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Property Investing Secrets 8
Property Investing: A Buyer's Secret Weapon When Purchasing Real Estate My friend, Roger, does property investing and is a licensed real estate agent. Recently he looked at a property in another state that was probably worth $225,000. After some rapport building, the agent told him that he may be able to purchase the property for around $200,000. Roger loves property investing and he follows fundamental rules like doing his home work. He still thought the property was expensive and did not pursue it further. About a month later, Roger received a call from the real estate agent. The agent said that the seller would probably now accept about $180,000. The agent explained that the seller had paid about $180,000 for the property eight years earlier and he just wanted to get his money back. Roger was surprized that the seller had not factored in costs of ownership. It also happened to be April Fool's day and Roger sometimes he has an off beat sense of humour about property investing. He said to the agent, look tell the seller I'll pay $150,000. Roger also said he would sign a contract now and fax it to the agent immediately. After that was done the real estate agent rang him back the next day and said, "I can't believe it....you've bought the thing. Had I known he would have taken that price I would have bought it myself!" There are a couple of lessons in this example. First do your homework when you're property investing. That means you know where bottom of the market it is-before you meet the real estate agent. Secondly, do some rapport building with an agent. Now some of you may be wondering how Roger could make an offer of $150,000 to the agent. Roger presented himself as a serious buyer. Roger's secret weapon was that he didn't care whether he purchased the property or not. In fact when property investing he never gets emotionally involved. He told me he'll make an offer on a property, not caring whether he owns the real estate. This is a secret weapon of many accomplished property investors-thought at times it can be difficult to put in practice. I've found when property investing that if a seller wants to sell to me today, when I make an offer it's the best I can do on that day. Just as Roger's best offer was $150,000. More often then not, this strategy will enable you to purchase property at a discount. Bottom line it's important not to get emotionally attached and chase real estate. Rick Otton is the director of We Buy Houses Pty Ltd. He has been property investing full time for 14 years. Rick has completed over 351 property transactions in Australia and the United States. Rick specialises in creating positive cash flow through a variety of strategies he perfected in the United States and adapted to Australian conditions. He sells home study courses on vendor finance, one year mentoring program as well as a yearly 3 day boot camp on the Gold Coast. Go to http://www.rickotton.com for more property investing information ring 1800 003 588 in Australia.
MORE RESOURCES: L.A.’s Real Estate Upfronts Reveal Penthouse A at Rosewood Residences Beverly Hills Hollywood Reporter Erie County real estate transactions Buffalo News Real estate mogul cautions about avoidable mistake when buying a home, explains how to avoid 'drowning' Fox Business Coloradans negotiating lower fees for real estate agents with new law on horizon Colorado Public Radio Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties May 19, 2024 edition MassLive.com Portside Real Estate acquires Belgrade Lakes brokerage Kennebec Journal and Morning Sentinel Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Worcester County real estate transfers, Sunday, May 19 Worcester Telegram Top 10 Brooklyn Listings: A Flatlands Standalone Brownstoner Berks County real estate transactions for May 19 Reading Eagle REAL ESTATE | Check out Braund's Flooring & Remodeling LLC in West Bend, WI washingtoncountyinsider.com Wellesley resident Peter Covo joins Conn Kavanaugh as partner in firm’s real estate practice The Swellesley Report Private Advisor Group LLC Purchases 1425 Shares of Doubleline Commercial Real Estate ETF (NYSEARCA:DCMB) Defense World Increases in interest rates stress commercial real estate Richmond Times-Dispatch Amalgamated Bank Trims Stock Position in Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) Defense World Egypt boasts real estate portfolio valued at $200bn, ready for international export - Dailynewsegypt Daily News Egypt STAR resource center Department of Taxation and Finance Kenosha CubeSmart storage facility sold to new owner Kenosha News The Properties High Interest Rates Can't Touch The Wall Street Journal Connecticut real estate law changed after MV Realty investigation Eyewitness News 3 Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) Stock Position Reduced by Victory Capital Management Inc. Defense World China's real estate market sees surge in weekend consultations and trading, boosted by accommodative policy Global Times Real estate transfers: May 17, 2024 RiverheadLOCAL 10 most expensive homes sold in Cuyahoga Falls, May 6-12 cleveland.com News anchor sells luxury Scottsdale home he built for $6M The Business Journals Real Estate Newsletter Articles this Week: Housing Starts Increased to 1.360 million Annual Rate in April Calculated Risk China Says It Will Start Buying Apartments as Housing Slump Worsens The New York Times See all homes sold in Avon Lake, May 6 to May 12 cleveland.com Real Estate Mogul Grant Cardone Closes Largest All-Cash Multifamily Deal In South Florida This Year Yahoo Finance 10 most expensive homes sold in Portage County, May 6-12 cleveland.com Should I Buy a House Now or Wait Until 2025: Expert Forecast Norada Real Estate Investments Robert Willett may be targeting female Realtors in Northeast Ohio Akron Beacon Journal Mid-May Greenwich Real Estate Market Report Greenwich Sentinel Refined Real Estate: Unique Leschi home with lake views lists for $1,395,000 seattlerefined.com Why Renting Still Makes More Sense Than Buying in Major US Cities Business Insider London Real Estate Is About to Get the ‘Selling Sunset’ Treatment Hollywood Reporter What's real estate wellness? Fortune Billionaire Frank McCourt raises his hand to buy TikTok Business Insider The Michael Houck Real Estate Guide for May 19 Oil City News Dodge County Real Estate Transfers Fremont Tribune Naples, Florida number of homes for sale among highest in US Naples Daily News Ellison sues real estate broker Chad Banken over alleged schemes involving contracts for deed Star Tribune Busch relative settles squabble with Clayton investors over real estate trust St. Louis Post-Dispatch Home listings are on the rise in southern Colorado, while other indicators show a slowing real estate market Colorado Public Radio Southern fast-food chain Cook Out buys Tampa real estate The Business Journals Real Estate's Got Talent – Commercial Observer Commercial Observer MCB Real Estate Revives Long-Awaited Viva White Oak Mixed-Use Project Source of the Spring New Rules for North Texas Real Estate Agents Creates Uncertainty Dallas Observer Did Fort Worth’s real estate market really ‘bottom out’? | Fort Fort Worth Star-Telegram This Florida 'Skinny House' is only 10 feet wide. But it's selling for $619,000 WKMG News 6 & ClickOrlando |
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