7/30/2019- “Tell Me a Story about your Property”

Most real estate  or real estate note investors focus in their acquisitions on one bottom line:  purchase price.    They want to know “how much” and know details about the property such as neighborhood, condition.   In case of a real estate note, they want to know further details such as payment history and whether there are any liens or judgments on the property.

I suggest a different way to begin instead of with purchase price and that is through getting the note seller or the property owner to “tell you a story”.   As a child, perhaps you enjoyed “bedtime stories” from your parents or hearing stories that your grandparents would tell about the “good old days”.   Begin by getting the seller of the note or the property to do simply this: “Tell me about the property or note”.

While this method might delay getting to the “bottom line”,  it will in the process do several things.   First, this will help build a repoire with the seller.   People are more likely to do business with someone who is personable and they like that someone who simply looks at the numbers.   Secondly, this method will perhaps disclose details about the property or note and about their motivation for selling.   “Their story”  will help you discover ways that might make a deal possible.

While certainly I cannot guarantee this method will guarantee a sale or deal,  I can tell you that a number of people (including myself) have found success with this method.   Best wishes in your real estate and wealth pursuits.-      RLW