Gross Profit is the difference between how much you make on a property and what you actually pay for it. So if you want to increase your profit per deal, you either have to increase your price, or you need to decrease the price that you pay.
In this episode of The Land.MBA Podcast, we're going to speak with Lucas King who went from zero to six figures in less than six months. He's going to share with you how he shaved $4,000 off the purchase price of a property with this one simple technique.
Lucas started his coaching with Land Speed, last June, but he didn't buy my first property until September. One of the first properties he bought for $8K and sold for $17K. One of his big lessons from that was to just attack it.
“Don't be afraid to make mistakes and make money,” he says. “You will make money!
There's a difference between being entrepreneurial, and being an entrepreneur. And the difference is your willingness to take a risk. That being said Lucas also seeks out the lowest risk possible things he can do. If you're careful about what you're buying, you can always sell it back to the market at what you bought it for. So, the overall risk is very low.
Never be afraid to offer a lower price. Start by using phrases like, “Would you accept?” All of a sudden you’ve presented the seller with a choice between a lower price and no money at all.
It's a great lesson in many aspects of life. If you don't ask the answer is always, “no”. I think a lot of people either don't think about asking or they're afraid to. You can absolutely get a better deal on anything if you deploy some of these techniques. There's there's nothing wrong with it. You're not holding a gun to anybody's head!
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