The year was 1993. I just moved to Denver, Colorado, which had a HOT real estate market. I walked into a real estate broker's office and told them what I was looking for:
- Fixer-upper properties
- At a 30% discount
- Seller flexible on terms
"You can't find that here", I was told, don't waste our time. So, I went to another broker's office, and was told the same thing: "Maybe you can get a 2-3% discount, but you're not going to find those kind of deals here". So, I went to a third broker, and a fourth, and even a fifth and was told the same thing: "You can't do that".
Most people would give up after being told by the "experts" that it wasn't possible, but I knew it could work. So, I mailed 14,000 postcards to every out-of-sate owner of record in my market. The result? 18 deals in one year. I paid off all of my college and law school student loans and put a chunk of cash in the bank.
Are you getting bullied by real estate brokers in your market who say, "It's a seller's market, you can't find deals like that"? Don't give up, there are people out there who have problems and need your help! Yes, even in a "hot" market, there are individual people with individual problems that will sell you their properties cheap and/or with favorable terms. But these deals won't fall in your lap; you have to go "shake the trees", so to speak, to see what falls out.
In short, don't use the current market conditions as an excuse for lack of results. Make it happen, despite what the so-called "experts" are saying.
Happy deal-hunting!
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