Yesterday we covered steps 1 & 2, so if you missed that, go back! Steps 3 & 4 will be useless without covering that first. Let’s continue on right where we left off.
- You have your motivated seller. Now you need to understand how to make an offer that will not only benefit you, but for the homeowner as well. You must realize early on that this business is NOT about stealing property, but it is about solving a problem in a way to make both parties happy. In this particular case, the homeowner can be saved from public embarrassment and can help them make a small nest egg for a new start. Be willing to use creative thinking to problem solve!
- Profit is made when you buy! Do not jump into a purchase until you have looked over it with a fine toothed comb to see HOW you will get your profit. If you hold onto it as a long term investment, will the rental income cover the mortgage? Will you turn the deal quickly over to another investor for some fast money? Are you going to fix it up and increase its value? It is SO necessary to have a good plan before you buy your property. Going in blindly will just lead to money lost.
There are a few real estate investment seminars that will take you into this further, but be sure to vet them thoroughly! You don’t want to become one of that 95% who goes nowhere with the education you get. If you follow &these 4 steps, add in your own determination and perseverance, you will unfailingly you will be well on your way to financial independence through real estate