I recently interviewed my friend and fellow investor, Rick Otton. (Check out the REIM podcast to listen in.) Rick is an international investor, buying and selling properties in several countries—sometimes with the aid of an interpreter.
It’s pretty amazing when you think about it. But on the other hand, people everywhere get into financial predicaments and need solutions to their property problems.
The one thing that Rick does that especially impresses me is the way he dialogues with sellers. He’s ingenious in this respect, and you can get a lot of good ideas just listening to him.
Another aspect of his dealing with sellers is that he offers to bring them in as a partner. I’ve actually done this myself in the past, and I know how effective it can be. You can set it up as an equal split, but it doesn’t have to be. Any size cut could be enough to persuade that seller to agree to working with you.
It’ll mean less profit, but in the long run, it could add up to more deals for you.
Listen and Enjoy:
- Rick’s broad scope in international investing
- Examples of how he interacts with sellers (even with an interpreter)
- How he gets into deals putting up none of his own money
- Ways to make the “partner” offer