Why You Must Always Remain In Control
For example, if your goal is to have 60 days on a lease option before you have to start paying a landlord rent, you might let him talk to down to 30 days. Or, if you usually get a $2,000 deposit on a wholesale deal you might let a savvy rehabber talk you down to $500. Or you may have the rehabber who tells you the date you’re going to close and who even makes you come to his settlement attorney.
Now the bad news is that almost all investors fall into this trap of giving up too much control in the beginning. But the good news is that if you can quickly close a few deals and gain some self-confidence then you’ll never let people walk all over you again and you’ll be more happy and successful. For instance, these days I maintain 100% control in all of my deals. If I get a seller who is giving me a ton of problems or a rehabber who is making unreasonable demands I’ll just walk away from a deal or tell the rehabber I’m going to wholesale to someone else.
Often times, when I do this, the seller or rehabber will backtrack and won’t cause problems anymore and I easily close a deal with them. But you must always make sure you’ll walk away and that you’re not bluffing in these situations. Sellers can “smell†weakness and fear, which is why you cannot show any during your negotiations. You want to project a highly confident investor who doesn’t take crap from people and who can get the job done. Even if you have to fake this level of confidence in the beginning it’s well worth it and will save you a lot of headaches.
So remember, from now on you’re a confident investor who doesn’t let people jerk them around and who dictates how “the rules of the game†are going to be played.
Now the bad news is that almost all investors fall into this trap of giving up too much control in the beginning. But the good news is that if you can quickly close a few deals and gain some self-confidence then you’ll never let people walk all over you again and you’ll be more happy and successful. For instance, these days I maintain 100% control in all of my deals. If I get a seller who is giving me a ton of problems or a rehabber who is making unreasonable demands I’ll just walk away from a deal or tell the rehabber I’m going to wholesale to someone else.
Often times, when I do this, the seller or rehabber will backtrack and won’t cause problems anymore and I easily close a deal with them. But you must always make sure you’ll walk away and that you’re not bluffing in these situations. Sellers can “smell†weakness and fear, which is why you cannot show any during your negotiations. You want to project a highly confident investor who doesn’t take crap from people and who can get the job done. Even if you have to fake this level of confidence in the beginning it’s well worth it and will save you a lot of headaches.
So remember, from now on you’re a confident investor who doesn’t let people jerk them around and who dictates how “the rules of the game†are going to be played.
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