Real Estate Investing is a lonely business. Yes, we’re with people each and every day, if we’re doing it right. Yes, we’re on the phone with buyers/sellers and potential lenders every minute of every hour. But, when it comes to people who think like us, and understand what we go through – it’s lonely out there! What is a real estate investor to do?

* Consider starting a sub-group of your existing REIA or a REIA if you need one in your area. Helping others to be successful can make you more successful. You almost always learn more when you’re teaching.

* Network with other investors – so many investors think of competition is negative. Seriously, there is enough out there for everyone. Call up the other investors in your area (do a Google search, look on Craig’s List, write down those “we buy signs” numbers). Find out what others are doing and see how you can collaberate together.

* Start a mastermind group. A mastermind group is where like minded individuals come together to solve problems and help each other move forward to the next level. A smaller group of 8-12 is best so you can each focus on helping each other.

In our coaching we are continually talking with individuals who need/want someone to bounce ideas off of, particularly in their local market. A mastermind group can be great for that. I belong to a mastermind group of investors on a local level and a group of investors that are spread out all over the U.S. Both have there purpose for me in my business and both are extremely valuable to me.

Tell us who you bounce ideas off of? What do you do when you’re at a stand still in your business? What if you’re unsure of a deal – what then? Let’s hear how you all solve these daily challenges.

Talk to me people!

Here are the top 7 Secrets You Can Use to Help You Overcome Rejection. . .

1. Don’t take it personally. First and foremost remember that it isn’t personal.  Think about when you say no to something.  It’s rarely about the individual that’s presenting it.  It’s usually bigger than that.  Don’t let a simple “no” ruin your day.  When you hear “no” think “I’m one step closer to YES!”
2. NEXT!  That’s right – it’s a numbers game.  Just keep plugging along and think “Next.”  When you’re talking to sellers you aren’t going to get an appointment with every one.  In fact, we know that through direct marketing, on average, for every 30 calls you get you will get 10 qualified leads.  Out of those 10 leads you will get 1 deal.  That means that you’re going to talk to 29 people that you aren’t going to do a deal with.  You could dwell on the 29 non deals are you could focus on the fact that you’re 1/29 of the way to another PAYCHECK!
3. Know Your Facts.  Oftentimes rejection isn’t rejection at all.  It’s a request for more information.  It’s your prospect saying, “I don’t have enough information to make a decision right now, I need to know more.”  If you’re talking to a detail oriented person they are going to want to know facts, figures, statistics.  The whole who, what, why, where and how of it.  If you don’t give them enough DATA they won’t make a decision.
4. Ask Questions.  Many times “rejection” comes because we haven’t filled the need.  If you’re too focused on saying what you want to say instead of fulfilling the needs of your prospect then you’re missing the boat.  Ask questions of your prospect to determine what their needs are, then let them know how you can fill those needs and what benefits they will receive.  Remember, it’s not about what you want to say, it’s about fulfilling their needs.
5. Keep Positive.  It’s easy to feel something slipping away and have your attitude slide downhill.  Keep it in check.  Keep upbeat during your meeting and your enthusiasm may become catchy.  Handling things in a professional and postive manner can keep you on the forefront of your prospects mind if their situation changes.  It’s not uncommon for investors to get 30-40% of their deals from follow up.  Leaving things on a positive note can help those numbers to increase.
6. Build Rapport.  Find things that you have in common (hobbies, kids, geography).  Talk about those things and establish a rapport with this person.  It’s much harder for people to reject you if they really like you and feel connected to you.  Having rapport won’t make someone do business with you that doesn’t have a need for your services, but if it comes down to you and another option, they’ll choose the person they know, like and trust.
7. Analyze and Improve.  Everyone can improve their presentation skills.  When you leave a meeting take your driving time to think through what you could have done differently.  Did you establish rapport?  What key “needs” did the prospect have and did you answer how you could meet those?  Learn from each deal and make mental notes for next time. 

Keeping the above in mind and knowing you’re not going to get every deal with help you get through those tough days.  The great thing is that there are plenty of motivated sellers out there just waiting to hear what you have to say.  Go out and offer it to them – just remember, fill THEIR need and show them the benefits of working with you! And when all else fails, just yell “NEXT!”

Did you miss last weeks’ video on “Is Wholesaling Properties a Valid Strategy In Today’s Market?” Click that text to view the video.

If you have any questions about real estate investing, deals you are working on, etc. and would like to have them answered, just click the AskMike link and send them in.  Mike will address them in an upcoming video. Thanks and happy investing.

UPDATE: Many of the viewers of this video have asked for a copy of the websites that we post to. Click the following text for The Top Real Estate Sites to post your properties on.

Thanks,
Mike

This e-card that she sent wasn’t anything special, but it’s cute, it’s timely, it stands out and it has an action statement.  Check it out:

Are you haunted by memories of the last time you had to buy or sell a house? Don’t be frightened! Just give me a call, and I’ll hold your hand through the entire process. As a real estate professional, I’ll make dealing with today’s market a lot less scary!

Visit me on the web at http://www.hollimccray.com

Here are the high level numbers for the deal (I update to more precise digits in a later video as we work the deal):

House value in market condition = $185K

Current mortgage balance (1 loan) = $176K plus a few back payments, interest, etc.

Estimated Repairs (carpet, paint, appliances, blinds) = $6K

Our offer to the lender = $130, 562 (we always offer a “calculated” number, not rounded off). Generally we take about 85% of what we think the BPO (broker price opinion) or appraisal would be, then 85% of that number (approximately).

If you missed last weeks video on “Can a Foreclosure Be Reversed Back to A Short Sale” then click the linked text.

Also, if you have a question you’d like answered, please visit our contact us page and submit it to The Sharp Investor.

Take Care and Happy Investing!

Mike

Thanks to Pam from Michigan for writing in.

Be sure to leave your comments below this video. Also, if you missed last weeks’ AskMike video on How To Convince Private Lenders To Loan On Your Deals In This Market then be sure to click that text as a link to view it.

Got a question for Cortney and Mike?  Submit it HERE.

Take care and happy investing, thanks for watching!

Mike

Be sure to leave your comments below this video. Also, if you missed last weeks’ AskMike video on How To Market Houses On A Tight Budget then be sure to click that text as a link to view it.

Also, if you are interested in raising private money to fund your real estate deals checkout the Ultimate Private Money Solution website.

Got a question for Cortney and Mike?  Submit it HERE.

Take care and happy investing, thanks for watching!

Mike

1) Begin setting the stage – when you send out your monthly or quarterly statements put in a little blurb about their current rate and compare it to other rates. (check out: http://www.bankrate.com for current 5 year CD rates)

2) In conversations with your lenders make sure you mention that replacing higher interest rate money is something that you’re doing. Casually interject into the conversation that you’re currently one of the best investments in town at 7% interest, secured by real estate.

3) As you’re talking to and meeting with new potential lenders you can show them your program, give them your presentation and show them your current rates which are WAY more than what they will get anywhere else and they get the security instrument of a mortgage/deed of trust.

By the way, you are meeting with and talking to potential private lenders EACH and EVERY week aren’t you? If not, make it a drop dead goal that you MUST meet. You should be having at least 2 one on one meetings a week with someone to present them your program. If you need a presentation check out the one we’ve put together for you at: http://www.TheSharpInvestor.com/products

4) Save your best lenders for last. I still have several lenders that I’m paying REALLY high rates. However, they have a lot of money, they’ve repeatedly loaned me money, they’ve referred me other lenders, and they are the kind of people that I want to keep happy. I’ve not yet replaced their money with lower interest rates because I don’t want them to put it elsewhere.

So, weigh the pros and cons, but don’t be afraid to start saving $ 5,000 or more a year!

Here’s my take on it . . .

one of my favorite quotes:   “The best way to predict the future is to invent it” Alan Kay

Don’t let anyone else tell you how things are going or how you should be doing.  Across the country I talk to people who are thriving in this market.  In any given day I can talk to 2 people from the same area and get 2 completely different answers on “how are things.”  What’s the difference?  Well, it’s what’s in your head.  What you perceive becomes reality.  If you let others tell you that the market is bad, guess what, the market around YOU will be bad.  Don’t fall into that trap – create your own market and your own reality.

Be sure to watch the entire video because at the end I provide information on how to attend an 8 hour internet bootcamp at no charge on this topic.  We are putting on this event with Judson Voss of GetRealREI.com.

If you missed last weeks’ video on my Short Sale Deal Case Study – Part 1, then be sure to click the text to see it.

Also, if you have a question that you would like addressed on AskMike, be sure to visit the Contact Us section and send it in.  We will do our best to answer it on an upcoming episode.  Of course we prefer real estate related questions.  I did have someone ask me if my eyes were blue once.  I do like questions about the topic of “me” but probably better to stick with real estate.

Take care and happy investing,

Mike Moulton