The Foundations of Finding Killer Real Estate Deals

In real estate, it is simple: No deals means no business.

And here is the big secret: You make money when you buy, not when you sell. Buying a property at a bargain price gives you options. If repairs cost more than you thought, you can still sell it. If the market dips, you have a safety net.

The Three Ps

Building wealth takes time. It isn’t a get-rich-quick thing. You need to use the three Ps: Persistence, Patience, and Perseverance.

Persistence is all about timing. A seller might not be ready the first time you call. But the Rule of 7 says they need to see your message at least seven times before they take action. So keep reaching out.

Patience means trusting the process. You might spend money on mailers and not see results for a few months. But don’t quit. And perseverance is what keeps you going when a seller is harsh or a deal falls apart.

The Profitability vs. Comfortability Index

Most people want to stay in their comfort zone. They look for deals on Zillow because it’s easy. But everyone is looking there.

As your comfort goes up, your profit goes down. If you want the best deals, you have to do the uncomfortable stuff. That means cold calling, direct mail, or texting people who haven’t even listed their house yet. It feels weird at first, but that is where the real money is.

Equity and Motivation

A great deal needs two things: equity and motivation. Equity is the difference between what the house is worth and what is owed on the mortgage. Motivation is the reason the seller wants to sell to you at a discount.

Maybe they have a family emergency. Or they inherited a house they can’t manage. They might value speed and peace of mind more than a few extra dollars. Your job is to find that motivation and help them out.

Prev: Setting Real Estate Goals That Actually Work | Next: Service-First Networking: The Real Way to Find Deals