Are High End Markets More Difficult To Invest In?
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Read Transcript for “Are High End Markets More Difficult To Invest In?”
There’s no reason to be intimidated by high end markets. I’m going to show you how to market effectively to them and get deals there.
“I’d love to see information on how to find under market deals in the Los Angeles area as this is a tough city to work in.” – Clara Firestone
Joe: Everybody seems to have this opinion that there are certain cities that are tougher to work in than others, e.g. San Francisco, Los Angeles, down south Florida, Boston, Manhattan, etc. These are tough markets. They’re tough because they’re expensive, and new investors are intimidated by high priced properties. You think, ‘Oh, this is a million dollar property or a five million dollar property. It must be more difficult to do than a $30,000 or a $100,000 or a $200,000$ property.’
Joe: It’s not; it’s the same. It’s the same structures. The only difference is that you’re intimidated by dealing with sellers and buyers who are in that price range because you think that you can’t afford it; you feel that nobody can afford it. You’re thinking, ‘How can I possibly take a $500,000 property if I can’t afford to make the $3,000 a month payments on it? Nobody can afford that.’
Joe: Well, a lot of people can afford a $3,000 a month payments. There are a lot of people that have $500,000 properties who are able to buy these properties. Your biggest problem is that you’re intimidated by those people. So start looking at them as deals only; numbers only. Stop being impressed by rich people (or people that you see as rich). They’re not rich – you’re going to be in their place very soon if you follow through with what I’m teaching.
Joe: I think that we grew up all our lives deferring to people that have more money than we do, and the truth is that they’re not better than you are. They’ve just gotten to the next level. They may have been given that money, they may have been born with a silver spoon in their mouth or they may have worked their way into that money. Personally, I think those people deserve more respect than the people who were born with it.
Joe: But I’ll tell you something – even those people are still just people. They’re just people, just like you. They have the same problems and the same things that they have to deal with every day as you do. They just live in a better environment and have more money to work with and less pain in their lives when it comes to money.
Joe: Look at them as people. Help them solve their problem. A lot of the people that we’re dealing with that have high priced properties have problems, too. They have financial problems, and we can help them with those problems. So, don’t be intimidated by that.
“I’d also like to see information on investing and foreclosing properties, i.e. where to find them before the market does how to structure the deal, etc.”
Joe: If you go on the internet, there are all sorts of services that sell foreclosure listings. They say, ‘We have thousands of foreclosure listings.’ If you buy into that and you look into the listings in there, most of them are junk. Most of them are old. Most of them have so much competition that you’re never going to be able to get those people.
Joe: The only effective way to go after those foreclosures is by knocking on doors. Oh, it’s a horrible way to do business. Its effective, but it’s no fun, or at least it’s no fun for me. I’d much rather send an email out and have them respond to me and say, ‘Oh yes, I’ll take that deal.’
Joe: The way you do that is by learning how to market effectively. You can use things as basic as bandit signs out in the streets. You can use classified ads. You can use internet marketing the way that I do. You can use Paper Click. You can use joint ventures. You can build your list and you can sell it to your list.
Joe: There are so many ways that you can build it. This is what I teach in my “Push Button Method” program (the “PushButtonMethod.com”). So, you might want to look into that and the different marketing techniques there.
Joe: My whole investment strategy is based on marketing. I believe that if you understand marketing, you can succeed in any business. I don’t care if you’re washing cars or cleaning houses or if you have a multibillion dollar company – if you don’t understand marketing, you’re not going to make any money. It all comes down to marketing. Nothing happens until a sale is made, so learn how to do sales and how to market. Good luck.