Real Deal REInvestor Network

Success is difficult…once you get there it’s very likely you have benefited tremendously by any number of teachers, mentors, encouragers, and high achievers who took the time to share with you ideas and brainstorm concepts, and serve as your advisors or sounding-boards or partners.

 Success isn’t always easy and you have to earn it sometimes over years and years of trial and tribulation, over many hard-fought battles of getting to the next level.

 Some don’t make it, ever.

 So, if you do stick around long enough to achieve success, let me share something with you: now it’s your turn to give something back and be a mentor to someone else.

 Once you have accumulated a lifetime of business and practical experience and a slew of marketing and financial wisdom and insights, don’t be greedy! Don’t waste all that powerful knowledge by keeping it all to yourself.

 Take someone who’s starting out and give that person the benefit of your hard-won knowledge and expertise.

 Advise them.

 Encourage them.

 Contribute to their success as others contributed to your own.

 There truly isn’t a better legacy that you can leave of your business career than doing your part to make it a little easier for the next dreamer.

 This time, I’m not asking you to take my advice.

 I’m telling you that you should give them yours.

 You have it in you to change lives for the better!

 The mentoring relationships in my life as I’ve gained more and more business experience have tended over time more towards being a mentor than being mentored. But that doesn’t mean I don’t still reach out to those who know more and have done more than I have, to ask for their advice, seek their counsel and benefit from their encouragement. I will always have mentors, because I’ve gained so much in learning from others that I can’t imagine ever not seeking out advice and mentoring from those who can help me along my journey.

 It just means that today as I have one hand up reaching to someone at a higher level, I often have the other hand reached down to help out the next generation of doers.

 And if you’ve managed to achieve some impressive feats in your business career, I’m hoping you’ll do the same. Remember all those times someone opened a door of opportunity for you, made a key connection for you, explained something difficult so that you could understand it, or taught you how to do what they did so you could get the same results? You have an obligation to pass those lessons on in my opinion.

 In the world of business that moves at the speed of light, lessons gained over many long hard-fought years of trial and error have a timeless value that only diminishes when you keep them to yourself. The moment you open your mouth to begin teaching others, I assure you, if you keep your ears open, not only will you pass on knowledge to others who will benefit from it greatly – and appreciate you greatly for doing so—but I’m willing to bet it all that you’ll learn from those you mentor too.

 And who knows, you just might impart some of your hard-won wisdom into a few ambitious individuals, rising superstars who go on to do even bigger things in business than you have. Isn’t that something to be proud of? Sure, it is from a selfless perspective.

 But from a purely profit-driven selfish standpoint, too, it makes sense to share your knowledge and mentor others. In my experience, this is among the very best ways to uncover new relationships with potential business allies, strategic partners and lucrative opportunities with other action-takers who understand what you’re about, know the value you bring to the table, and are looking to reciprocate in helping you right back as you’ve helped them.

When dealing with buyers or sellers or really anyone in business, how they perceive you is extremely important. First impressions do count but how you carry yourself over time is what matters most.

If you are approaching a seller for instance, understand their situation. You must treat it as a business deal but you need to treat the person as someone who has feelings, emotions and thoughts that may be the same or different than yours. They may want to move because they are excited to move into a newer, bigger house or they may be in a distressed situation, either monetarily or otherwise. Appeal to their situation, empathize with them and build a rapport. This is not to say be a phony. Just understand where they are coming from and imagine yourself in that situation if you need to.

Another great way to build rapport is to emulate them. If your going to a multi million dollar property to see a seller, don’t go in ripped jeans and a sweatshirt and conversely if your going to a very inexpensive property dressing more casual will make the seller more comfortable than if you showed up in a suit and tie with $400 shoes on. Make them comfortable and they will tell you their story and you might find the common ground to strike a deal.

Be prepared. If you go unprepared and unorganized do you think they will perceive you as someone they want to do business with? If you show up to an appointment with them, know what your objectives are. It’s OK to have them written down and check them once in a while to be sure you are accomplishing everything you intended to at this meeting.

http://www.realdealcommunity.com/members/profile/503/Bob

This is a great question. I think it can be used to teach many people.

Q:

"Strange Saturday. I met with a seller to get info on some duplexs. The guy had me riding around for hrs. Collecting rents instead of giving me the material I needed. He has plenty of inventory, but wants offers before giving financials. Has anyone been in this situ before ?"

A:

There are two sides to this coin.

1. If you were to visit me and tell me that you are interested in buying one of my assets and started asking me questions about my financials I would tell you that you are premature in this discussion. I would then tell you that you need to submit an offer and when we are under contract I can give you all the info you need.

When you approach sellers you need to establish a business relationship. That is what real estate investing is all about, RELATIONSHIPS. Have them tell you about how they purchased that property. Ask them what they like most and what they like the least. Have them dump out all of the info they have stored in their emotional tank. Then when they have given you the entire story you can begin asking basic info about the numbers on the project. You can ask them what the ball park numbers are on the property's current performance such as vacancy, rental rates, repairs needed etc.

Many times sellers have not decided what price to put on the property. They just know they want to sell. So by asking questions you are helping them along the process to get to a fair price. If you feel this could be a good property then just tell the seller that you will take the info he has given you back home to run some numbers and you will be in touch. Tell the seller that if you are interested you will submit an offer through an LOI or Purchase Contract so that you can begin your due-diligence process if he is ok with the offer. Be simple and be real.

2. If after the bonding process the seller refuses to give you any info at all about the investment all you have to do is walk away. I would say this...
"Mr. Seller, I am very interested in purchasing this property. Why don't you call me when you need to sell? If you will excuse me, I have a few more properties that I need to look at Today."

Take control! You are the buyer... the seller needs you. Not the other way around. You need to be confident in yourself. If the seller does not want to play ball, walk away.

I hope this blog post will empower you to take control in your investing. Be confident and get out there and make deals happen. One of the things I love about this business is that I get to choose who I work with and who I buy from. You do too!!! I wish you well in your business ventures.

Rick Melero
www.RealDealCommunity.com
www.RealDealOrlando.com