1. Real estate isn't about properties, deals, or financing
About four weeks into my real estate investing career, I made my first deal on a house. In one of the most obvious examples of karmic retribution I've ever experienced, the seller of this house
was one of the little, old ladies that I'd once accused my parents of taking horrible advantage of.
This particular little, old lady surprised me by telling me right up front that all she wanted for her home was the loan balance plus $1,000 to move, despite the fact that the property was worth about $15,000 more than that. It seems that her husband had recently died, and that she was moving out of state to live with her daughter and grandchildren. In short, she wanted to be gone by the end of the month.
Now, while this was my first actual deal, I had made approximately 100 offers up to that point that went nowhere. Like many first-time investors, I hadn't fully absorbed the lesson that
investing in real estate was about people, not properties. As a result, I had made all of my offers on houses where I THOUGHT the seller should be motivated to sell for some reason. I never once ASKED whether or why the seller wanted to sell cheap
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