Real Estate Success Thinking by Ishwar Uttamchandani

Posted on October 25, 2014 by Ishwar Uttamchandani in Latest Real Estate News, Marketing, Multi-Family, Private Money, Real Estate, Residential, Residential, Residential, Single-Family Houses, Wholesale, Wholesaling

ADAPTATION
Knowing which way to jump and when to make your move has always been the key to success. It’s impossible to be a winner, or remain a winner, unless you keep a constant stream of information coming in to enhance your awareness of events that could affect your future. Those who have learned solid real estate principles and acquired professional skills will prosper much more than those who fail to keep abreast of the times.

TRAITS OF SUCCESSFUL PEOPLE
If one studies the lives of successful people, one sees certain similar traits:
Self-discipline, desire, commitment, honor, purpose, challenge, self-sacrifice, study and persistence. Why? All of these are controlled by the individual, not society.
The seeds of success lie within each of us. How can we fail?

INVESTMENT IN KNOWLEDGE PRODUCES HIGHEST RETURN
The Investment you make in your own knowledge will produce the highest return over the years.

HOW KNOWLEDGE DIRECTLY CREATES PROFITS
The value of knowing what to do, when to do it, how to do it, in order to maximize profits and how to assess the potential for profit are all based upon things you, the entrepreneur, knew that others did not. That’s how your knowledge can directly create your profits

Leverage is a sword that cuts two ways, magnifying normal investment results.
Interest rates reflect the cost of money. Yield reflects the profit on investing.
Options are the best way to control property with minimum risk at any time.
Paying cash to the mortgage can provide the highest profit at lowest cost.

YOU’VE GOT TO KNOW WHEN TO HOLD ‘EM AND KNOW WHEN TO FOLD ‘EM
Employ others to do things for you, not to think for you, handle your money or to make financial decisions.
Wealth is, first of all, health, then time, then comfort, then security. It’s rarely measured in money.

“EVERYONE WANTS TO GO TO HEAVEN, BUT NOBODY WANTS TO DIE”
Everyone wants to get rich quick without any risk or effort. It’s amazing how many people believe that attending a single seminar, listening to a tape or reading one book will somehow change their lives so that money will start flowing in.

The deep dark secret is: It takes a lot of hard work and there is no guaranteed pay off.

NEGOTIATION IS THE HIGHEST PAID WORK IN ANY INDUSTRY
It’s not uncommon to earn over 1k per hour through negotiation The necessary elements that lead to advantageous sale terms are:

Preparation of goals and attitudes
Technical knowledge of contracts
Knowledge of present values and real estate values
Knowing what you want to do and are capable of doing
Full understanding and empathy

In the negotiation process, information and knowledge are vital keys that give advantages to one party or the other. More important than technical knowledge, is full understanding and empathy with the motivation of the seller. Unless the seller truly wants to sell for non-financial reasons, there is little likelihood that a profitable transaction will take place.

LISTEN FOR THE “WHY?”
Listen carefully for WHY the property is for sale.
Listen for clues as to the time frame of the sale.
Find out what will happen if the house does not sell within the time frame.
Ask pointed questions about anything you don’t fully understand or rings false in light of other facts you’ve learned.
Offer your opinion of value or terms ONLY after you’ve thoroughly explored the seller’s motives price and terms.
The process of extracting information by patient, gentle questioning gives the seller a chance to gain confidence in you.

RING TRUE TO USE UNCONVENTIONAL APPROACHES
If you ring true, the seller will be more likely to accept unconventional approaches to structuring the transaction so that it produces a profit GOING IN.
Never forget that the only sure profit is the one you make at the time of purchase.
You can’t be certain of the economic climate at the time you have to sell, so structure your transaction so that it has immediate financial benefits. This way, you’ll be building liquidity into your portfolio form the start.

YOU WON’T ACHIEVE A HIGHER LEVEL THAN YOUR AIM
A universal truth is that you’ll rarely exceed your own expectations of yourself. So you’ll have to deal with what kind of person you want to become.
You won’t enjoy the fruits of your labor that you obtain unfairly or dishonestly.
It is still possible to achieve great success through hard work and perseverance.
The things you achieve by overcoming challenges will mean the most to you.
Being a WINNER is still possible regardless of how the game has changed or the rules work against you.
The only reason to fail is that you don’t want to win badly enough to overcome the obstacles placed in your path.

http://RealEstateSuccess.org