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I attended a real estate clinic recently, and everyone I talked to said that every seller they approach only wanted cash for their house. But I want to debunk that myth because it is absolutely not true. This is one of the greatest fallacies that real estate investors believe. I’ve learned getting all the money at closing is what sellers might think they need but many times it’s really not the case.
There are so many different ways to make offers based on the property and the seller’s needs. You have to learn how to think through deals and learn something new in each situation. For example, a real estate investor wanted to buy a condo as a rental property but the complex had a rule that a buyer must live in the property or it must be vacant for a year before they can rent it out.
One of the critical points in real estate investing success is negotiating the best deals. If you don’t know how to negotiate, you won’t be able to buy income properties where you have to talk to sellers. There are certain techniques you can use when negotiating a deal.
Many beginner real estate investors don’t know how to find properties that show signs of opportunity because they are only looking in the normal listings. You have to drive through neighborhoods and look at the houses that show opportunity. "Pretty houses" normally aren’t going to be a good investment. So you must pay attention to the homes that need work.
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