I meet investors who say they tried a particular strategy
and it did not work for them. On further discussion,
I usually find out that what actually happened was
that they “dabbled” with the strategy,
failed to get the results as quickly as they would
like and so gave up and moved onto the next new strategy!
Property investing is not get rich quick. Instead
it is get very rich slowly, as the true wealth is
in the long term capital appreciation for which you
have to wait.
If
you want the very best property deals you need to
buy from motivated sellers., for whom the speed and
certainty of the sale is more important than the amount
of money they receive. This should not be taking advantage
of them but rather finding an ethical solution to
their problem that is a win win. This takes persistence.
When
you first speak to a seller they may not be motivated
enough, so you have to be patient and persistent and
make sure you follow up. The challenge is that when
most people get a NO, they give up. NO may not mean
no never, it just means NO not now. In fact, of all
the properties my students have purchased over the
years about 50% of them were where the vendor said
NO at first. Even if the vendor decides to sell to
someone else you need to politely keep in touch as
the sale often falls over and they may well sell to
you after all. But you must be persistent.
