Over the past few weeks I’ve had several investors come to me and tell me that they can NEVER get sellers to give them seller financing terms. For me that makes no sense: I have plenty of success in getting seller financing terms on the properties I buy, over 30 years in fact. So today I’m going to help out those investors who are having little to no success in negotiating seller financing terms on their deals.
I’ve talked with some investors who are buying upwards of 35 houses A MONTH. They already have a network and a system of lenders that allows them to pay cash for each house. This podcast isn’t for them; it’s for those investors that don’t have the cash or the network to scale their business yet to such a high level.
Cash is never the only way to buy a house; I’m living proof. Even if you have money, eventually that money runs dry and your business shrivels up. So why not just save that money for other deals and negotiate seller financing terms whenever you can?
For all your real estate education needs, visit me online at LarryHarbolt.com.
Good Luck and Happy Investing!
Raising money through private lenders is crucial to your success. This is why Alan Cowgill is back on the podcast, he’s on the show to share his tips on raising private money for your real estate deals in a way where everyone wins.
There are a number of ways that private lenders can benefit from having a way to invest their money outside of the traditional vehicles. The average person knows about the stock market and things like CD’s and the pitiful or risky returns that they offer, but they probably don’t understand real estate and how they can get a substantial return that is life changing from them. That’s where you as the real estate expert comes in.
One of the best parts is that you don’t need a mortgage broker license in order to do this. In many states you can get a private lender in the next 10 minutes. Think about what having your own private bank would do for your business and your life. Even when you understand seller financing, there are still advantages to having access to private money so that you don’t miss out on deals.
If you follow Alan’s scripts on how to talk to private lenders and knowing how this process works, can put millions of dollars in your pockets. The key to remember is that private lenders loan you money based on trust, which is why having the scripts memorized is crucial.
Times are changing, but the techniques and strategies that make real estate investors successful are timeless. Every one of us needs to be diversified and learn as many ways to structure deals as possible to stay alive in the real estate investing business.
Too many people today believe there are only two ways to buy real estate, buying with cash or getting money from an institutional lender. The truth is you don’t need either. Any fool can buy real estate if they have a large sum of money available to them, that doesn’t mean they are making good deals.
To be diversified, you have to be able to buy any property that you go by, whether it’s up for sale or not. Being a one trick pony is not going to get you where you want to go financially. Anything you can use to provide value to the seller can be a form of currency that can allow you to make a higher profit.
This is a very important concept to understand since if you don’t know how to make offers once the market turns and you can’t access that money, you’re business is going to dry up.
Don’t get hung up on being technique driven, learn to be diversified in the skills that allow you to make offers, no matter what the market is doing or the state of the overall economy. There is no silver bullet to investing success, but by diversifying your skills you can thrive in any market at any time.
Real estate investing is like putting a puzzle together. To get a clear picture of what you need to do you need to use all of the pieces of the puzzle if you want to be a successful investor. I talk to many investors who don’t go through the seven steps of every deal and then wonder why they aren’t doing very many deals. If you leave out any important piece of the analyzing process you stand to either lose money or not make as much as you thought possible. In this episode I go through the seven steps every investor needs to address to ensure they always do profitable deals. My best advice to every investor who continues to push through the process with no strategy is, “stop trying to push a rope uphill”.
Carefully go through every step to guarantee your success.
Systems are the missing link in most real estate investors strategies. There are better things to do than waste your time and the way you avoid chaos in your business is with systems and checklists.
When Alan got into real estate he didn’t have any systems in his business, so he looked around the world for direction on what to implement. He found Michael Gerber’s E-Myth Academy and after spending five years working with Michael’s team Alan had streamlined systems for every part of his business.
There are 30 steps that you should always walk through when buying a house, which is why the checklist is so important. Skipping a step or doing them out of order will cost you money every single time. During this episode Alan goes into several different systems that he uses to reduce chaos in his business and accelerate the purchasing process including how he organizes his paperwork, how he hires people, and how he saves time making decisions about which property to buy.
When you implement the systems that are keys in your business it will change your life for the better. Without them you eroding your bottom line and creating chaos in your business that is very hard to overcome. You only have so much time in the day and implementing systems is how you become not only more efficient, you become more effective as well.
Go to privatelendingmadeeasy.com and click on Real Estate Management Made Easy to find out more about how you can implement Alan’s systems in your real estate business. You can also reach out to Alan at email@example.com