Today's Negotiation tip is....
"Know What You Want"
There are many different strategies to investing in real estate. If you've found a property that you're interested in purchasing, you should first know what you want to do with that property before you begin negotiations. If you're planning to buy-&-hold this property using owner financing, then you can probably influence the seller to give you the terms that you want (such as 0% interest) by offering a higher purchase price. If you're preferred strategy is flipping houses, then you're primary goal is to buy that property for as little as possible so you can't offer the seller more money, but you can offer a super fast closing by either paying with cash, or using a hard money lender.
To be a successful negotiator, you must understand and think through what you want to accomplish in the negotiation. One great way to do this is to take the time to write out a list of questions that you can ask the seller. The answers will give you the knowledge of how to successfully get exactly what you want and need.
There are many different strategies to investing in real estate. If you've found a property that you're interested in purchasing, you should first know what you want to do with that property before you begin negotiations. If you're planning to buy-&-hold this property using owner financing, then you can probably influence the seller to give you the terms that you want (such as 0% interest) by offering a higher purchase price. If you're preferred strategy is flipping houses, then you're primary goal is to buy that property for as little as possible so you can't offer the seller more money, but you can offer a super fast closing by either paying with cash, or using a hard money lender.
To be a successful negotiator, you must understand and think through what you want to accomplish in the negotiation. One great way to do this is to take the time to write out a list of questions that you can ask the seller. The answers will give you the knowledge of how to successfully get exactly what you want and need.
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