Want to Make Money on Real Estate in a Hot Market?

“Never Chase a Dog, a Date, or a Deal.”

Here are 5 techniques I teach all our clients:

1. Write Early

When looking to land a great property for myself, or one of our clients, I don’t sit around and wait for the “offer review date.” Even if the other agent tells me to wait, I often ignore them and we write early. Waiting gives the other agent and the seller all the leverage. We apply pressure by writing early and walking if our offer is not accepted. Tens of thousands of dollars can be made by writing early. WE WANT THE LEVERAGE!

2. The Power of Walking

Do not fall in love with any property. It doesn’t deserve your love….yet. If the other side knows you love it, you are going to pay for it. It is good to show interest, but save your love for your mom, your kids, and ice cream. Never chase a dog, a date, or a deal. When you say you’ll walk, walk! Like a dog and a date, a deal will often end up chasing you down the street. Now you have leverage!

3. You Can’t Be Impatient

The other side will sense when you have lost your marbles, when you are willing to escalate, pay way over, and wave inspections. Some agents will tell you to wave EVERYTHING. There is a way to get what you want, at the price you want, without handing the keys to the candy store to the agent on the seller’s side. Absorb those emotions and keep a clear head.

4. Ask Yourself, “How Will I Add Value?”

If you can rent tools, make trips to the dump, and spend time ordering supplies online, you just saved thousands of dollars. You don’t have to be a great carpenter to get in the game and add value. Think of all the time you spend in the gym lifting weights and riding bikes that don’t go anywhere. Now take that same amount of time each week an invest that in your real estate. . You’ll feel and look great. You will also acquire a great sense of accomplishment knowing you added tremendous monetary value to your property.

5. Add Doors

Every door you add, adds more streams of income. Ever hear of mailbox money? Add an ADU or a DADU on your property. It’s called house hacking. As a house hacker, your goal is to have the ADU AND THE DADU pay for the primary door that YOU live behind. It’s how you live in your primary residence for free. Now add a vacation home, and do the same. You now own 6 doors of potential income, with only two mortgages.

PRO TIP: Finally, everyone wants to buy a TURNKEY property in a hot market. I walk on those. You end up buying at the height and it can take years to break even. You may be in a position in life where your job affords you the ability to buy turn key. For the rest of us, we have to approach our real estate much differently.

If you want to learn more and need my expertise in creating a plan, let’s virtually Sit Down.

Love and respect you guys!

Don

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As licensed Real Estate brokers with Windermere Midtown, Ron & Don use their passion, expertise, and unprecedented reach to help buyers, sellers, or investors.

Don O’Neill is a Licensed Agent at
Windermere Real Estate Midtown
1920 North 34th Street
Seattle, WA 98103