I recently held a free session where I revealed the 21 tips for successful property investment as chosen by some of my very brilliant minded and successful students.
Here are the tips that they chose:
1. If it stinks of wee, think of me – use this phrase on a business card. It’s memorable and funny, and is sure to stick in an Estate Agents mind
2. Finders fee always paid – again, use this on your business card.
3. Definition of investment: something you buy that you don’t put money in to, preferably something you get money from or fairly soon. Generates income every month.
4. Start with the end in mind
5. You make your profit when you buy
6. If you fail to plan, you plan to fail
7. Celebrate each success
8. Know how to be quiet when negotiating
9. When you make your offer, shut up
10. Using “because” works. Using the word “because” is psychologically proven to work far better than just giving a statement
11. It takes 10 years to become an overnight success. The more you practise the luckier you get
12. When in negotiation, always ask the vendor/ estate agent how much things will cost
13. If you’re not embarrassed by your offer, you’re offering too much
14. Act as if you’ve already achieved your goals
15. You need a heads of terms – both parties have a different perspective
16. Re-offer on properties that haven’t been accepted after a month
17. Give the buyer the pen when writing the heads of terms on a lease option
18. Take a cheque book with you as it works with your negotiations
19. Do you due diligence
20. Understand creative finance
21. Don’t see a problem, see an opportunity
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