The Science of Flipping - How Being Broke Can Help you Become a Better Negotiator

Episode Date: November 2, 2022

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Yo, yo, you are listening to an audio version of my newest YouTube video I put up on my YouTube channel. I talk all things business, real estate, and entrepreneurship. If you're looking to watch an incredible video with awesome graphics, then head over to my YouTube channel, youtube.com forward slash Justin Colby and subscribe. If you're interested in just listening to this audio, please enjoy. Everything happens for us, not to us just listen to ed my let he will tell you now as a real estate investor the one thing i can tell you is even if you are broke and you don't have any money that is happening for a reason so you can become a better negotiator when i look back at some of

the bigger losses that i've had over my 15-year career, it actually has to do with the fact that I had money in my account and I knew how to raise a lot of money. Because of those two factors, I was able to take on bigger projects, projects that were way outside of my scope of expertise. In fact, under the two projects I'm thinking of, I lost a lot. I mean multiple seven figures if you combine the two because I had the money and I knew how to raise money. So if you're sitting there broke trying to figure out how do I get into the real estate investing space?

Justin, I've been following you for years. I've been watching your YouTube. I've been listening to your podcast. I will tell you now it's happening for you, not to you. You need to take the fact that you don't have any money in the bank account and turn it to an advantage on getting to become a better negotiator. The skill set of sales and negotiating is the strongest skill set you or me or anyone can have no matter what. The best negotiators in the entire world don't even have a job. They're children. They tend to usually get

what they want because they know how to negotiate with parents and pull on the heartstrings. So as a parent, I know because I break down almost every time. I'm sure I should go to therapy for that. So if you can harness the skill set of how to negotiate from a place of not having the money to buy it anyways and get more creative with your offers, you're actually going to get more deals done, which can create the income for you to be able to have money in your pocket. This concept even relates to me today. Even though I have money in my pocket, I actually am more focused on being a better negotiator

to try to make sure I don't have to come out of pocket to get deals done. I'll bring a point of a duplex in Cleveland, Ohio, where I'm actively trying to negotiate with the seller to do seller financing on the deal. Now he's actually into it. The reality is, could I afford it? And does it make sense? I would be buying it at $85,000. It already rents for roughly 1200. I could probably get rents up to about $1,600 a month without doing much, if any work to it. So the deal makes sense, but I'm relying on

my negotiating skills, my salesmanship skills, and just the art of the deal in general to be able to negotiate a better deal for myself. And that's what I want for you is for you to understand things happen for you, not to you. Take this as a silver lining, harness your ability and skillset to negotiate and sell, and you're going to get better deals done. All right. So once again, this is the audio version of an incredible video I have over on my YouTube channel. Make sure to head over youtube.com forward slash Justin Colby and make sure you subscribe.