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Why Modern Life is Stopping You from Finding Deals

December 8, 2017

To trade properties you need to have properties to trade.

 

Sounds obvious, I know, but many people just don't get this very basic requirement. What I mean is that many, so-called investors go looking for just one property at a time. This means they are focussed on finding one property, doing one deal, doing one refurbishment and banking one big fat cheque. It's a very slow way to make money.

 

If you are to get an income from property you will need to learn to juggle more than one deal at a time. This makes sense because we all know that property deals go sour. Parties have to get out of deals for many valid reasons so plan your efforts expecting just 1 in 3 deals to go through.

 

If you want 1 deal a month to go through, you will need to be juggling 3 deals every month. To juggle 3 deals, you'll probably need to speak to about 8 vendors a month. That's 2 appointments a week to get 1 deal a month to work for you. In short, you must develop a pipeline.

 

And that brings us back to the eternal question...

 

Where are the deals?

 

The answer is:

 

Under your nose!

 

Not literally, of course. But you won't have to go very far to find deals.

Here's how to find them:

 

1. Get in your car and drive to an estate where you believe there are great rental opportunities

 

2. Get out of your car and walk around the estate

 

3. Start to notice all the properties that are tired or empty or broken (or maybe all 3)

 

I guarantee that if you had driven around the same estate you will have missed at least half of the properties you find. Some, will have "For Sale" boards and others will appear to be unoccupied. Neither of these are reasons to walk on by. With a little education you can have helpful chats with the estate agent or you can do some very simple digging to get the owner's name (and address if different).

 

Once you start to find these properties you'll realise that you have been driving past a fortune almost every day of your working life. And all you had to do to find it was to slow your life down instead of speeding it up.

 

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