborhood and she was calling from Baltimore, Maryland all the way! This was very strange.
Anyway, it was vacant and on the market for a year at a real estate agent. I promised to ask the details of the real estate and call her. After doing due diligence, I called and offered $ 65. She said, "Honey, I owned this condo for 6 years but I owe it more than that! I fully understand that she is not the best offer for her Although I was one solution, I welcomed calling anytime any further questions during the sales process.
I was very relieved because she did not make my offer. That night, she called.
She asked, "How do I make a deal, what will happen?" I explained to her and talked with a lawyer and asked what she was offering and what she still owes what she was offering He said that he had to write a check about the difference between. She thanked me for hanging up.
The next day she called and accepted my offer.
I was scared and died without having seen the inside of property. After that day, I met my son and checked out. All new carpets and paint, all household electric appliances including washing machine and dryer, two stories living area with two story stone fireplace, second floor office area overlooking the lower living area. It was amazing. It was my first deal and I took this as an indication that this is going to the right investment path, as the seller actually paid to get away from me!
What is the moral of this story?
- Do not think you need to know everything before you start investing. You truly learn what you need to know while you are investing.
- Do not think for the seller. Many people believe that sellers do not accept your low offer if they owe too much. wrong! Many sellers pay to sell. If their need to sell is sufficiently high, they write a check upon closing.
- Do not let fear stop you. At first there is no one who knows what you are doing in any job, but because it is surrounded by people who know business, there is always a place to answer.
- It will always be a resource for the seller. Most sellers need help. I give it to them. You form a relationship that leads to a wonderful introduction. Even if you are not the person who is selling it will help you.
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