You’re a Property Investor, or would like to be, and getting off the starting block seems to be taking a long time.
Be really honest with yourself (no-one needs to know) – do you ask yourself many questions and work through all the possible scenarios in your head even before they’ve had chance to happen? What if……..?
If so, then you’re not alone.
You’ve probably noticed that some people just seem to get on with the investing and are always talking about their successes.
On the other hand, you still haven’t got started because there is too much research to do and a lot of questions to answer before you even start visiting the Estate Agents or advertising to distressed sellers.
Even if you’ve done some advertising or leaflet distribution wouldn’t it be great if someone just handed you a script that you could learn off by heart? That would surely be the best way to deal with any calls that might come your way!
You’ll find that even experienced investors can’t give you a definitive script to follow because they just get on with it – it’s in their nature, and they are very comfortable meeting with people and having a conversation. They’ll turn it to their advantage and begin to ask some questions, allowing them to make an offer, or negotiate an option deal.
What you can do is to practice ‘off line’ with a partner so that you get to ask all the questions you want, and develop the idea of a deal from the information you are given. The more you speak to people who may have a property to sell, or who are in distressed circumstances, the better you will get at it.
How can you ‘just get on with it’ if that is not your natural instinct?
Remember that detail is needed at the back end of a deal, but not necessarily at the front. The beginning is just that – an approach to someone whom you might be able to help, and who might just have the property you are looking for.
Being able to start the conversation helps to put the seller at ease and at least gives you the opportunity to find appropriate deals, and to get some practice in if there isn’t a deal to be made.
You need to search for information – you’ll be good at that. Those who just wade in often forget to ask some of the important questions. You will need to know
- What their mortgage is on the property
- If they have any arrears
- Have they any other loans secured against the property
- How quickly do they need to move
- What is their main reason for moving – speed or money
- What are their monthly mortgage payments
- The postcode of the property – to do research
- Where are they going to live if you buy their property
Don’t get into discussions of how you can help them at this stage, or talk through the mechanics of how you’ll buy the property. Don’t be tempted to mention Options and what you might be able to do.
These are motivated or distressed sellers – any more detail might just make them panic and certainly won’t instil confidence in them.
Keep it friendly – let them get to know and like you.
So if it isn’t really ‘You’ to just get on with it, if you’re part of that ‘What If’ brigade, then what should you do to get moving and springboard your investment strategies?
- Work with someone who does find that part easy and offer to do the work that doesn’t suit them (the paperwork)
- Get some practice by going through scenarios with a buddy – see Role Play – Phone Calls under Free Stuff on my website http://www.yvonneemerycoaching.co.uk/free-stuff/role-play-phone-calls/
- Write a list of all the questions you would like to ask to make sure you have enough information at your fingertips before you get started – there’s nothing wrong with this, you’ll just have to book in time to do the research or it may never get done
- Put yourself in the shoes of the distressed seller and realise that for most they won’t want to know the system you are going to use, so your questions and explanations don’t need to be technical.
If you want to get some practice and meet people near you whom you could team up with then let me know as there might be a MINI Group running near you – and if there isn’t we can always set one up.
Call me on 01733 689567 for further details or see my website