It was 2009. The foreclosure crisis was in full swing and I was a sponge, soaking in every real estate strategy people mentioned. I listened to podcasts, watched webinars, read books, followed anyone that claimed to have the “secret to success”. If there was a strategy, I wanted to know it.
The real estate investing world has since changed. Foreclosures have dried up, people think their houses are worth more than they are. Who can blame them, really? Qualified buyers are clamoring to buy homes and are even willing to pay over asking price and making up the difference in cash should an appraisal come in low.
How can you get a deal today in this market?
Just like in any industry, you must constantly be aware of your economic surroundings and adapt to changes. Which is why I will revisit the “5-Day Sale” strategy I learned about in my beginning years. (This is a book written decades ago about how to sell a house quickly utilizing scarcity and deadlines to emotionally engage urgency in buyers.)
I’m not one to take an idea and buy into it without a lot of research. I spent many hours researching this strategy to understand the psycho-dynamics of motivating the buyers. In addition, I seeked those that actually worked this model and found the activities always resulted in a sale, but still at a lower price than desired. So I let it go.
Recently I met a fellow real estate investor on Facebook, that found a way to improve, systematize and profit by utilizing similar principles I remember from this book I read so long ago.
It made me wonder if the economic conditions had changed enough, combined with the systems this guy put into place that maybe it is worth revisiting. I must admit I’m intrigued, as he’s leveraged the one aspect I remember from that book, and parleyed it into creating multiple streams of income.
Learn more about what he is doing in my Facebook Group. I think it will make for an interesting discussion.