Epic Real Estate Investing - How to Buy Real Estate at a Discount | 657

Episode Date: May 19, 2019

Today, Matt discovers the 2 main points that will help you to buy real estate at a discount. Tune in and learn! Learn more about your ad choices. Visit megaphone.fm/adchoices

The reason why I joined Matt's Epic Insiders Circle is because I've done real estate eight years ago and I failed. And so I told myself I was never going to do real estate again. And so Matt believed in me more than I believed in myself and inspired me tremendously. And I was just really inspired and motivated to come on board and get back into the game and just really make it happen this time. And so I'm really grateful for Matt and being on his team. Hey, it's your old buddy Matt here, and I've got a great show for you today.

Thank you for listening, by the way. And before I forget, if you like the sound of the idea of finding more off-market real estate deals, and you want to go deeper with that, you might like to attend the live three-day Epic Intensive Lead Machine Workshop. It's in Manhattan Beach, California, July 18th through the 20th. If that sounds even remotely interesting, then head on over to Epicintensive.com and get the deets, Epicintensive.com. All righty, let's get on with the show.

What we're going to talk about today is how to get more of your discounted offers accepted. This is Terrio Media. Real estate is the hot thing. And everybody wants to real estate or invest in real estate. They want to make money doing it. And the only way you're really going to do that is if you're able to buy real estate as a discount. And what we're going to talk about what I really want to focus on is how to get more discounted offers accepted. All right.

But before we get started, if you're serious about your investing in your, and you're, real estate and if you're really serious about getting deeper discounts when you buy, you might like a new course that two of my students, they just put together, it's about buying properties like this and quickly selling them without ever really taking ownership and doing it virtually from anywhere in the country regardless of where the property is. Like you can do this from anywhere regardless of, you know, where you live. And if that sounds good to you, then you might want to head over to wholesalingvirtually.com and have a look. They'll be opening up that class this coming week and they're going to spill the beans to all there.

There are two students of mine that have seven-figure virtual wholesaling businesses, and they have no aspirations to be a guru or anything like that. No aspirations to make this a profession or become speakers. But they're a little bit irritated and frustrated with all the other solutions that are out there because they went through this process of learning how to do this. It's a little bit different when you get out there into the real world, and they want to really tell it like it is. So when it comes to investing in real estate, we all know we need to buy our properties at a discount,

the deeper the better. But a huge thing that holds people back, it's when it's time to find sellers with enough motivation to accept these discounted offers. And I get this all the time. You know, people are worried about offending the seller. They lack the belief that the seller is even going to accept the offer that will even give it serious consideration. And what happens is they kind of indirectly and inadvertently start negotiating against themselves. It all makes sense. But here's the thing.

Once you understand that most sellers won't accept your discounted offers, it starts to get a lot easier. Most sellers will not unless two things. One, they have some sort of problem of which selling their property is going to fix, even if that sale is at a discount, meaning there's something going on in their life, in their world that has a bigger value and has a greater importance of getting solved than getting top dollar for the house. And if I could just sell the house quickly,

I could remedy this over here and I'd get some peace of mind. And that's the type of person or the type of property owner you're looking for. It probably only represents maybe five, six percent of all sales on any given day. So once you're clear on that and you start getting rejected and get those nose, it becomes a little bit more easy to swallow and you don't really beat yourself up and think that you're doing something wrong. So that's first. Second thing is they got to trust you.

They got to trust the person that's actually making that discounted offer. So there are two things that have to be in play. First, you have to be speaking to a motivated seller because the foundation of every deal lies within the seller's motivation to sell. If there's no motivation there, almost assuredly will be no deal. So don't beat yourself up and get frustrated when your discounted offers get accepted. And it's going to happen. It's going to happen a lot.

All right. But you can significantly minimize those rejected offers very often if you do this. If you align yourself with the seller, right? If you align yourself with the seller, meaning you're going to play the role of problem solver. You're going to play the role of good cop. And you're going to make the market, the bad cop. The market is going to be the bad guy.

a property is only worth what someone is willing to pay for it. And the market dictates that, not you. So it's not you coming in with your opinion of value, you tell them the seller what you can give them. It's the market that's telling them that. I mean, you just don't have control over it. So you want the concept to always be present in your dialogue, that you're always the good cop.

For example, if the seller responds with, I want $100,000 for my property and not a penny less, your response would be something like, okay, sounds good to me, as long as the market will allow it. Let's do it. So what you've just done there is, it sounds good to me. I'm on your side. Let's go ahead and get this.

Let's get the price that you want. If the market will allow it, we'll go forward with it. So you're already positioning just with your dialogue that the market is the only thing that can get in the way of that. Or if you ever get on the phone when that seller is first calling you and they've got one of your mailing pieces or your marketing pieces and they ask you, how much you're going to give me for the property? Like right away, we get sellers like that are very direct. And the response could be, well, Mr. Sell, I couldn't possibly give you a price for the property without seeing it first. And I would hate to give you a number and not be able to back it up. And what would be a real shame is if I offered you one number and then after I saw it, I could actually give you more if the market would allow me to give you more.

And so there's one scenario where you could say the market could put a limit on how much I could give you. And then there's another scenario where you could say and get in on that appointment and kind of break that guard or bring those barriers down by. saying actually the market could allow me to give you more, but I certainly wouldn't know until I was able to see the property and see how the market is performing per properties like yours. Should I come over tonight or tomorrow morning be better? See how that works? So I'll share an interesting story in just a minute. But first, if you like this and you want to start buying properties at a discount, a deeper discount, and even doing it virtually, you might like this new course that two of my students just put together. Go ahead over to wholesalingvirtually.com. Take a look.

if you like what you see, that opens up next week and you'll get first notification, all right? So I saw this post in a Facebook group that I manage. And the question was very general, very vague, just how do I get lowball offers accepted? And that's a really big open-ended question. And one not easy to answer in a Facebook post. But there were a bunch of responses. There was like make more offers was one. Do more marketing was another.

Do more follow-up was another, which are all really good pieces of advice. But here's the thing. If you position yourself on the side of the seller and place the market as the bad guy who really has the ultimate say in the property value, what you're doing is you're going to be appealing to both the seller's emotion by being genuinely interested in them and their problem and getting the helping the seller get what they want. And you'll, by positioning the market as the bad guy, you're going to appeal to the seller's logic by showing them what the market is saying with regard to the value of properties like theirs. And so you're going to do way better in your offer acceptance rate if you do that. when you've got both emotion and logic on your side. I mean, you can be really dangerous. You can buy a lot of really discounted properties this way.

So I'll go ahead. I'll wrap it up. Here's what we know. Most sellers will not sell you their property at a discount, but you'll get a lot more of them too if you want to appeal to their emotions and their logic. And you do that by first aligning yourself with a seller so that you're on their side to help them with their problem. And second, by positioning the market as the bad guy.

And I'll give you another example of keeping this idea present in your dialogue. because the dialogue is really everything. There's little nuances in there that'll keep this whole dynamic in play. So when it's time to present your offer, right, you've built some rapport with the seller. I mean, you set your appointment, you've built some rapport, you've taken a tour around the property, you've taken all your notes and now it's time to actually present your offer. You might say something like this. Okay, Mr. seller, well, based on what the market conditions are currently saying about your property,

and then after what you shared with me about the condition of the property and the repairs that might be needed. And then after carving out just a small little profit for myself, what you're saying is we're right. We're right at around $75,000. Is that right? So being phrased that way, very carefully phrasing it that way, it keeps the market in control because you said based on the market is saying about the value of your property, and then deducting the repairs that they had brought up, the seller brought up, and then just carving out a small little profit for you, the good guy, right? What you're saying is, and when you say it like that, what you're saying is you're making that offer, their idea even. So what you're saying is we're right around $75,000. So it's the seller's idea

being dictated by the bad guy, the market. You're just there to help for a small profit. Make sense? Good. So keep emotion and logic and logic on your side. You're going to get a lot more discounted offers accepted. If you're really serious about your real estate investing and you want to buy properties at a discount, you want to take control of them and sell them before you actually own them and carve out nice quick profits for yourself. And you want to do that from anywhere in the country. Go check out the course that my two students just put together. Wholesailingvirtually.com, they're going to open that up next week and get first notification. And yeah, and you'll learn exactly how they're doing what they're doing to both create seven figure businesses from opposite

sides of the country. All righty? Take care. Have a good one. This podcast is a part of the C-Suite Radio Network. For more top business podcasts, visit c-sweetradio.com.