Its kind of a double wammy!
Overpaying for property…and not getting enough deals in the first place.
This can cause a downward spiral if you are not careful.
Think about it…
You do some research on a bunch of areas, and you find a diamond in the rough.
It has all the features you like in an area…prices, sales, and features that help properties sell themselves.
You pull a list, get is skip traced and you begin to contact owners.
After some waiting, you get some interested parties looking to sell…
But, next thing you know, you keep getting people who want retail prices, or you cant get them to agree on your terms.
After a lot of rejection, someone finally wants to sell at a price thats “close enough”
But in this case close enough is $1000 over the price you wanted to invest.
You chalk it up to “its fine, there’s a lot of room for profit since I plan to sell this baby for so much more!”
So you do the deal, and list the property and just as you thought, this baby is very popular and you get a lot of interest!
However, lead after lead turns cold.
You are confused as to why none of the leads want to actually buy the property.
Fast forward a few months, the property still hasn’t sold, and you haven’t purchased many others since all your money is tied up into this one property.
You had some offers for the property before, but they were well below your asking price…
So low that you wouldn’t make much profit at all from the deal…
However, now that its been so long, you regret not taking those other offers…
Eventually you do sell the property (because all land sells) but it takes way to long and you did not make near the amount of money for it.
You also had to use a title company, which ate at more of your profits.
Im sure you can picture this…hell, this may be your land investing reality.
But when you think about this, it will be easy to fall victim thinking that this is how land investing is….
So not only do land parcels take longer to sell, but you dont get as many deals for the right prices in the first place!
If so, you probably have the same issues so many people have.
Not being persuasive enough.
Ya see, persuasion is the fundamental skill we will need as land investors and entrepreneurs.
The issue is that most people are not told how important this skill is.
Hell, in some cases, people are even told that you dont need to develop sell or persuasion skills.
But, as you can see from the story above, not developing these skills is not only slowing up your deals, but its making it so that you will lose money.
Look, there are ways to develop these skills, and these skills will pay dividends…not only in land, but in all areas of your life.
More info will come soon, but I will have something new that will change the way we do things in the land investing space.
Stay tuned.
-Coach Vic