When you establish the minimum criteria for your deals, that will help you establish a baseline for every deal you come across. Any property you offer on has to cash flow, and it has to have the fundamentals in place. But sometimes, I get it, you get excited about an interested buyer and you just want to make a deal happen.
9 times out of 10, the seller’s going to have unrealistic expectations. That’s normal, and you should be ready to move on if they can’t budge. Make your offer anyway and follow up, but be brutally honest if the deal just isn’t going to work for you. Don’t waste their time, but don’t waste yours either.
99% of your deals are going to come from the follow up. Make the offers, and then circle around and follow up. When you let the buyer motivate you, you risk the chance of losing sight of your minimum criteria.
If you want more help getting ready for the recession, my newest book Recession Proof Real Estate Investing is going to provide the blueprint you need to pivot in this market. Available as a downloadable PDF, it has contracts, scripts, calculators, and many of the tools I use in my own real estate business.
Listen and learn:
- How to identify a motivated seller.
- Why you should always follow up on an offer.
- Negotiating in a deal gives you the flexibility you need to come out on top.
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