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Back before I ever submitted my first real estate offer, I became enthralled in the books about creative financing. I learned at the library by picking up a book by Robert G. Allen titled, “Nothing Down”. I studied it back and forth until I knew every tactic in the book. The overall theme for creative financing was that if you create a win/win deal, you will walk away with a contract the majority of the time.
Win/Win means that you look at the needs of the seller, and stay away from greed. If you can take care of the seller’s needs and main concerns, while securing a good price or excellent terms, then you created a win/win deal. It works for both buyer and seller, and nobody walks away with resentment.
The win/win concept is as relevant today as it was in the 70’s and 80’s when creative financing started becoming popular. Ask yourself why you’re struggling as an investor to close more deals. Or if you are a seller, why isn’t your property getting sold? If greed is getting in the way, ask yourself how you can adjust and be creative to win over the other person in the deal.
Probably the best part of the win/win deal is that everyone involved will remember it, and know who to reach out to should they ever be in the situation again. Take for example, a flipper who runs out of cash for a rehab. He/she goes to a wholesaler to pass on the deal to the next flipper. If the wholesaler can bail him/her out and the cash buyer walks away with a good profit margin, they will want to remember you as the middle man that made it happen. The same concept goes in the opposite direction as well though. If a newbie wholesaler lacked the ability to get the property sold, the seller may be placed in a difficult situation financially; worse off than when they sought out your services.
As an investor, you need to be motivated to take good care of your motivated sellers. They will be relieved of whatever situation that ails them, and will refer others to you. As a wholesaler, your cash buyers will remember you as the one that brought them a profitable deal, and will be ready with cash to close on the next one.
When all else is failing for you, go for the win/win. It should have been your strategy to begin with anyway.
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