Where are those great deals?
I remember several years ago, I became involved with gold prospecting (this was way before the current gold miningÂ show’s “stars” were old enough to even think of gold, let alone be down in the jungles going for it), I had asked theÂ purveyor of the local gold mining supply store, “where do you find gold?”
His answer is the same one I use today when I am asked “where do you find properties?” It is where you look!
Now, I know that you are scratching your head and wondering what exactly does thatÂ mean? Am I just telling you that you will find what you are looking for because it is all around? Or, am I telling you that whereÂ you look is important?
Many look at all of the properties out there, but are unable to acquire anything. They appear to be doing everything right, but just cannot get a deal. Maybe they are not “fishing in the right hole” or “using the right bait”. So, what does that mean? That reminds me of “The Rime of the Ancient Mariner”Â ‘Water,Â water everywhereÂ nor anyÂ drop to drink‘
- How many ways does the person know how to find properties that may be available for sale?
- How many methods does the person know to make a deal happen?
How many ways to find properties?
Most people I run across are “shopping” for their properties through the Multiple Listing Service (MLS). That would be like looking for a car and only looking in the classified section of the local newspaper. How many other ways could one find a car to buy? Granted, the MLS is a great resource, but only one. When was the last time CraigsList (craigslist.org), BackPage (backpage.com), local penny shopper (may be some other name, but a local classified ad paper that is published weekly), or specialty publication? That will give you an idea just how many other resources are available to the rather uneducated investor. Now, educated investors know that there are many other ways to find motivated sellers, and they do not have to compete with others for these properties.
How many ways to make a deal?
Here is where education really pays off. I liken this to owning a toolbox and tools, with the knowledge on how to use those tools.
If you only have a hammer in your toolbox, everything looks like a nail. Or, if you recognize that it isn’t a nail, but have no idea what to do, then it doesn’t really matter that you own and know how to use a hammer.
This would be like only knowing to pay cash to purchase a property. You will be limited to only those deals that fit that situation. Granted, “every” deal could be closed with a cash only sale, but how many can you do if you only have a set amount of funds?
What if you are looking to start generating passive income and you only have saved up $50k? You could buy one $50k home or 2 $25k homes. But, then you will have to wait until you can rebuild funds to purchase the next one.
Educated investors have invested their money, first in themselves. This is the greatest of tools to own. It is like a Swiss Army Knife onÂ steroids! You have multiple tools, and the knowledge on how to use them, to tackle the problems that you will encounter as an investor.
So, where are the deals? They are everywhere. You just need to know where to look and have the right tools to make them happen. Check out the education I recommend and then contact me. I will show you how you can also be a successful investor.