By Jeff Jensen
As investors, we’re always going to start with whatever we have the lease of first, right? For example in a fast moving real estate market we begin with the property. There are fewer good deals and we understand that when we find a good deal we will be able to cut it loose quickly. In a fast moving market buyers are plentiful and can easily be found virtually anyplace. In this type of market 10% below value may be considered a “Killer Deal”, many homes sell at market value and above.
In a slow market like what we are currently experiencing, things are just the opposite. Property are everywhere and buyers are scarce. Now that the “Financial Belts” have been tightened over the last 1 ½ years, it is even more difficult to find buyers because fewer people can qualify for a home loan. Knowing that this is the case for most of us right now, we must begin by building a list of buyers. We say this because no one wants to go out and pick up a property that you will get stuck making payments on for the next 6 months.
To avoid that last situation entirely, begin building your list of buyers first. This is the same direction we give to all the Success Academy students. Building the buyers list will allow you to be much more effective and efficient. Once you know what a buyer is looking for, you can go out and focus your attention only on that type of property. There are so many properties listed for sale right now that just going out to find a “Good Deal” without a buyer already lined up will waist a ton of time and get you extremely frustrated. Again focus on the buyers first to ensure that your time is well spent and this will propel you into that next deal regardless of whether you’re using Fast Cash, Cash flow or Buy and hold strategies.
We wish you well on your next deal.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125