| By the next day, I found two great properties with her help and have been accruing interest at 16 percent ever sinceIt took a day to read the book, a day to take action, an hour for lunch, and a day to acquire two great deals
?Take classes and buy tapesI search the newspapers for new and interesting classesMany are for free or a small feeI also attend and pay for expensive seminars on what I want to learnI am wealthy and free from needing a job simply because of the courses I tookI have friends who did not take those classes who told me I was wasting my money, and yet they're still at the same job
?Make lots of offersWhen I want a piece of real estate, I look at many properties and generally write an offerIf you don't know what the "right offer" is, neither do IThat is 'the job of the real estate agentI do as little work as possible
A friend wanted me to show her how to buy apartment houses So one Saturday she, her agent and I went and looked at six apartment houses Four were dogs, but two were good I said to write offers on all six, offering half of what the vintage fake rolex watches owners asked for She and the agent nearly had heart attacksThey thought it would be rude, that I might offend the sellers, but I really don't think the agent wanted to work that hard So they did nothing and went on looking for a better deal
No offers were ever made, and that person is still looking for the "right" deal at the right priceWell, you don't know what the right price is until you have a second party who wants to dealMost sellers ask too much It is rare that a seller will actually ask a price that is less than something is worth
Moral of the story: Make offersPeople who are not investors have no idea what it feels like to be trying to sell somethingI have had a piece of real estate that I wanted to sell for monthsI would have welcomed anythingI would not care how low the priceThey could have offered me ten pigs and I would have been happyNot at the offer, but just because someone was interestedI would have countered, maybe for a pig farm in exchangeBut that's how the game worksThe game of buying and selling is funIt's fun and only a gameSomeone might say fake gucci handbags "yes
And I always make offers with escape clausesIn real estate, I make an offer with the words "subject to approval of business partner I never specify who the business partner isMost people do not know my partner is my catIf they accept the offer, and I don't want the deal, I call my home and speak to my catI make this absurd statement to illustrate how absurdly easy and simple the game isSo many people make things too difficult and take them too seriously
Finding a good deal, the right business, the right people, the right investors, or whatever is just like datingYou must go to the market and talk to a lot of people, make a lot of offers, counteroffers, negotiate, reject and acceptI know single people who sit at home and wait for the phone to ring, but unless you're Cindy Crawford or Tom Cruise, I think you'd best go to the market, even if it's only the supermarketSearch, offer, reject, negotiate and accept are all parts of the process of almost everything in life
?Jog, walk or drive a certain area once a month for ten minutesI have found some of my best real estate 925 tiffany's necklace investments while joggingI will jog a certain neighborhood for a yearWhat I look for is changeFor there to be profit in a deal, there must be two elements: a bargain and changeThere are lots of bargains, but it's change that turns a bargain into a profitable opportunity So when I jog, I jog a neighborhood I might like to invest in It is the repetition that causes me to notice slight differencesI notice real estate signs that are up for a long timeThat means the seller might be more agreeable to dealI watch for moving trucks, going in or out I stop and talk to the driversI talk to the postal carriersIt's amazing how much information they acquire about an area
I find a bad area, especially an area that the news has scared everyone away from I drive it for sometimes a year waiting for signs of something changing for the betterI talk to retailers, especially new ones, and find out why they're moving inIt takes only a few minutes a month, and I do it while doing something else, like exercising, or going
to and from the store
?As for stocks, I like Peter Lynch's book prada fairy bag replica Beating the Street for his formula for selecting stocks that grow in valueI have found that the principles of finding value are the same regardless if it's real estate, stocks, mutual funds, new companies, a new pet, a new home, a new spouse, or a bargain on laundry detergentThe process is always the sameYou need to know what you're looking for and then go look for it!
?Why consumers will always be poorWhen the supermarket has a sale on, say, toilet paper, the consumer runs in and stocks upWhen the stock market has a sale, most often called a crash or correction, the consumer runs away from itWhen the supermarket raises its prices, the consumer shops elsewhereWhen the stock market raises its prices, the consumer starts buying
?Look in the right placesA neighbor bought a condominium for $100,000I bought the identical condo next door to his for $50,000He told me he's waiting for the price to go upI told him that his profit is made when you buy, not when you sellHe shopped with a real estate broker who owns no property of her ownI shopped at the foreclosure department of a tiffany jewelry canada |
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