The Single Most Important Question To Ask When Negotiating With A Seller!

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I’m on week three of my marathon training, but it might as well be week 123. I still think running is a terrible idea. Every time I see someone running now, I actually get angry and wonder why in the world are they doing it and I want to run them over (I guess it’s my inner O.J. coming out, however if someone does get run over, I will be the first one to search for the “real” killer.) Anyway, now that you know that deep down I have serial killer tendencies (and what entrepreneur doesn’t? We’re all crazy) let me give you some information that will fatten your bank account and make you filthy stinking rich…because I love the smell of capitalism in the morning!

When you are talking with a seller, whether it’s on the phone or in person, there is one single question which can make the difference between millionaire status and non-millionaire status (or as I like to say being a “player” or a “tire kicker”). Write these words down and send my royalty checks to 123 Main St… Alright, here is the question “Mr. Seller, what do you need?” Not, “Mr. Seller, how much are you asking for the house, or how much are you looking to get for the house or how much do you want for the house.” Everyone wants $50,000 in cash, but what do they need? Usually this question will quickly drop that $50,000 to a much lower number. So if it drops from $50,000 to $25,000, then ask why they need $25,000. They will usually tell me it’s for moving expenses or to rent an apartment, and together we realize they actually only need about $5,000 or so. The beauty of this question is that it helps sellers come back to reality and realize that they only need $5,000 to move to Florida to be with their grandkids or $5,000 to get an apartment in another state to be closer to their relatives.

When you are meeting with a seller in person, the best way to “show” the seller what they need is using the pen and pad approach. When the seller wants $50,000, take our your yellow legal pad and show them what they need…$1,500 for a moving truck, $2,000 for the first months rent and security deposit on a new apartment, $500 to pay off some utility bills, etc.

Make sure you remember to ask this every time you talk with a seller and when they tell you some ridiculous number, make sure you question them and ask why they need that much money. So, I thought I would end this week with a very important scientific discovery that was passed onto me by a friend: Scientists have discovered that there is one food that drastically reduces a woman’s sex drive…………………WEDDING CAKE!

About Author

Jason R. Hanson is the founder of National Real Estate Investor Month and the author of “How to Build a Real Estate Empire”. Jason specializes in purchasing properties “subject-to” and has purchased millions of dollars worth of property using none of his own cash or credit.


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