How can we get rich in real estate investing says by dave lindahl.
Dave lindhal says that four important differences between an amateur real estate investor and a real
professional.And these four can mean the difference between selling a property at a loss to rid yourself
of it and making very healthy returns.Amazingly you don't have to be a marketing genius to fill a
property with a good tenant but you do need to do these things:
dave lindahl say you advertise your property for a week in the local paper. Towards the very end of the
week you line up a tenant for your property and set a date two days later to sign the lease and pick up
some cash as a deposit to hold the property.You are excited and to save a couple of hundred dollars you
stop advertising in the classifieds for the next week.The meeting day rolls around and of course - it
One of you has a kid that is sick, or a dog that needs surgery, or a car that isn't behaving and you need to
dave lindahl says that then for no reason whatsoever when you try to meet up on the agreed upon
rescheduled day the possible tenant vanishes. Calls aren't returned, their voice mail box is full and their
girlfriend, who you called because you were smart enough to get a back up contact number, has no idea
who you are.Frustration settles in.You begin to wonder if you can ever get rich in real estate investing.
Nothing is wrong with people. People have behaved this way for hundreds of years and will continue to
do so.The problem is you, not them.It's your lack of sales experience and knowledge that is the problem
(a huge topic for another time).You focus on the negative and it's a downward spiral from there.We've
seen this happen to amateurs over and over.
And it ends up being so scary at this point some people just break down and decide they can't get rich in
real estate investing and leave the game all together. Bad idea, but to each their own.Now the
professional does the opposite.
The professional investor keeps advertising until the lease is signed and there is cash in their pocket.
And not just on free websites like Kijiji or craigslist . They'll actually spend the money to keep a well
written classified ad in the papers and on that paper's website.
But the pros don't not focus on that. Instead they focus on having 3 or more possible backup tenants in
the wings.They continue to show the property to other possible tenants until the lease is signed. They
attempt to sign the lease on the very same day that someone shows interest.
If that person doesn't have the full deposit on hand they accept whatever it is they have in their
pocket.They know that when someone coughs up even a partial deposit they are emotionally tied to the
property.They leverage their other possible tenants to create a competitive situation.The professional
understands momentum is key and works hard to create and maintain it.
To get rich in real estate investing you must never stop advertising until everything is signed, sealed and
delivered.Never.A Good Yard Sign right on the, surprise, front lawn.Now one may seem obvious but
we've seen amateurs screw this up.It's amazing to me that someone will buy a property for a few
hundred thousand dollars and then invest zero or next to zero on a good yard sign.
Or buy one but let it sit in the trunk of their car (I can only assume there is a pool of possible tenants in
their trunk and that's why it's there).If you are going to get rich in real estate investing you must put in a
yard sign.We have found that a HUGE percentage of tenants for student rentals, regular single family
home rentals and lease option rentals come from the immediate surrounding area.
It's either by a friend walking by the house that sees the sign and passes on the information, or a family
member who lives in the area and is looking for a place for their extended family or someone out on a
drive just scouting the area for a good home.And those little 8" by 9" black and red "For Rent" signs
dave lindahl said that you need a big professional sign. The type a realtor would use. You want this thing
to stand right in the middle of the lawn using a solid frame to hold it up.Home made signs fall down,
blow over, deteriorate to mulch in the rain and just don't get the job done.Invest is a solid sign. You're
looking at approximately $100. If you really want to get rich in real estate investing you won't let $100
stand in your way.
Without it people have to be mind readers to figure out your house is available for rent or for sale.
Possible I think, but not common.I'll leave this point with a story.We were working with one investor
who really wanted to get rich in real estate investing.He spent thousands of dollars on training courses
before they began working with us, he then took time to find a property, he ran all the numbers, lined
up financing, set up a partnership with a family member and bought the house.
Massive Action :
this is a biggie.So many people of been handed things to them their entire lives that when something
doesn't go according to plan they break down.They freeze.Deer in the head lights syndrome.Here's what
I mean.If an amateur investor doesn't get their property rented out quickly they will start blaming the
people that came through the house.These are the following steps saye by dave lindahl.
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