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Updated about 8 years ago,

Account Closed#1 BiggerPockets Exclusive PRO Area Contributor
  • Professional Auctioneer
  • Baltimore, MD
1,468
Votes |
1,857
Posts

How long do you want to wait for your profits? Your thoughts?

Account Closed#1 BiggerPockets Exclusive PRO Area Contributor
  • Professional Auctioneer
  • Baltimore, MD
Posted

They use to say …” Don’t wait to buy real estate – buy real estate and wait.”

I agree with first part – Don’t wait – but now, after so many years investing in real estate I’ve change my mind and concept of real estate and the idea of buying real estate and waiting.

In the old days – folks would buy real estate and if they waited long enough the property would appreciate and equity profit was realized, thus an increase net worth on paper.

But today we are as investors and I am also impatient! I don’t want to wait (at 75 years old I can’t afford to wait).

it seems as if everything we do has some sort of instant gratification; fast food – the micro wave, drive thru car wash and any information we want immediately with the internet -

I want my profit now – I don’t want to wait for appreciation, or to depend on an agent to list my deal and wait for a long time for a suitable contract offer full of contingencies, I don’t want to go through the qualification process – I don’t want my life dependent on some snotty nose bank clerk to approve my loan. NO – NO – GIVE ME MY POTENTIAL PROFIT NOW!

I want my profit gratification NOW! Money in my hand HOW, I want to grow my wealth on an accelerated basis – NOW! I want real estate to be my slave – I want to do deals that will pay off now – not in 6 months, not in a year – NOW!

What I have been doing for a long time now, shortly after becoming an auctioneer - is a system I call Control and Roll – this is a process of using Power Prospecting to find a property (FSBO's, Expired Listing or commercial property) that has a potential equity profit – negotiate an agreement with the owner so that they profit as well, offer a skinny contract of sale.

Our contract offer has all the disclosures necessary, the right to market by auction and a profit agreement (Hybrid).

The next step is to advertise the property for a few weeks and offer it by public auction. The potential profit is more than just a great income, but also it is fast, no contingencies, all cash with all concerned making a reasonable profit.

Too many investors want the Big Home Run – the giant profit – NO – not me – I’d rather take a smaller profit but do many deals – at the end of the day the little profit on many deals is my HOME RUN!

If the entire process goes as expected the income on each deal is between $5,000 and $30,000 or more. No more agents, no more turn downs for lack credit, forget about appraisals or negative inspections or all those small thinking gate keepers who want to stop us from enjoying the profits we well deserve.

How fast do you want to make money in this real estate investing business - your comments welcome.