10 Commandments of Negotiating Great Real Estate Deals

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In today’s post, Julie Broad of RevNYou – Champion of MustKnowInvesting.com’s “Battle of the REI Blogs 2009″ – reveals the 10 Commandments of Negotiating Great Real Estate Deals …

Most people say they’d rather be rich than right, but they act like they’d rather be right than rich.

I think many people take this same mentality when they negotiate a real estate deal. They draw a line in the sand and require the other party to step over that line in order to do the deal. They pretend to seek the ‘win – win’ scenario but are only really thinking about winning.

It can happen so easily … you can analyze the property so easily when it’s from a distance. You can see clearly what price makes sense for you, and what makes a great deal.

Then, the second you decide to put in an offer your competitive instincts tend to kick in.

You want to beat the seller into giving you the lowest price possible. At least you feel that way until you find out there’s a competing bid, and then suddenly you find yourself offering way more than you planned to offer just because you have to win the deal.

Well I am not going to pretend to be able to negotiate everything expertly – but years of working in sales (from packaged goods to real estate information), training sales staff, and negotiating real estate deals has taught me a lot about what works, and what doesn’t.

Keeping it simple … here’s my …
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Tags: commandments of negotiating real estate, Julie Broad, negotiate real estate, negotiating real estate, real estate negotiating, RevNYou, revnyou with real estate
Posted in Negotiating, Tips and Tricks | 3 Comments »

How to Become a CIA: (Part 2) Negotiate Your Way to Wealth

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Welcome … to Part 2 of the “How to Become a CIA” creative real estate investing series … Negotiate Your Way to Wealth …

(if you’re new to the series, you may want to start with the introduction)

This week, master negotiator, Dusty Keefe, is gonna teach you how to negotiate your way to wealth.

Ever since getting started investing years ago … back in 2002 … Dusty has been a full time negotiator for our buy, sell, hold business. He had some sales experience prior, had studied books on negotiating and sales strategies, and naturally filled that position for our company.

Today, having negotiated with hundreds of buyers, sellers, tenants, contractors, and other investors … Dusty has become quite the master at his craft.

And, if you’ve ever met Dusty in person, you know this … the man never stops negotiating.

Dusty and I were going through a drive thru recently and before we got up to the window, he told me to get a free french fry. He didn’t say “Order another fry”, he said “Get a free fry”. I started to feel a little uncomfortable because I didn’t feel like asking … but, realized quickly that I was exhibiting weak behavior.  Sooooo, when we got up to the window, I asked for a free fry in a certain way that I thought would be compelling for the employee to give it to me …

… and you know what … I got a free fry.

This is a very simple example, but it shows how Dusty thinks … how the mind of a master negotiator functions.

I talked Dusty into sharing some killer negotiating techniques and strategies with us in the “How to Become a CIA” series … hope you enjoy!

Negotiate Your Way to Wealth with Dusty Keefe

Here’s what Dusty’s gonna cover …

>> What’s the Big Deal About Negotiating

>> Why Most Beginners Struggle with Negotiating (hint … it’s not your fault)

>> The “Must Know” Moving Parts of Every Negotiation

>> 3 Step Easy Process to Negotiating Great Deals

>> And Much More …
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Tags: cia, creative investing architect, creative real estate investing, dusty keefe, how to become a cia, Negotiating, negotiating real estate, negotiation, real estate investing, real estate investing series
Posted in Negotiating, Tips and Tricks | 7 Comments »

Who Else Wants a Seller Financed Deal For Only $1,800 Down?

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Are you one of those non believers that think that you have to have a bunch of cash or credit to get into real estate investing?

Well, if that’s the case, here’s a real world real estate investing case study of one of Wil Christenson’s latest and greatest deals. He specializes in creative deal structuring . . . buying property subject to and creating seller financing to pay sellers for their equity. Wil structured this deal so that the seller took back 100% of the financing so all he had to pay was his closing costs (some attorney fees, title search, deed stamps, etc) which amounted to a whopping $1,800 bucks! That’s it!

And the property was in good shape! Can’t get much better than that . . . all it needs is a little cosmetic work. I decided to shoot a video to highlight exactly how the deal went down.

Here’s a few things you’ll learn in the video:

= > How in the heck he found the deal

= > 2 BIG hints when the lead came in that screamed “This Could Be A Great Deal!”

= > Key questions Wil asked to unlock the seller financing potential

= > How he used “The Truth About Taxes” to compel her to finance the deal (and how you can too)

= > The magic question that explodes your wealth when you know how to hold your mouth right

= > How every payment is in essence going in his back pocket

= > and MUCH MORE!

Watch the video now!

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Tags: bandit sign, creative real estate investing, Marketing, Negotiating, negotiating real estate, real estate investing, real estate investment financing, real estate investor marketing, seller financing
Posted in Marketing, Negotiating, Real Estate Investment Buying Strategies, Real Estate Investment Financing Strategies, Real Estate Investment Selling Strategies, Tips and Tricks | 2 Comments »

6 Expectations to Define with Every Seller Lead

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Ever wasted a bunch of time meeting with an unmotivated seller? Or a seller who wants full appraised value for their property? Or a seller who tries to beat you up on price?

Don’t be discouraged . . . it’s happened to all of us. Below are 6 expectations that you want to define with every seller to avoid those situations and save yourself TONS of time and heartache.

1) You’re a Business and Must be Able to Make a Profit

I usually throw this in pretty early in the conversation with a seller especially if they are asking anywhere close to retail. I say something like, “Well, Mrs. Seller, we are a company so we would have to be able to make a profit on your property for us to buy it. If we didn’t, we wouldn’t be in business too long, would we? But, as long as you are ok with us making a profit, we would be happy to look into it for you to see if your house would qualify. Does that work for you?”

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Tags: creative real estate investing, Negotiating, negotiating real estate, real estate investing
Posted in Negotiating, Real Estate Investment Buying Strategies | 1 Comment »

What to Say When the Seller Says, “Just Make Me an Offer”

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Don’t you hate it when a seller gives you the dreaded, “Just make me an offer.” Well, I sure do. I got tired of it pretty quickly after I realized how much time and energy was wasted with these people.

A question that we require a seller to answer is . . .

“What are you asking for the property?”

As real estate investors, we only want to work with motivated sellers. People who NEED to sell not just want to sell. Whether they are behind on payments, facing foreclosure, job loss, divorce, etc. When you get a response like, “Just make me an offer,” this should be a red flag that the seller may not be motivated enough to work with you. Before you spend any more of your precious time with the seller, you need to get to the bottom of this.

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Tags: creative real estate, creative real estate investing, Negotiating, negotiating real estate, real estate investing, Real Estate Investment Buying Strategies
Posted in Negotiating, Real Estate Investment Buying Strategies, Tips and Tricks | 4 Comments »