Good morning Fellow Contractors, Investors and Landlords,
The subject title “Mele Kalikimaka me ka Hau’oli Makahiki Hou” popularized by Bing Crosby means Merry Christmas and Happy New Year! in Hawaiian.
and if you know me well, you’re aware that I extend this greeting to all, during this time of the year.
Mainly because of the lesson I learned when I was in Hawaii as a young Hau’oli. I had been visiting Architect George Daic, who had designed several of the “Sky-Scrapers” in Hawaii. We had worked together in Saudi Arabia and it was a pleasure to spend about a month with him and his wife because they knew everyone and we seldom visited any “tourist traps”. During this time George introduced me to several opportunities which I “wisely” turned down.
I mention this because we’ve still got several investors that make “Blind” offers. These Offers are usually made at 50% of a properties Listing price, often sight unseen and with the Hefty deposit of $10.00. It’s further advised by the “Guru” promoting this technique, that making something like 10 offers per week will easily get you a deal within two weeks. What happens in reality, is that even if your Buyer’s Broker does submit your Offer to the Listing Broker they’ll next submit it either to the Circular file or Shredder:-(
I know it’s the Listing Broker’s Legal responsibility to present any and all offers to their Seller. But they were instrumental in setting the Listing price so the reflective light is on them as Listing experts. Would you submit one of these 50% offers to your Seller? You might be out a Listing very quickly.
The lesson I learned when my friend George offered me two particular deals (Apartment complex at $30k/unit going Condo with Seller Financing and a Shrimp farm with Low Entry cost and Passive or Active participation. Both turned into Killer Deals for everyone involved (not me:-() was that, it was not a good strategy to offer 50% without much analysis. Since then I present Offers with some of my solid Analysis, Reasoning and receive good results.
If you’d like to make your Offers with that same Analysis and Reasoning that I use, especially NOW during my own High Time (Thanksgiving through February 1) for Buying, then I’m glad to spend some time with you as part of my Course “How to Become a Real Estate Investor in 12 Easy Lessons”.
By the Bye, if you’re continuing with the 50% Blind Offers, why not buy some Lottery tickets too, at least you won’t alienate as many people;-)
I look forward to seeing you soon, Mike Hurney, Director MassRealEstate.net PO Box 307, Marblehead, MA 01945 Office 781-639-8616
PS Our next meeting is Movers and Shakers, Friday, January 3, 2014 7-8:30 PM Denny’s of Danvers, We’ll have our 2014 Schedule, Networking and How some Landlords and Investors are getting their Kids into the Business which is beneficial to Both.