127 - Doing Your Homework

A lot of people complain that they can’t find any deals, but all that really means is they just aren’t doing their homework. There are people who are buying plenty of properties because they’re putting in the effort. If you want to succeed in real estate, you have to be willing to do your due diligence and put in the work. Every deal is different, and if you don’t know what your plan is for a property there is no way to know how to approach it. If you don’t run your numbers, how do you know your deal is a good one? Don’t forget to factor in your holding costs of a property into your buying decisions, otherwise you’re not going to make the profit you think you’re going to make. Negotiating is one of the most powerful techniques you can master when it comes to your long term success in real estate. Just because a seller says no to your offer, that doesn’t mean that’s the end of the conversation. Nobody just wants cash, they want what the cash can do for them, and that’s what you have to find out during the negotiations to put together a great deal. You can’t figure out what people want unless you ask questions. Learn what they are looking to achieve, what their goals are, and see if you can structure the deal so your goals and theirs are in line. Always ask. Take your time and don’t rush the process if you’re just starting out. This business isn’t about getting rich quickly, it’s about doing the work, learning the ropes, and putting in the effort. If you want to learn what you need to get started now you can check out the courses on larryharbolt.com.