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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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Feature Article: How to Become Financially Literate - Without Getting a Degree in Finance
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Think you need a finance degree to understand the real estate "numbers" game? Think again. Ann Bellamy, real estate investor and hard money broker, gives you seven tips on how you can become financially literate and comfortable with real estate investing. (Hint: Don't be afraid to take chances.)
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Feature Article: Appraising a Property Without Stepping Foot on the Premises
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Success Strategies: Six Tips for Buying Properties at Traditional Auctions
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Feature Article: Note Buyers Help Investors Seal the Deal
George Riley, Genesis Funding Resources
One of the common reasons investors look towards foreclosures is because foreclosed properties can be purchased for below market prices. One of the ways you can further a negotiation along is by asking the seller to "hold paper"...
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Feature Article: The Five Biggest Mistakes Made at Property Auctions
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As foreclosures increase in numbers, auctions are sure to do the same. Bidding successfully however, is not as easy as it may look. Read on as auction expert Dale Schaetzke explains the most common errors and offers insights into how to avoid them.
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Success Strategies: Working with Plumbers, Electricians, and HVAC Types
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Unless you use the services of a property manager, owning a rental property means you're responsible for maintenance and repairs. If you're all thumbs when it comes to toilet seals and the like, you'll have to call in the "trades" to help. Veteran contractor Michael Farmer tells you how to find good trades people you can trust - and how to ensure you get what you pay for.
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Feature Article: How Green Light Realty Exploded Profits by Documenting Business Systems
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Working with E-myth coach David Hilton, Don Armstrong put in place documented systems that has helped him run his business more efficiently, lower his costs, generate more leads - and close short sales 93% of the time. Don takes you inside the experience of working with a professional coach and explains three of the steps he took to transform his business.
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Success Strategies: Negative Amortization - Useful Tool or Risky Tactic - or Both?!
Trish Signet, Loan Officer, Summit Mortgage
With interest rates rising steadily over the last few years, it's become harder for property investors and others to make the numbers work. Negative Amortization mortgages may offer an alternative, but as Trish explains, buyer beware.
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Feature Article: Not Going Anywhere Fast? It's Time to Hire a Coach!
David Hilton
If you've played on a sports team, you know the value of coaching: a good coach builds your confidence and helps you become a better athlete. A business coach does the same thing. Veteran E-Myth consultant and coach, David Hilton, explains the coaching process, how it can dramatically improve your business, and most important, how it will help you change your perspective - and change your life.
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Interview with the Expert: Real Estate Savvy Financial Planners Can Save You Big Bucks!
Eileen Schwartz, Real Estate Investor
Let's say you want to pay off your mortgage and buy the retirement home of your dreams by selling one or two of your investment properties. What most people don't consider, explains financial planner and real estate investor Eileen Schwartz, are the tax implications of these real estate transactions. In this interview, Eileen discusses why working with a financial planner who also understands real estate (including 1031 exchanges!) can literally save you big dollars - now and in the future.
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