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Welcome! Knowing How to Negotiate is the Key to Successful Deals
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You've read all the books. You've taken the boot camps. You may have even closed a deal or two. But, have you worked to sharpen your negotiation skills? Out of all the tools in the real estate investor's tool box, negotiation is the one that gets forgotten - yet it's clearly one of the most important skills you can master. In this issue, our experts give you solid negotiation tactics you can put to use immediately.
With the number of foreclosures increasing weekly, banks are now in the position of having to offload inventory. Yet, as any experienced real estate investor will tell you, dealing with the bank on a short sale requires a bottle of extra-strength aspirin - and make that a large one, please! In her article, "Five Strategies for Successfully Navigating Short Sales," Elizabeth Weintraub explains why you must know exactly what you're doing before calling the bank about a property - otherwise, you'll be hosed before you even submit an offer.
Go to any bookstore and you'll quickly become overwhelmed by the sheer number of books on negotiation. Wouldn't it be easier to just have a "cheat sheet" you could carry in your head? In his article, "The Three Cardinal Rules of Negotiating Real Estate Transactions," negotiation coach Jim Gage whittles the mumble jumble down to three easy-to-remember rules. Read his advice and then enter your next round of negotiation ready to claim the upper hand.
If you're new to the investing game, you may have heard the term "hard money" but have no clue what it means. In this month's Interview with the Expert, Dan Burke explains what hard money is, why it's different from conventional financing, and how you can use it to improve your negotiating power with the bank or sellers.
* Next 37 17 investors only!
How many child care providers did you interview before choosing to leave your child with one? How many mortgage brokers or lenders did you talk to before deciding on the person right for you and your situation? Uh huh. We thought so. Debbie Siegel explains why it's important you not only interview prospective brokers or lenders, but also choose one that fits your investing style. Remember, you're trusting your financial future to this person, so it pays to perform due diligence. Check out Debbie's Mortgage Minute for the whole story.
Best regards,
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Jeremy B. Shapiro
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Sheila Farragher-Gemma
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Co-Founders, ForeclosuresMass.com
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