What if you don’t have any cash at all? Are your dreams of profiting from real estate dead? Worse, your credit is destroyed and you have to work at McDonalds at night to pay your bills. You don’t have much time, you don’t have credit, and you don’t have money. Are you just hopeless?
Another example is the book “Think Yourself Rich” written by the award-winning author Sharon Maxwell Magnus. “Think Yourself Rich” was a major BBC television series and this was mentioned on the front book cover not one but twice.
It helps you to understand that you are not alone in making cold calls and struggling with the prospecting system. What I will do here is detail the most common problems that sales people have in making cold calls to commercial real estate prospects.
Subtracting $20,000 from $180,000, we arrive at a Current Market Value (CMV) of $160,000. You have estimated repairs on a property at $20,000, and the estimated ARV is $180,000. If I subtract $30,000 from $160,000 I get $130,000, and if I subtract 30% from $160,000 I get $112,000.
So many of the marketing pieces that I see are missing “it”. If the agent doesn’t have a passion for the property they shouldn’t be listing the property. agents are being paid to market a property and should put the same amount of effort into each transaction. While it may be true that the numbers play a big role, sales are still based on emotion. I have heard many colleagues claim that commercial real estate is sold on numbers, unlike Residential. A property trading at a 10 cap might not have the hottest sticks ‘n bricks in town, but even ugly properties have someone who wants to buy them.
If you don’t reach them revise them. They should be close enough that you can almost touch them, but elusive enough that you’re forced to dig a little deeper in order to catch them. As a brand new investor, you don’t know what reasonable expectations are, but with the help of a good mentor to hold your hand through the rough and tumble early days of your investing career, you’ll come up with numbers that will work. Make sure your goals are realistic.
Take the time to outline what your needs may be, from number of rooms to types of spaces needed. Make sure you know exactly what requirements you need to satisfy before you begin your search for commercial real estate. This should include the appropriate number of washrooms based on people present.
This $90 was just to meet ends. Dean Graziosi is now a multi-millionaire today but he was not born with a silver spoon in his mouth. In his first investment, he purchased and fixed up an apartment of a building in his town. He grew up deprived as a kid. You can also find the story of his first investment in his book “Profit from real estate right now”. Later with the maturity of Dean Graziosi, his childhood proved a great motivation for him. The first investment in the real estate was done by Dean Graziosi, when he was a teenager. His mother worked her peter out at two jobs to earn mere $90 in a meet.
While it may be true that the numbers play a big role, sales are still based on emotion. If the agent doesn’t have a passion for the property they shouldn’t be listing the property. So many of the marketing pieces that I see are missing “it”. A property trading at a 10 cap might not have the hottest sticks ‘n bricks in town, but even ugly properties have someone who wants how to invest in real estate buy them. agents are being paid to market a property and should put the same amount of effort into each transaction. I have heard many colleagues claim that commercial real estate is sold on numbers, unlike Residential.
It would be difficult to find these people outside of an REIA. Through your club, you will be able to meet people who are interested in investing but who are not interested in the actual hands-on interaction with property. Some people who belong to your local REIA have begun investing because they desire to leave their full-time job, and there are some who love their job and continue to work while investing in real estate property. More likely than not, these people will search you out if you are experienced and will enable you to become more successful. You will learn that Dean Graziosi can work whether you want to work full-time or part-time.
Probate process can drag for a long time but 6 months is good enough. You then need to real the beneficiaries. you must remember beneficiaries are grieving and need to be handled with sympathy, not aggression. I send them a nice sympathetic letter every 30 days for 6 months. When it comes time to sell, it is you they will think about first if you have been consistent.
His motto is not to make money for himself but to ensure that anyone who attends his sessions, or read his books or even watch his chat shows are able to pick one point which can spin their career thereafter. What makes Dean Graziosi a favorite among all is because of his never die and keep trying attitude and his intentions to assure that each and everyone who turns up to him be successful.