© 2024 Trust Associates LLC. All rights reserved.
BOOK A CALL
Hi! It’s Lou Brown. With another one of my 101 ways for real estate investors like you to win, close, make more deals, and accelerate your cash flow. Today’s tip is number 23. It’s about negotiations. Get all the issues covered before you make an offer. Well, that’s so important when you’re putting a deal together. Sometimes you negotiate one part but you really haven’t gotten all the pieces put together yet. So you might’ve gotten agreement over here and then you have to bring another issue to the table, and you have to get agreement on that. And then there’s another issue, and you have to get an agreement on that. So what I suggest is before you close, before you actually agree, say, okay well we can take that under consideration. What else do you need to hear about? Or what else is of concern to you? And then you put that back to the seller and they say, well I don’t have anything else.
Hi! It’s Lou Brown. With another one of my 101 ways for real estate investors like you to win and close more deals to accelerate your cash flow. Today’s tip is number 24. Show the seller how you are benefiting them. Now, this is so important because many times sellers really don’t appreciate some of the things that you’re bringing to the table. One of them is that you can close quickly. Now that can be very valuable to a seller. So you want to contrast that. Well, of course, Mr. & Mrs. Jones, you have an opportunity now to go ahead and put your property on the market with a real estate agent and they’re going to tie it up typically for at least six months. Most real estate agents won’t even take a listing for three months. They only want six months or even longer, and in fact, if things don’t work out, they’re going to ask you to relist the property.
Hi! It’s Lou Brown. With another one of my 101 ways for real estate investors like you to win, close more deals, and accelerate your cash flows. Today’s tip is number 25. Alright, SHUT UP!!! I don’t want to mean to scare you, but that’s exactly what I want you to be thinking of like somebody like Lou Brown was just yelling at you. Shut up, shut up, shut up. Now here’s what it says. It says, let the seller talk. Listen. They’ll tell you what they need so that you can buy their house. Now, this is why it’s, you know, it’s amazing. I watched so many real estate investors over my years, of course, I’ve been doing this for over 40 years. And I’ve learned a lot of things about how people learn. How people interpret things. How people act. You know, we all are a product of our DNA. We’re all a product of our background, our experience, and how we are actually wired ourselves in terms of our personality type.
Hi! It’s Lou Brown. With another one of my amazing 101 ways for real estate investors like you to win, close more deals, and accelerate your cash flows. Today’s tip is number 26. Figure out the personality type you are dealing with and negotiate accordingly. Now, what do I mean by that? So you want to listen to people. Listen, even over the phone, you can discover what personality type you’re dealing with. Now there are four basic personality types. Of course, there are iterations of this and everybody’s got all four personality types. But the important thing to learn is that there are four basic personality types. (A) that means bottom-line oriented. They’re not interested in your conversation. They just want to know how much you’re going to pay him for the house. Well, you don’t know yet. And so you got to deal with and overcome that personality type. (B) They’re all about the looks.
Hi! It’s Lou Brown. With another one of my 101 amazing ways for real estate investors like you to win, close more deals, and accelerate your cash flow. Today’s tip is number 27. Know all the items you can give up on before you proceed. Now let me tell you why that’s so important. Because as you’re going through the home, there’s gonna be certain things that you’re going to see. And if you are going to give up for example, on repairs, then you want to know what the repairs are going to be and it’s good to have a list of things that you can negotiate on, such as, the seller may have an existing loan and you would love to take over that existing loan. That’s one of my favorite ways to buy properties. The seller may have equity and they may be able to do seller financing when you present it to them when you ask them.
Hi! It’s Lou Brown. With another one of my 101 ways for real estate investors like you to win, close more deals, and accelerate your cash flow. Today’s tip is number 28. Give concessions slowly. If I do this, will you do that? Okay. What that means is that there are so many different items in a negotiation and it’s important because they might ask you to pay the closing costs, for example. Well, closing costs can be a large amount of money and it may be something that if you agree to that, then what are you get in return. So it’s important that you’re not giving up all the stuff in the beginning, being anxious to actually get the deal. And then later finding out that actually, it wasn’t nearly as profitable as you thought it was going to be. So consider all of the different expenses and consider that when the seller asks you for something that you get something in return.
Hi! it’s Lou Brown. With another one of my 101 amazing ways for real estate investors like you to win, close more deals, and accelerate your cash flow. Today’s tip is number 29. Ask questions. Don’t talk. Now, what does that mean? Ask questions. Don’t talk. Well listen, you start running your mouth then all of a sudden you can actually talk over the possibilities. So whenever I’m with a seller, I think to myself, how can I ask a question and discover more? Mr. & Mrs. Jones, how long have you owned the property? No kidding. Now the loan that’s on the property currently, is that the original loan that you took out at the time that you purchased the property, or have you refinanced that along the way or adjusted that mortgage along the way? Oh, no kidding! Now tell me, have you ever updated the, say the air conditioning system or the roof or the appliances, or has anything been updated in the house?
Hi! It’s Lou Brown. With another one of my 101 ways for real estate investors like you to win, close more deals, and accelerate your cash flow. Today’s tip is number 30. Find out what they need, meaning the seller. Then craft your offer to show them how you’ll give them what they need. So by that I mean find the seller’s pain. The seller’s pain is a very important thing for you to discover. Number one and number two to address. So in your presentation to the seller, as you’re listening to them, as you’re discovering, in another tip I mentioned, ask questions, discover what their situation is, discover what their pain is. Now once you do that, then you’re going to use that to help solve their problem. Explain to them what it is that you can do for them to solve that problem. Tie in their problem with your solution.
Hi! It’s Lou Brown. With another one of my amazing 101 ways for real estate investors like you to win, close more deals, and accelerate your cash flow. Today’s tip is number 31. Justify your offer. Show the seller what it will cost them to sell their home the traditional way or the typical way. Alright, so, when I’m making a presentation to the seller, one of the things we do is a thing called a cost to sell worksheet. We actually share with the seller what those costs are. We talk about the real estate commission. If they were to list their home, we talk about closing costs, we talk about repairs to the property, all the different aspects of what it will cost them to sell their home. And if they were to move, let’s say they’re being transferred to another state, then that’s another cost that has to be considered as well.
Hi! It’s Lou Brown. With another of my 101 ways for real estate investors like you to win, close more deals, accelerate your income, accelerate your cash flow. So this is tip number 32. We’re going to talk about borrowing in this series. So this one’s going to be, Borrow private money from folks who are not in the business. Let me tell you what that is. So basically a lot of folks that are close to real estate, they also understand money and they understand interest rates and they understand the power of that and they understand just how much profit you can make by them, allowing you to borrow their money. And so typically when you’re close to real estate, you’re actually paying more for the money if you’re borrowing it from another real estate investor or if you’re borrowing from a private money lender that’s affiliated or associated with real estate.
© 2024 Trust Associates LLC. All rights reserved.
BOOK A CALL