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If You Don’t Have This One Thing You Can’t Have A Real Estate Investing Business
Joe: Hey, it’s Joe. There’s one thing that if you don’t have this one thing, you can’t make any money in real estate. It’s an important part of this process and as soon as you don’t have it anymore, you’re out of business. Doesn’t mean you can’t get back into business, but you’re out of business when you don’t have it.
Joe: And that one thing is inventory. If you don’t have anything to sell, you don’t have a business. So you’ve got to have something to sell. And that’s what it means to have inventory. Go out there and get properties that you can sell, using the For Rent Method, using the other zero down structures that I teach. Going after the types of leads that I teach, whether it’s for sale by owner, or whether it’s absentee owners, or expireds, or zero mortgage owners. There’s lots of different good sources of leads out there.
Joe: And if you learn how to talk to these people and put deals together, you’ll have inventory. And as soon as you have inventory, you’ll make money because if you put together a deal properly, it’s not that hard to sell it. You know, don’t agonize over selling the property. Agonize over putting it together properly. If you don’t put it – it’s not going to sell if you don’t put it together properly. So you’re wasting your time if you don’t do it property from the get go. So that’s what you need to do in order to make a business happen.
Joe: None of this is rocket science, you know, this is the basic idea of any business. Have inventory, have something to sell and then turn around and sell it. And then make sure you continue to have that inventory. You know, if you’re making a widget, you have to go get the materials together, you have to build the widget and then you’ve got inventory, you’ve got something to sell and then you’ve got to find somebody to buy it. That’s, the difficult part in that process isn’t necessarily, actually it may be in building the widget, depending on what the widget is.
Joe: It may be the difficult part, and then going out and finding the buyer is also difficult. With real estate, the difficult part is getting the inventory in the first place, getting somebody to say yes to the process, to getting yes to the zero down structure that you want to do. And that’s only difficult if you don’t know how to do it. Once you understand how to do it, it gets a lot easier. And then you can turn around and sell that property without much effort at all because it doesn’t, there’s a very tried and true process for selling a property.
Joe: And if you structured it properly, it’ll sell every single time. I don’t every fail to sell properties that I structure properly unless the seller backs out on me. Now, always keep in mind that one out of ten sellers are going to back out on you for some reason that’s nothing you could have avoided. So ten percent of your deals are probably going to fall through simply because of that reason. But the other nine, they won’t fall through if you structure them properly. If they do fall through, it’s because you didn’t structure them properly in the first place.
Joe: All right. Good luck with it.