Sounds like you put all of your eggs in one basket!
RE Investing is just like the stock market in a way.
Innitially, you’ve got to have some money set aside that you can stand to loose. That’s why (You Know who)
is making a killing selling his course on TV. He leads people to think you don’t need a dime of your own money to buy real estate. It’s just not true unfortunately, as you are finding out. You are not alone, alot of us find out the hard way. Hang in there,
it will come eventually, but you have to put your priorities in order. Good Luck! DJ
I just spent the last 2 months marketing (3 weekly ads, signs, calling on ads) and every time I think I have a deal with a motivated seller, he seems to slip away or gets a better offer, or decides he doesn’t want to move, or decides to make up the arrears himself, etc. Is the market too hot for people to stay motivated? I’ve spent over $1500 and I still haven’t turned a deal. I just lost some work I was doing on the side, and now I’m not sure how I’ll pay my rent and bills. I need a deal (even a small deal) FAST. I’m willing to do L/O’s, subject to deals, land contracts, anything! I understand the mechanics, I just can’t get anyone to agree to a deal and sign a purchase agreement. Any suggestions are appreciated.
I am with JT. Sounds like you might be talking yourself out of deals. I used to do that too. Talk less, ask questions more, listen even more. Then ask what might be a solution for them. It could be all kind of things: cash, payments relief, management relief, moving money now and guaranteed amount of money later, etc.
Try to figure this out on the phone before you make a trip. I know it’s hard to resist the temptation to jump in the car and go “sway them over”. Try to resist that temptation and complete most of your “discovery” work on the phone. You’ll find yourself with much more time available for working on lead generating.
Whatever it is they need, hopefully, you can provide.
Re: Dejected and Out of Cash - Posted by J. Clifton
Posted by J. Clifton on July 26, 2001 at 18:48:20:
When the textbook approach doesn’t work…
Re-examine your marketing efforts, to assess or quantify what you are SPECIFICALLY and CONSISTENTLY doing right or wrong. Are you screening your prospects sufficiently to pursue the truly motivated from the lip-service motivated? Are you adjusting your presentations to answer objections ahead of time, and tying up deals ASAP using buyer forms and documents to protect yourself?
Are you mailing or leaving flyers, phone messages, etc. to X new contacts a week, no matter what? Are you writing X offers a week, no matter what? (By that, I mean writing offers whether the phone rings 30 times, or 3 times that week.) Are you modifying your ads and approach where needed? Are you following up on your ad inquiries at least 5-6 times? Are you following up on those who responded to your inquiries at least 10-12 times? Are you using a variety of marketing methods SIMULTANEOUSLY, not fitfully trying out one thing at a time? Are you prospecting in several counties, not just one? Are you able to make several types of offers to match a situation, not just one? Etc.
Try some short-term ‘second-rate’ tactics, to make the phone ring—e.g., do a ‘100’ of this, 100 of that, all at once in a two week period. Slip 100 flyers in FSBO/pre-foreclosure doors. Mail 100 shotgun offers. Leave 100 messages on FSBO answering machines. Place an classified asking BROKERS and finders for info on rehabs, vacant houses, or any houses that AREN’T moving, or were moving but the deal fell through; build a list of 100 leads from all this and follow-up. See what happens. Hope this helps.