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Shannon Feol, Guest Contributor
You would think that as a full-time investor, buying and selling deals everyday would become “routine” and that at some point you could just run your business by going through the motions, time and time again. I am sure there are some investors that operate like that. Even more so, I’m sure that this mindset is common among residential retail agents. But as I contemplate this idea, I realize how differently Robert and I operate our business.
Every transaction that takes place is like a fingerprint, never exactly identical to another. Especially in today’s market we’ve had to force ourselves to be creative with financing and structuring deals. Every renovation presents its own challenges and surprises, and each bank seller has its own guidelines and restrictions (however ridiculous and frustrating they may be).
Most importantly (in our wholesale deals), every end buyer is different. Each one has his or her own expectations, questions, and fears – especially our novice investors. We aim to make sure that each deal is personalized, ties in with the individuals financial goals, and is a good fit for the investors who put their faith in us. An investor who has a good experience buying their first property, will call us again for another investment.
I have heard my husband, in reference to some other wholesalers, use the term “slinging deals”. One guy finds a foreclosed meth lab shot -gun house in a war-zone zip code that will NEVER rent for $5k and “slings the deal” to another guy 5 states away who doesn’t know any better for a HUGE markup. First guy wins, second guy comes out a big loser. We see or hear about examples like this on a weekly basis.
You can “sling a deal” and take your cash, or you can cater to your end buyers and give them and the attention and the honesty they deserve – then, you have your cash and you keep a faithful client who will continue to invest with you time and time again.
Client trust is our most fragile and most important responsibility. The profits come automatically when we establish the “win-win” situations. And then we move on to the next unique deal and undoubtedly the next great learning experience.
We are the experts and we can help. Call (901) 486-6688 or (901) 258-6944 for details.