Win-Win in Real Estate Investing!
Recently, I have seen a growing interest by many people to invest in Real Estate. For those of us who have been investing for a while, we saw the potential and have done very well in RE; which is why many novices are jumping onboard the RE train. The same can be said for those who have jumped off the RE train.
Win-win seems to be a trendy word that is thrown around, but is it taken to heart. A few years ago I started investing in pre-foreclosures, right after I took my now wife's bootcamp. I had met an investor who turned me on to the local REIA, but after I saw the way he did business, I got a bad taste in my mouth for RE investors. It almost made me lose all interest in RE, but when I attended the bootcamp and met a few other investors I realized this is the way to go.
I really knew I was doing the right thing when I was on my way to close my first deal. I had come upon a vacant home, so I asked the neighbor, what had happened to the homeowner. She gave me all the info I needed, to find her. I set an appointment to meet her the next day, her husband had left her with their two kids, a week later she was hit by a drunk driver (who had no insurance and was incarcerated) and was unable to work for a month. Needles to say she was in distress, she had moved back with her parents who had a small home. I was able to obtain a short-sale and flip the property to a couple that would be able to afford it for themselves and fix it up.
What shocked me was after the closing I was driving the seller back home, and she thanked me and told me that she could now sleep at night and get on with her life. I made some pretty good money on the flip but that comment and knowing that I made a dramatic difference in someone's life was my turning point and confirmation that I was doing the right thing, and that this was a win-win for everyone. I was also able to have the lenders waive any deficiency judgement against her.
I tell this story to remind myself and others, that although there is good money to be made in RE Investing, that there are people who need help, and we must always take that into account. Sometimes we get caught up in the money and forget that we have both the ability and responsibility to help others.
Like Zig Ziglar says, " When you help others get what they need, you will get what you want."
Remember make it a win-win, and that means for you too.
Juan 8-)
how long did it take you to do that first deal? How many owners in default did you prospect before landing that one?