Today I want to talk to you about getting out of your house, off your computer, and out into the world. Deals aren’t only to be found in meetings or over the phone; you need to actually take the time to talk with sellers on their own turf. This is where you’ll find sellers who could use your help and opportunities to help your family and grow your wealth.
Door knocking is almost a lost art among investors today; however, it’s still a powerful and effective tool to finding sellers who may not know they want to sell. One of the best in the business is Bill Cook, a former Kirby vacuum salesman. He takes groups on property tours and actually knocks on houses in a neighborhood in a demonstration; many times the homeowner will let the entire group of over forty people in!
Knocking on doors can be dangerous, especially for women; if you feel unsafe on your own, then bring someone with you as a buddy, especially in rougher neighborhoods. I prefer to find unloved homes that clearly need repairs and help. If the occupant isn’t the seller but a tenant, you can usually find out from them (they might need reassurances that you won’t kick them out after buying the property, however).
If you see older people working in their front yard, make sure to stop and talk with them. Ask them about the neighborhood, compliment their home, and build that rapport. Older people who have been in the neighborhood for years will know who is looking to sell, and you just might get a deal out of it.
Need practice negotiating? Go to a yard or garage sale. Find something cheap and negotiate with the seller and get it cheaper. This is training you can’t get in a guru’s class or an expensive seminar; it might cost you a dollar if you buy the item, and you always have the option to walk away. This is a fantastic, no-pressure environment to get you into the negotiating mindset.
Visit LarryHarbolt.com for my investing courses and resources to take you further in your investing career.