It is such a shame that many people give up, often just before they get the success they desire. Unfortunately, we live in a microwave society where most people seem to crave instant gratification. I have seen this so many times. I meet investors who say they tried a particular strategy and it did not work for them. On further discussion, I usually find out that what actually happened was that they “dabbled” with the strategy, failed to get the results as quickly as they would like and so gave up and moved onto the next new strategy! Property investing is not get rich quick. Instead it is get very rich slowly, as the true wealth is in the long term capital appreciation for which you have to wait.
If you want the very best property deals you need to buy from motivated sellers, for whom the speed and certainty of the sale is more important than the amount of money they receive. This should not be taking advantage of them but rather finding an ethical solution to their problem that is a win win. This takes persistence.
When you first speak to a seller they may not be motivated enough, so you have to be patient and persistent and make sure you follow up. The challenge is that when most people get a NO, they give up. NO may not mean no never, it just means NO not now. In fact, of all the properties my students have purchased over the years about 50% of them were where the vendor said NO at first. Even if the vendor decides to sell to someone else you need to politely keep in touch as the sale often falls over and they may well sell to you after all. But you must be persistent.
Often motivated sellers are very hard to get hold of. This is because they have problems going on and so can be difficult to contact. This is where persistence pays off. The more they bury their head in the sand, the worse their problem becomes and the more motivated they may become for you to solve their problem, if only you can actually get hold of them. This is where many amateur investors give up far too quickly.
Property investing is quite straight forward. It is not easy, as easy suggests there is no work. There is definitely time and effort required but when you know what you are doing it is very simple. Whatever you do, don’t give up!
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