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When real estate investing before you are ready to make an offer, you want to analyze a lot of properties. 📝🏘️
So real estate investing is a numbers game.
And by that, what I mean is there are a lot of properties that you're going to have to look at before you find a deal. As the expression goes, “you have got to kiss a lot of frogs before you find your Prince”.🏘️🤝🐸👑
So, I use the numbers game. It's generally about 100 properties that you are going to look at. And when I say look at, I mean at a very high level, right. You're going to be able to look at these properties in a matter of, let's say five to 10 minutes, and you're going to decide whether you want to do a deeper dive on these properties.🔢🎮📊🏘️
Out of those 100 properties, you might find 10 that you want to do a deeper dive on.
And when you do a deeper dive, that's when you get out your financials and you start putting the deal through the rigor of financial analysis. Does the rent make sense for this property? Or if it's a renovation, does the renovation cost fit into this property?🏊♂️💰🏘️
So you analyze about 10 properties out of those 100, Then what you do is out of those 10 properties, you say, okay, which are the best properties that you think you want to entertain.
Then you go out and you make offers on those properties. Out of those 10 properties, you make an offer on, let's say 3 properties. The top three that you think will give you the best benefit. And then from those three, you negotiate through those three. And at the end of the day, you end up closing on one property.🤝🏘️💲
So, the numbers are straightforward, right? You look at 100 properties. You do an analysis on 10 of them. You make offers on 3 of them and you end up closing on 1. So real estate investing really is a numbers game.💰🔢🎮
Don't get frustrated by not finding properties.
I know a lot of investors … they get started and they say, well, you know, "I can't find anything".
And I ask, well, how many properties did you look at? “Geez, I must've looked at 10 or 20 properties”.
You should be looking at 10 or 20 properties per day. You should be looking at 100 properties per week.
Again, it's a numbers game. There are lots of properties out there. Where do you find these properties?
You find them on sale by owner sites. You find them on, on MLS. You find it by talking to Realtors. You find them by talking to mortgage brokers. You find them by looking at classified ads. 👨💼💻🗞️
There are lots of places out there where people are listing properties.