As a full-time Canadian real estate investor, we need to constantly consider our bottom line. Each financial decision we make has a direct impact on the amount of profit we will or will not make in a real estate transaction. One of the biggest mistakes that most Canadian real estate investors make is overpaying for properties.
Pawnbroker of Real Estate
Typically real estate investors, particularly new real estate investors, will do everything they can to get into a deal. They want to be involved in real estate so badly that they generally make a lot of mistakes, the biggest one being… paying too much for a property. That said, there are many veteran Canadian real estate investors out there with large portfolios of properties who have overpaid for every property. The fortunate thing in real estate if you are holding property is that if you have overpaid for a property, time generally heals all wounds. This is also unfortunate because if this happens to a Canadian real estate investor, they never learn to purchase property more effectively because time has bailed them out.
Now what is a pawnbroker? A pawnbroker is an establishment that gives very short term loans and hold an item of value as collateral. They will take that item of value and give that person a certain amount of money for it, usually about 10% of the value, and if they come back within a certain agreed upon time period, they can buy back that item at a slightly inflated price. If the time period lapses and they don’t come back to reclaim the item, then that item is now for sale in that pawnshop.
Benefits of being a Pawnbroker of Real Estate:
So we as Canadian real estate investors want to become pawnbrokers of real estate and we want to let people know that we are pawnbrokers of real estate and in saying that, clients will not expect to be getting huge money for their property. That said, we want to do win-win deals, but we also have to be sharp negotiators, and be able to profit as much from a property as possible, so our negotiation skills are extremely important.
Once people know you are a pawnbroker of real estate, they will not expect to get a huge price and you will not be offering a huge price, but certainly be expecting to help those people who are in trouble.
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