A Journey To Financial Independence Using The Wealth of Others

“Always be prepared” is not just a disaster preparedness motto – it is something every real estate investor needs to take to heart as well.

This is something Tim Rhode, an agent and real estate investor out of California, shared on the Bigger Pockets episode number 353.

He’s been doing this since the 80s and pretty much cashed out in 2006 right before the market turned. But besides having a great background and a lot of success, one thing that stuck out for me in this podcast was the idea of not waiting after seeing something that you know is a good deal.

Tim tells of a story where he was looking at a property, saw a neighbor working in their yard, and asked him what he was doing. The guy said he was getting his house ready to sell. After determining that the owner didn’t already have a contract, agreeing to a price, and making an offer, Tim took the blank contract he had in his car, filled out the necessary information, and had the owner and his wife sign it on the spot. Tim got a deal by being prepared.

Now, buying a house unseen is not always wise. But Tim had been doing this for a while and knew from his gut that this would be a good deal that he could turn around. 

So two learnings from this. One, don’t wait. If you know it’s a good deal, jump on it, and don’t go back to crunch numbers or overthink it. And two, always be prepared. Tim had a contract in his car, and he could fill it out on the spot and get it signed. 

Many of us would have gone the route of going home to think it over, crunch some numbers, and maybe got to the point of pulling the trigger within a day or two. However, if you did that, there is always the chance that the owner would have done something similar, overthinking the deal to the point of sinking it.

If you know a deal will work, act now, especially in the market we find ourselves in.

 

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