Wealth Retreat – Las Vegas
Last month we attended the wealth retreat held by Enlighten Wealth Institute in Las Vegas. We were excited to meet so many like minded people, and have received a lot of new information in real estate investment. During the event, Robert Allen, the founder of EWI, said something that inspired me a lot. He said in order to be successful in investing, or in anything, you have to have a big enough “WHY”. Why do you want to be rich, why do you want to have your own business? What do you really want? “Here is the thing, until you have a big enough reason of why you want to do this, your mind will always find you all kinds of excuse not to do it.” Reasons like: this will never work, I am too young, I am too old, I am too busy, I don’t have money, my English is not good, I am too fat, I am too this, too that. I need to tell you this: it’s all crap that came out of your “mind” and not your true self. So I encourage my friends to spend time with your self in a quiet place and really figure out what do you want in your life. Imagine what you can do when you become successful, try to see it, smell it, feel it, taste it and listen to it. Only when you do that, you can then realize that abundance of opportunities is all around you. The reason why you didn’t see it before is you never really paid attention to it.
How do you find a good buyer’s agent?
During the time we were in Kansas City, we spent a lot of time interviewing and working with several agents. We end up having 2 agents working for us, and it has been working very well from our experience. Since we invest out of town, and a lot of times we buy properties without even seeing it for ourselves. It’s really important to have a buyer’s agent to look out for you and help making the transaction smoother. But it wasn’t always that smooth. First problem that we see a lot is that the agent won’t present the offer for you because the price is too low. So during the initial interview with realtors, we ask them this question: do you feel comfortable making low ball offers for us? If they say “yes”, we keep going. If they say “no”, it’s no point wasting you and the realtor’s time by keep going with the interview. A lot of times we need to make low ball offer just to make the deal work. So the realtor will really need to understand that with every ten offers, only one will be accepted. Another key point to a good realtor is if they are investors themselves. Have an agent that is an investor too actually makes your life a lot easier. They will understand you way better as a client, so when they are looking for properties for you, they can look at it as investment, rather than a home. They will also be able to qualify the neighborhood for you, tell you the ball park range of how much the rehab would be, and could it be a good investment or no. One may ask, if the agent is a realtor, won’t they keep all the great deals for themselves? This might happen, but I rather have an agent that can find a good investment for me than finding me a good home. Besides, there are an abundance of great deals out there.
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