How much you gotta pay for property?
Well, that’s like asking “how long is a piece of string?” Lol
When I first started out, I used to get so weird about buying land.
It was a combo of excitement to make a deal and the fear of losing a deal at the same time!
My first 2 deals came at a great price, but they weren’t the most desirable lots.
This would lead me to paying for “new” property way over its value, or buying lots that were harder to sell.
A lot of these decisions came from emotion or assumptions, not from reality.
Assumptions would be that since I thought about a property in a certain way, the owner did…or that the current owner and I valued the same things.
This is never true!
Sure, my “crappy” lots all sold and I made some profit on them, but it took way too much time and heartache to move!
That’s when I realized that I needed a better system of evaluating deals.
That’s when I stumbled across a set of criteria that I still use and refine today.
That criteria all starts with the “The 3 C’s”
Clarity
Certainty
Conviction
(these are also the same things you need for sales, but That’s a convo for a different day)
The 3 C’s are my “investor lenses” so to speak.
Here are what the 3 C’s mean…
Clarity is knowing what your numbers are.
As in how much you want to invest, a minimum ROI and how much time you want to get that ROI.
So, if I know I only have $500 to invest, and I want to at least get $1500 back, and I want it within 21 days, I have a clear picture of the types of deals I should do.
Next is Certainty.
Certainty is when I am only willing to accept the best deals for my criteria and that those deals are waiting for me.
There are a lot of deals that will come my way, and without certainty, I may take these deals.
It’s basically me making a bad business decision based on someone else’s bad decisions!
I have to be certain with what I’m trying to accomplish to make sure I keep a level head about these things.
Finally there’s Conviction.
Conviction is when I know that the deal I want is out there, and I just gotta go get it.
It’s also not getting discouraged if I don’t find that deal right away.
In fact, that could be a sign that I’m not talking to enough people daily, so I need to raise my efforts.
So contact more people and find new areas if my first area isnt working out.
Later, that Conviction is translated in a great purchase price (maybe even below my initial budget).
When I have all 3 C’s it translates to a belief that I will not settle for anything but the best I can get.
It means being willing to be “uncomfortable” as I learn and grow.
With the 3 Cs, I never worry about “holding the bag” aka buying a property that wont sell.
The 3 C’s also remind me that I am not merely spending money, but I’m investing it.
The best part is when I look at deals thru the lens a 3 C investor, my emotions that lead to bad decisions go away.
That’s how I can acquire deals at such low prices and do it quickly.
If you are in this group, my goal is to help as many of you gain the 3 C’s as possible!
The beautiful thing about this, is that this is something that anyone can learn and do.
So, I encourage you to see if you are looking at deal with the lens of an investor…the 3 C lens!