When we started out investing in real estate, as members of the Property Investors Association we heard an interesting talk by Dolf de Roos who is a well-known, international property investor and author, although he was born in NZ.
You may have already heard of Dolf, as he’s a colleague of Robert Kiyosaki who wrote the “Rich Dad Poor Dad” series.
Keen to get going with a property portfolio, I attended a weekend seminar by Dolf on property investing, and learnt the basics along with a lot of very useful strategies, which gave us a great head start in the game.
Here are Dolf’s Negotiating Tips:
- Don’t fall in love with the property.
- Be prepared to compromise
- Focus on your top priorities and don’t let your emotions get in the way
- Have a maximum figure in mind that you will not exceed before you begin to negotiate
- Offer a reasonable price
- Avoid ‘low-balling’
- Remember good cashflow is your bottom line, not the purchase price of the property.
It is essential to do the figures when you are buying investment property. You need to get a good spreadsheet or alternatively you can purchase property analysis software. See What is Positive Cash Flow property?
Dolf has REAP (Real Estate Aquisistion Program) software available on his site. Also Dolf’s books and courses are a mine of information for those starting out.