When it comes to valuations, a “best guess” approach is best! Don’t waste time with details when you have an inspection period!
We’re going to explain how our process works, starting with the 50,000-foot view, so that you have a good jumping off point and stop getting in the way of more sales.
IN THIS EPISODE YOU’LL LEARN:
- Why the price is actually inconsequential
- Why you shouldn’t get hung up on the details of a valuation
- How to solve the right problem
You’re not buying a house – you’re solving a problem. Don’t forget this!
Nobody cares what you think the property is worth, and nobody cares about the cost of repairs except for you.
You are not the hero of this story – you are the guide. The hero is the seller or the cash investor.
Put the home under contract for as low a price as possible.
You are benefitted by putting the home under contract because you then have an extra two weeks, or whatever period of time is decided in the contract.
Going into granular detail with your valuation, and not putting the property under contract, will just dam up your cash flow.
While the property is under contract, you want to get interested real estate investors to give you feedback. Establish where the property falls on a 5-point scale, from “no chance of salvaging” to “recently rehabbed.”
Depending on where it falls on your scale, you should either reduce the price or, if you’re lucky, increase it.
As we zoom back out to 50,000 feet, remember: your business should be treated as a servant to you. When you micromanage the process, you become a servant to the business.
- Want to 10x your business? RSVP for Wholesaling Summit 2017
- Salt Lake City, Utah | April 27th – 29th, 2017 | wholesalingsummit2017.com
- Investor Grit – InvestorGrit.com