BEING A PROBLEM SOLVER
Saturday, September 25
The reason why people sell their property is because they are experiencing a problem. The bigger the problem the bigger the motivation and discount. People sell their problem property and never their best properties (not until their best properties turn into problems). Let me use myself as an ex...
PAIN POINTS VS MOTIVATION
Tuesday, September 21
I learned a very important lesson I learned yesterday as I submitted offer to a seller. The lesson was just because a seller is experiencing pain points it does not mean they are motivated to sell. However, if they are motivated to sell then they probably have strong enough pain points. I'll ex...
WHAT STARBUCKS HAS TAUGHT ME ABOUT MAKING OFFERS
Sunday, September 19
Have you noticed when you go to Starbucks there is always 3 sizes (I forgot what they are called. I just remember "Grande" lol). This is a brilliant sales strategy because the second your brain sees options your focus shifts from "buy or not buy" to "which size do I want?" I implement the same s...
THE TRUTH ABOUT CAP RATES
Monday, September 13
I realized this we investors (including myself) puts too much importance on the cap rate. The cap rate is defined as, "used in the world of commercial real estate to indicate the rate of return that is expected to be generated on a real estate investment property. This measure is computed based ...
Underwriting: turning weaknesses to strengths
Sunday, September 05
A few months ago my biggest weakness was my underwriting. So I promised myself Id turn this weakness and turn it into a strength. I read books on the subject. My first step was to ask people who better than me at underwriting for book suggestions about underwriting . One book that was recommended...
How long should it take to turn an apartment unit?
Saturday, September 04
Assuming the apartment has been updated prior to the current tenant moving out it should take one week (max less than 2 weeks) to turn an apartment unit. When I say "turn" the degree I am am describing is new paint and clean. You want a new tenant in there ASAP. If you let a unit go vacant for a...