We’re long overdue for some Q&A.
QUESTION: Why do some people use the word “flip” to mean rehabbing while others use it to mean wholesaling? Which is the correct meaning?
TOM: Both are actually flips, because you are turning the property over quickly.
For a rehab, you are fixing and flipping.
For a wholesale, you are just flipping the sales contract.
Both are flips because you aren’t holding the property for long-term investment, you are just moving on quickly after getting the deal done.
QUESTION: Do you use NLP in your negotiation techniques?
TOM: Not specifically.
I understand NLP and find it somewhat interesting, but the simple fact is that you don’t need any “black magic” type of tricks to negotiate a great deal and solve the seller’s pressing problems.
Just stick to the core principles and use them to negotiate great deals.
The problem is that most people don’t really understand even the basic principles of normal negotiation, as they aren’t taught in school and aren’t readily obvious to the uninitiated.
So most people don’t know any techniques beyond “Good Cop, Bad Cop”. (And they don’t know how to properly use that technique either…)
Therefore, if you want to become a better negotiator, then you need to learn the core principles and then practice them often so that you are comfortable with them.
Start with a great course to learn the overview. (I obviously suggest my own Negotiation course: http://TractionRealEstateMentors.com/negotiating )
QUESTION: Will you take a quick look at my real estate deal and then we can split it if I’m able to sell it? It’s almost done and ready to close.
TOM: Time to nip this question in the bud…
No. You have to be a student in my real estate mentoring program for me to work on your deals with you.
There are just too many details to each and every deal that if I “took a quick look” at everyone’s “deals” (they’re actually “leads”) I’d never get anything done.
Quite simply, it isn’t really “almost done” or “ready to close”, because there is always more to do.
There is always another layer that needs to be worked out, and one more problem to be solved for the deal to succeed.
That’s what we get paid for as real estate investors after all.
So if I just tried to take a quick look at your deal, it wouldn’t fix the issue, as getting a deal done and making money is about the overall process, not any one particular issue that comes up. There is always one more pitfall.
If you want to succeed, then you have to overcome each and every pitfall and then still be standing at the end.
That’s when you’ll have your check in your hand.
And that’s exactly what we take you by the hand and show you how to do when you are enrolled in my real estate mentoring program.
We expertly guide you through each of the hurdles that are thrown your way.
Show you how to navigate all the twists and turns.
And show you how to stay standing strong throughout the entire process until you emerge victorious with profit check in hand.
Ready to get serious and learn the entire business, A to Z?
Here’s where to go next:
Traction Real Estate Mentors