How come anytime you walk in to a book store and find your way to the business or financial books all the views that are expressed in the titles are very similar??? In one way or another they all call out for a monetary version of bloodshed. I mean think about the titles: "How you can crush the other guy"or "it's not personal its business", "How to come out on top" etc etc. When I got into the real estate investment game I spent hours trying to find the one book that would teach me how to become that REAL ESTATE INVESTING GOD I knew I could become. After reading most of the popular books at the time I actually would feel beat up over the content. I mean did I have to be a "take no prisoners" type of investor? Did I have to prey on some one else's misfortune?? The answer was no. So I set out to build a list of my own investment rules. I think we each should have our own set of investment rules. Doc's Rules for investing:
1) Set up some personal guidelines: Define and follow these guidelines. This is the most important rule I have. . Things to include, but not limit you to, are: Top dollar amount and lowest dollar amount. Type of investment you want to deal with. Period of term for investment.. Etc etc. (You can even have a guideline about the amount of time you will work per-day)
2) Remember a family is behind the deal you're working on. Simply put,whoever you are dealing with has mouths to feed. Just because you can get a great deal on a house because the current owner is in a facing some sort of adversity that is causing them to sell below market value, DOES NOT give you license to kick them when they are down. Treat everyone with dignity and respect. If the price they are offering still falls within the personal investing guidelines you have set for yourself ,don't use your position to abuse the seller. If you?re getting the house for .40 cents on the dollar,don't be a jerk and push for .20 cents. Always remember...it could be you in the sellers postion. (This rule DOES NOT come in to play when dealing with a bank owned property)
3) Always ask for what you want. Why can't you ask for something in an investment deal you like, For example. You're looking at a piece of real estate,ask the seller if they would be willing to throw in new carpet to the sale. I met a investor who was looking at a house that had been on the market for several months. When he went to talk to the seller he happen to see a 1954 Merc Coupe in the garage, so he asked if it was included in the deal. The deal eventually closed for the house AND the car. 4) Make bird dogs. I always give several of my business cards to anyone I do business with and offer them a portion of any profit I make from any investments they help me locate. You would be amazed at how many people will help you make money when they get a small part of it. (And if you follow rule #2 you will be amazed at how many of those bird dogs will sing your praises from the highest mountains)
Just some ideas of things to keep in mind when you're working on your investment mindset. I have used these rules over the years,and in many cases they, have gotten me more return and repeat networking opportunities then I can count.
1) Set up some personal guidelines: Define and follow these guidelines. This is the most important rule I have. . Things to include, but not limit you to, are: Top dollar amount and lowest dollar amount. Type of investment you want to deal with. Period of term for investment.. Etc etc. (You can even have a guideline about the amount of time you will work per-day)
2) Remember a family is behind the deal you're working on. Simply put,whoever you are dealing with has mouths to feed. Just because you can get a great deal on a house because the current owner is in a facing some sort of adversity that is causing them to sell below market value, DOES NOT give you license to kick them when they are down. Treat everyone with dignity and respect. If the price they are offering still falls within the personal investing guidelines you have set for yourself ,don't use your position to abuse the seller. If you?re getting the house for .40 cents on the dollar,don't be a jerk and push for .20 cents. Always remember...it could be you in the sellers postion. (This rule DOES NOT come in to play when dealing with a bank owned property)
3) Always ask for what you want. Why can't you ask for something in an investment deal you like, For example. You're looking at a piece of real estate,ask the seller if they would be willing to throw in new carpet to the sale. I met a investor who was looking at a house that had been on the market for several months. When he went to talk to the seller he happen to see a 1954 Merc Coupe in the garage, so he asked if it was included in the deal. The deal eventually closed for the house AND the car. 4) Make bird dogs. I always give several of my business cards to anyone I do business with and offer them a portion of any profit I make from any investments they help me locate. You would be amazed at how many people will help you make money when they get a small part of it. (And if you follow rule #2 you will be amazed at how many of those bird dogs will sing your praises from the highest mountains)
Just some ideas of things to keep in mind when you're working on your investment mindset. I have used these rules over the years,and in many cases they, have gotten me more return and repeat networking opportunities then I can count.
About the Author:
Doc Schmyz has done real estate deals all over the US and Canada. He built a free website shares Real estate investing information for all over the US. Find Real estate investing information by state
No comments:
Post a Comment