1) The thief – the thief is a person who tries to steal everything for a price so low it is hardly accepted, EVER. Success rate of an accepted offer by a thief very low, usually about 1 accepted offer out of 30 – 50 offers written. So rate yourself accordingly based upon the amount of offers you have written, or worse, had your poor sap of a realtor write for you.
2) The true investor – the true investor is experienced in the art of deal making and solving someone else’s problem and still making money on the deal. The true investor is sometimes called a “shark;” the difference between a shark and thief is that a shark, while having a killer instinct, will only eat what it needs to be full and leave left over for the other fish; whereas, a thief will take everything and not leave anything for anybody else profit from. The true investor has 1 accepted offer for every 10 – 15 offers written.
3) The novice – the novice is an investor that is not quite sure what they are doing and usually end paying too much for the property with realizing it until they have to hit the “oh shit” button. Believe it or not, the novice investor is usually really succcesful in getting an offer accepted, because they pay too much money for the deal. If you are writting offers and getting one accepted for every 5 – 7 offers written – well you be the judge.
4) The “wanna be” investor – the wanna be is exactly that – A WANNA BE. their success of getting an offer accepted is ZERO, because they always find a reason to not make they offer or worse, pull out of an offer before it closes.
The overall message of this blog is to understand that becoming a succesful real estate investor may be measured upon the amount of succes you have in your offer writting process. Too many succesfully written offers may mean you are paying too much and may want to re-consider your pricing strategy; while too few offers accepted may mean they same thing as well, only your being too much of a tight-wad. You be the judge.
–just the thoughts of a Real Estate Monkey
Tags: Real Estate
