Coach Mitch’s REFLECTIONS
As I stated in Part #1:
The #1 real estate investing question is –
How do I find the exceptional deals – on a consistent basis?
The Answer to the #1 real estate investing problem / question is:
You must use an exceptional real estate investing System.
Working a good system is the only way that anything gets done. Think about it. Name anything in your life that you do that is not part of a system. Everything is ritualized. Everything we do has an order to it.
The KEY to real estate investing success:
Rule #1: ONLY speak to highly motivated sellers.
Rule #2: ONLY use a real estate investing System that puts you in front of highly motivated sellers.
Another PROBLEM is that most real estate investors don’t know what a good deal is. Most will look at getting a property at 70% of fair market value, FMV, and think that is a really good deal.
70% FMV is just the beginning
This system is the ONLY real estate investing system that will CONSISTENTLY be able to put you in front of sellers who are so highly motivated that you can often get property for $ .10 cents on the dollar. You should never have to pay more than $ .50 cents on the dollar. Imagine consistently getting property for 10¢, 20¢ or 30¢ on the dollar!
What would it be like if you were able to consistently find sellers who were so motivated that they could and would sell their real estate for incredibly low prices?
What it would be like not to worry that the price of the rehab just doubled because you missed something or the contractor’s price was off? You have so much profit built into the project that the inevitable cost overruns do not have to give you a headache.
What it would be like not having to do a rehab in order to make a great profit?
What it would be like to have enough profit built into the deal that you can sell the property at WHOLESALE and still make a terrific profit?
My System is the ONLY System that can consistently put you in front of seller’s who can sell at a deep discount.
That’s not all
Ask yourself, “Does my current system consistently put me in front of highly motivated sellers who can and will sell at a deep discount?”
This part of the question is crucial.
Rule #3 – the unknown rule
Rule # 3- ONLY deal with those whose situation or psychology mandate that they WILL sell at deep discounts.
All systems can locate sellers who are motivated to sell.However, most sellers’ MUST SELL AT RETAIL or close to retail. That is because most sellers’ have a big mortgage to pay off.
About 65% of seller’s need to sell at full retail. They have little equity built up.
About 33% of seller’s have a substantial equity and can sell at low prices. These are the folks who can sell at $ .70 cents on the dollar.
About 2% of property owners, each year, allow their properties to go into the tax auction process.Almost all eventually pay the taxes, but they are paying under duress. Ask yourself, why would someone not pay their taxes and risk losing their property? Something negative is going on in that seller’s life.
This is important
An important distinction must now be made.
A significant percentage of properties are tax delinquent each year. I have seen some counties where as many as 80% of all the properties in the county are tax delinquent. WoW!
On the average, of the small 2% who allow their properties to go into the tax auction process, 98% pay the taxes and only about 2% actually make it to the tax deed auction.
Of the 98% who eventually pay their taxes, 35% will happily give you an exceptional deal. Either you will get a great price or great terms or both. You just have to present yourself in the correct way and ask in the proper manner.
A key point
Fear is stopping most of us from achieving our potential. We don’t want to mess up a potential deal so we stop ourselves from trying. Well, there are so many tax delinquents that you can mess up as much as it takes for you to develop your negotiating skills.
Knowing that you have so many leads that you don’t have to worry about being a perfect negotiator. You can rest assured that you can make as many communication mistakes as you need to until you become proficient as a negotiator. When you become proficient, you will be truly powerful. You will be able to manipulate people in ways that will surprise you. Be careful and use your new power wisely.
But that’s not all
My System allows you to locate those sellers who are so desperate that they will let their property go to tax deed auction. These are the folks who can sell at deep discounts because they don’t have mortgages and they will sell at a very low price because they have given up hope of a better offer and the auction is upcoming.
My System is the ONLY System that allows Rule #3. My System is the ONLY System that CONSISTENTLY puts you in front of sellers who are WILLING to give a good deal and are ABLE to sell at deeply discounted, fire sale prices. Read that again.
Often, these properties do not have mortgages against them. They are typically lien free. Lawyers, bankers, real estate agents and other hindrances are typically not involved – so you can make your best deal without interference.
if you are seeking to make your fortune in real estate investing, safely and easily, then you should give me a call.
See Coach Mitch’s “Ridiculously Simple System…” for details.
What are you waiting for?
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