Highest and best. If I was competing in the Olympics for a gold medal in pole vaulting then I’d love to hear those two words together. But as a real estate investor when I hear highest and best my blood pressure starts to rise. My face turns red. My jaw tightens. Then I sit down [...]
Want to learn how to save time and headaches when dealing with sellers? Well, the other day I was working with an investor who mentioned to me that he just couldn’t seem to close the current deal he was working on. It was a perfect subject-to deal, and the seller seemed pretty motivated, however, whenever it came time to sign the contract the seller delayed and said he needed more time to think about it. This had been going on for a month and a half.
When choosing the area you’re going to invest in a lot of people don’t create a large enough radius around where they live. For example, one of the best ways to be successful in this business is to mail a lot of letters and postcards to highly targeted lists. And sometimes when an investor tries to order a list around their home town they might only come up with 300 names. When that happens, you need to enlarge your radius because mailing 300 names will never make you wealthy.
What’s worse than not getting any deals and struggling to buy houses? The answer is buying the wrong house. You see, many investors take an early exit from this business because they overpay for a property or because they don’t understand the correct formulas to use when evaluating a deal.
Joshua Dorkin
