QUESTION ⁉️ “I need help.
I have attempted to walk away from this deal several times but the seller keeps asking for help.
I have a seller who is needing to sell his property.
He wants to sell for 190k.
The house is in great condition; I hate to say it but it needs less than $5,000 in repairs.
The estimated ARV (after repair value) is 230k.
After fees, my fee and closing cost, this is not a deal for the end buyer.
He also gave me an owner finance option with the terms of $25-$30k down, 7-9% interest rate and $1,700-$1,750 monthly.
How can I make this a deal?”
The best positioning for negotiating in Wholesaling Real Estate is to be willing to walk away and...
The first 2 mistakes here is that you admitted to have attempted to walk away from this deal several times.
1st mistake - When you walk away, you have to mean it by waiting until they invite you back.
2nd mistake - You admit that it’s not a deal but you want to make it a deal somehow magically.
That may be possible but it would only be possible if you have a motivated seller.
What you have here is an investor who have found a sucker to suck into a deal that favors them; hence the multiple creative financing offers.
I know I mentioned getting invited back as a good thing but here is an exception.
This is an investor who is simply controlling you with follow up calls.
He/She has managed to pique your interest because you are not equipped with 2 things.
1) Lead pipeline and
You need a lead pipeline so your can walk away and mean it.
Knowledge would be found useful when you get called back which is actually the best negotiating position.
If you don’t have negotiating skills and knowledge when you get called back (follow up) into the best negotiating position, you will lose.
Wholesaling real estate requires a 2 skills starting with...
1) Marketing (To fill pipelines with leads)
2) Prospecting (Retaining negotiating power)
As you can see, none of it has to do with the legality of the business which is 99% of what they teach in real estate licensing class.
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ABOUT YOUR HOST ::::|
Ola "Tux" Abitogun is the Creator of myEmpirePRO and author of Smart Real Estate Wholesaling. He became a FULL TIME entrepreneur in October 2006.
He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.
Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and a father. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their careers.
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myEmpirePRO :|: http://myEmpirePRO.com