This Strategy Could Save You $10 K Or More On Your Next Real Estate Deal!
They say that in real estate you make your money when you BUY…
They also say that the best deals are CREATED not found…
So if that's the case, allow me to share a creative strategy that has saved me thousands and thousands of dollars when buying real estate investment properties.
Now I buy mostly multifamily properties and commercial buildings but this strategy works great with any type of property...
Here is a real world real estate deal I did that I was sharing with one of my coaching clients recently…
It was a triplex that looked interesting...
This deal was listed on MLS so I arranged an appointment to view it with my realtor.
I was told that the owners were going to be there to show us around.
I love it when the owners are at the property because you can dig for more information about the property and why they are selling.
I believe that to be a GREAT real estate investor you must be good with people. It's more about human psychology and communication than it is about the actual property.
Let me explain…
When my realtor and I arrived at the property we were greeted by the husband and wife the owners of the property and they were ready to show us around.
It started out very similar to just about any other viewing of a property you may imagine…
We talked about the basics of the property, the condition of the property, things that they loved about the property, the things they didn't like about the property, what had been recently renovated or upgraded, as well as what areas of the property needed to be fixed…
Now as we continued our inspection of this potential triplex deal the lady of the house was doing most of the talking and as she began to get more and more comfortable with me she opened up and started to share more about her personal life…
She explained that her and her husband lived in the back main floor unit while her two adult children lived in that main floor front unit as well as the upper unit…
Her adult children had since moved out and started university and we're not going to be moving back into the property…
So that left her and her husband with this large property that she no longer had a desire to own you see she never really wanted to be a landlord or an investor she's simply acquired the property because it worked for her and her family situation allowing her two adult children to have their own private apartment while still being close to their mother and father…
She went on to explain that she was at a point in her life where she just wanted to downsize sell this piece of real estate and buy her forever home…
It was at this point that she looked at me with complete sincerity in her eyes and a hint of worry…
She said Jeff “I really want to sell but I'm very apprehensive. This is going to be my last move and I'm worried that if we sell too quickly I will not have the time to buy my forever home and I do not want to put all my life long sentimental values and furniture into a storage place and be rushed into making the wrong decision.”...
It was at this point in the conversation that I knew I could dig deep into my bag of strategies and pull out a strategy that would create a win-win solution for both myself as the investor and for the owners selling the property…
I finished up with the tour, I thank them for their time and, I went and grabbed a coffee with my realtor and here's exactly what we did next…
I advised my realtor that we were going to implement the double offer strategy…
In the first offer we offered a higher purchase price and a fast closing…
In the second offer we offered a lower purchase price and informed the sellers that they could close on the date of their choosing…
This way rather than deciding yes or no to one offer I allowed them the opportunity to decide which of my two offers best met their needs. I knew going into it that the wife was extremely concerned about the closing date and having to leave her worldly possessions in storage…
My realtor submitted the offer and we awaited the reply…
The listing agent in this particular real estate transaction was shocked and surprised when the sellers decided to accept the lower purchase price…
And when she advised her clients that they could counter back the wife spoke up and said “No I am happy with this offer you see Jeff listened to my concerns, my needs, and my desires”…
“I can sleep comfortably at night knowing that I will have all the time I need in order for me to find my forever home"...
"I am happy to accept a lower purchase price”...
And this creates a win-win deal for both sides…
When you listen to the needs and motives of the sellers this provides you with an opportunity to structure your offer in a way that meets their needs and allows you the opportunity to get creative with your deal structure and in many cases save thousands of dollars in the process.
I would encourage you to think outside the box when submitting your offers. GET CREATIVE!
I hope that you have found this strategy to be insightful and that you implement it when the opportunity arises…
May you save $10,000 or more on your next real estate investment…
As always I am here to help you start, scale, and manage your very own real estate investment business…
If you have any further questions, I am happy to help…
Please feel free to reach out at any time and book a complimentary strategy session live one-on-one with me and we'll talk about how you can become the next successful multi-million-dollar real estate investor...
Until next time always remember " The More You C.A.R.E. The Less You Work"
Your real estate-based wealth coach,
Jeff Woods
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