Property Prophets
Welcome to "Property Prophets," the ultimate podcast for real estate enthusiasts and investors. I'm your host, Travis Wells, and I'm thrilled to have you join me every single week as we dive into the world of property profits.
In each episode, we bring on a specialist who excels in a specific area of real estate. Whether it's retail, big commercial properties, luxury real estate, flipping houses, or even land development, we've got you covered. Our guests are true masters of their craft, and they're here to share their expertise, insights, and success stories with you.
But it doesn't stop there. At the end of each podcast, we have a special segment where our mastermind group joins in. This group is filled with avid learners and aspiring investors who bring their real-time, real-life questions for our guests. Together, we create an engaging Q&A session that provides practical knowledge and solutions for everyone.
Join us on "Property Prophets" as we explore the intricacies of the real estate industry and unlock the secrets to property profits. Whether you're a seasoned investor or just starting out, this podcast is designed to inspire, educate, and empower you to achieve your goals in the world of real estate.
So, don't miss out on this incredible opportunity to learn from the best in the business. Tune in to "Property Prophets" and let's embark on this exciting journey together!
Property Prophets
88: Good Deals Find Money: Mastering the Mindset of Real Estate Success
Welcome back to the Property Prophets Podcast, hosted by Travis Wells. In today's episode, we're diving into a critical aspect of the real estate business – The Mindset.
Travis shares insights from a recent coaching call where a client expressed doubts about tackling certain types of deals due to financial constraints. His response was clear: "Good deals find money." Real estate is undoubtedly capital-intensive, especially when building a portfolio. However, for those interested in wholesaling, flipping, or other ventures, the right deal can attract the necessary funds.
Key Takeaways:
1. Mindset Shift: Embrace the belief that good deals attract money. If you find a deal at half price, there's a buyer willing to pay for it. Often, all it takes is a $10 earnest money deposit to get started.
2. Skill Development: Closing deals requires skill. If marketing isn’t your strength, consider partnering with someone who has leads you can close.
3. Simple Formulas:
- Cash Offers: Use the formula 70% of ARV (After Repair Value) minus repairs. For example, a $100,000 house would result in a cash offer of $70,000 after accounting for 30% off. Subtract repairs and your wholesale fee to find your target price.
-Novation Deals: For higher-priced properties, subtract 10% from the selling price, then subtract your wholesale fee and any necessary updates to determine your offer.
4. Negotiation Tactics: Understand that either you get your price or your terms. Balance between interest points and price reductions to secure favorable deals.
Travis emphasizes the importance of continuous learning and adapting.
⭐ Tune in to this episode to gain more valuable insights and strategies to elevate your real estate game. Don’t miss out – listen to the full episode now and start transforming your approach to real estate deals.
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