It’s only been a few weeks since we revved up the buying machine and there’s been one “phenomenon”, or rather malaise that I’m seeing that wasn’t part of the game before.
It’s the proliferation of wannabee investors fresh out of the last, “Make a Million With No Money, No Credit and No Idea” seminar.
Yesterday, I spoke to an agent who echoed the same sentiment that I’ve been hearing a lot lately. It seems that every listing that is published on the MLS is inundated with “cash offers” from investors.
In the interest of full disclosure, I started in real estate 20+ years ago after attending one of those seminars. That’s when I learned of the adage about experience and money.
“When a man with money meets a man with experience, the man with experience leaves with money and the man with money leaves with experience.”
You see, I realized that while you could indeed make money flying by the seat of your pants, doing so on a long term, scalable basis isn’t reality. Learning that early on is why I’ve been able to do this biz successfully for 20+ years!
However, there are a lot of people out there treating real estate as a lottery ticket. They have no business being involved in real estate and they are really screwing things up for the rest of us. What makes it worse, they are encouraged by so-called “gurus” to throw as much shit against the wall and see what sticks.
I read an article yesterday where one guy advises his “students” to put out a MINIMUM of 100 offers per month.
Unless this guy, or his minions, have last names like Zuckerberg or Branson, this is a haphazard strategy that is doing nothing but pissing Realtors off.
But it’s easy to pop out 100 offers per month if you don’t plan on closing on any of them. You see, that’s an encouraged business model in some seedy circles. Tie-up property, try to find someone to assign the contract to during the inspection period, and if you don’t find a buyer, use the inspection clause or one of the other weasel clauses to dump the contract.
This is absurd and it’s causing a black cloud to hover over all REAL professional real estate buyers.
So in an effort to help thin the herd and give Realtors an option that will substantially diminish these vermin from abusing their listings, I’m offering this free tip to my Realtor friends.
Consider it my gift to you!