When Negotiating, Know All the Items You Can Give up on Before You Proceed - Lou Brown's 101 Street Smart Cash Flow Accelerator # 27
Know all the items you can give up on before you proceed. Let me tell you why that's so important because as you're going through the home, there's going to be certain things that you're going to see and if you are going to give up. For example, on repairs, then you want to know what the repairs are going to be and it's good to have a list of things that you can negotiate on. Such as; the seller may have an existing loan and you would love to take over that existing loan. That's one of my favorite ways to buy properties. The seller may have equity and they may be able to do seller financing when you present it to them when you ask them. By the way, never do that in the beginning. Always do that at the end. There are many different things. The condition of the property and the speed at which you take over the property. Whether you take it with a tenant in place or not, whether you accept it as is or with repairs, and then it's a matter of what repairs. So there are many different things that can be negotiated. I want you to make a list and in your mind, just know that each one of those has its own value. If a seller asks you for something, then ask them for something. There's always an offset. As it says, know what you can give up on. To watch the next part of the video go to: When negotiating deals, give concessions slowly, “If I do this, will you do that?” https://youtu.be/JLn9DOAMMrg
Investors have long regarded Lou’s training, systems and forms as the best in the industry. He has been quoted as an expert by many publications including The Wall Street Journal and Smart Money Magazine.
Lou draws from his wide and varied background as a real estate investor. Having bought property since 1977, he has invested in single-family homes, apartments, hotels and developed subdivisions, as well as building and renovating homes and apartments. These experiences have given him a proving ground for the most cutting-edge concepts in the real estate investment industry today.
