Newbie Wholesale Successes & Failures Week 23

After such a busy week, the beat don't stop. In wholesaling you have to be consistent in every area of your business and life. Here's a quick tip for you, people will gravitate to those who are consistent. Everyone loves to hear the great success story but before the success there are MANY small failures. 

If you are a follow of this blog you understand that I tried to do something that a lot of wholesalers, or investors in general try and do.....by doing this I was not trying to increase the profit margin of the deal but trying to make the deal have a little margin for incidentals. 

So you ask what did I do?????

I've been doing a lot of reading and studying the craft of negotiating. I speak with a lot of sellers daily and when I'm on the phone it is my responsibility to try and find out what the seller want to get for the house and how does that compare with what is desirable for us. We try and create win-win situations for all parties. 

Remember: Wholesaling and Negotiating is not just about what YOU WANT.

Ok here is the scenario, I was negotiating with a seller that truly wanted to sell at the time, there was not a big discrepancy in what the seller wanted and what we needed to get in order to wholesale the deal. I thought this was a good opportunity to negotiate the price to where we want it. It was not a home run by any means. Actually I was negotiating so it would be a good buy and hold deal with an attractive cap rate.

This is something that I've heard from other wholesalers when being interviewed on the BP Podcast, how they was stuck in a negotiation and they waited to see if seller would come around but eventually lost the deal. This happened to me recently. The seller has not sold the property so this may come back around for me but the lead definitely went cold. My follow up will be critical to bring this deal back to life.

The follow up is going to be essential in turning this deal around. What I will do in my follow up call is to see if things have changed this is how I will steer the conversation:

"Are you still interested in selling, if so I would like to give you a brief market update if you are still in the market to sell. You can use this data if you decide to list the property with a Realtor or if you receive interest from another investor or cash buyer." 

By providing this information to the seller it gives me some credibility, it informs the seller that my position is not about us doing a deal solely but its about you (the seller) having quality information about the property. 

I will keep you informed if I am able to resurrect this deal stay tuned........

Oh by the way I did pass the test to get my license this will open more opportunities for me. The question; should I or shouldn't I get my license as a Real Estate Investor is often a topic of conflict, hopefully I will be able to provide some clarity for those needing this question answered in the future. 

"Enjoying the Journey"