Minnesota Real Estate Investors Association, Inc.

Lordy, people, there are SO many ways to put together real estate deals. SURELY there’s one out there that you’ll like/understand/benefit from.

If you don’t like full-on wholesaling—maybe because ugly houses repel you, or some of the areas that work well aren’t neighborhoods in which you want to spend time, or you don’t like making super-low offers—then learn how to do creative deals, and flip those.
     
Creative financing techniques—buying properties using seller-held mortgages, contracts for deed, lease/options, and subject to the existing loan—are usually thought of as ways for you, the buyer, to control real estate for some period of time so that you can exercise some exit strategy that requires control.
     
For instance, you might buy a property subject to the existing loan so that you can renovate it and rent it for the long term. Or you might get a “split funds” seller mortgage for a year because you intend to renovate and resell the property within that year. Or you might control the property with a lease with the option to buy so that you can sell it with a lease with the option to buy (with, of course, a higher overall price, higher down payment, and higher monthly payment coming to
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              Beginning investors have a tendency to get stressed out by the very thought of “negotiation”.

              They put off calling sellers (or calling them BACK) for days and days. They worry about what the seller might say and what they should say back to the seller.

              It’s as if they believe that something they could say to the seller—or fail to say—would make that seller motivated or not motivated.

      The truth is, sellers come to you already motivated or not motivated, and what YOU say doesn’t change that one way or another. And since that very important fact is completely out of your control, that means that the only thing you actually need to worry about in a “negotiation” is

1. Building rapport
2. Getting the information you need
3. Protecting your time

              To that end, there ARE some things that experienced real estate entrepreneurs do, and do consistently, to maximize that chances that any given seller negotiation will be a successful one.

•               Balance your need to get the information quickly
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