3 tips to help you create your own stimulus plan

When I look back on all the real estate transactions I’ve completed over the years, one thing was the same in each and every one, the belief that I could do the deal. The first thing I teach my students is mindset; a confident mind leads to a confident deal. Failure was not an option for me when I first started. I believed in the dream I had for myself and my family, and I refused to let anything come into my mind that would detour me from where I wanted to be. I’m in the business of making millionaires; my students are empowered with the knowledge and psychology to go out and successfully complete any deal they set their mind to.

I know the media is trying to get in our heads with ongoing news centering on the current economic state, but I’ve got a headline of my own: I’m not participating in the economic challenges that are going on. If Warren Buffet, arguably the greatest investor of our time, believes now is the time to invest, I agree with him. Buffet is buying America, so I am I.

Mindset is the first step when approaching a real estate investment deal. Finding investment properties is the next step; getting your offer to purchase real estate properties accepted takes skill and negotiating practice. Here are some 3 tips to help you get started.

1. Research the neighborhood to find out what comparable properties have sold for in the last 90 days. This information can be obtained from a realtor, the local MLS (multiple listing service) or real estate internet websites.  If the property is well priced or under priced then make a full price offer or slightly under if there are no other offers. If there are multiple offers, then make an offer 5% to 10% over the asking price, as long as you’re still getting a discounted price. In today’s market, you do not want to over pay for the property unless you are planning on keeping it for the next 5 to 10 years so walk away from the deal or make a backup offer.
2. There’s no shame in walking away. In a market that is flooded with foreclosed properties it’s extremely important to remember, it’s ok to move on to the next one. I tell my students to keep in mind they aren’t the only ones looking at the property, and the good ones get multiple offers. I’ve seen potential buyers assume that they are “the only ones” to be considering buying a place; they don’t have the right mindset. Not only does this frame of mind give the buyer a false sense of having the upper hand in negotiations with the bank, it allows ample time for another investor to swoop in and steal the deal, like me!
3. If you really want the property but do not want to pay over asking price, wait until the seller accepts another offer and write a backup offer. This means if the first buyer cancels, your offer may be accepted subject to cancellation of the first offer.

Check back tomorrow because I have more tips to share including how to negotiate with the bank.

You can also see me do all this LIVE during the Extreme Real Estate Challenge later this month. I’ll be teaching one lucky student how to buy and sell a home in just 2 weeks – and that person gets to walk with $10,000 or more in profits from the deal. Perhaps it could be you?

I’m really putting my neck on the line for this one. Go to www.NeckOnTheLIne.com for details.

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