88: Good Deals Find Money: Mastering the Mindset of Real Estate Success

Send us Fan MailWelcome back to the Property Prophets Podcast, hosted by Travis Wells. In today's episode, we're diving into a critical aspect of the real estate business – The Mindset. Travis shares insights from a recent coaching call where a client expressed doubts about tackling certain types of deals due to financial constraints. His response was clear: "Good deals find money." Real estate is undoubtedly capital-intensive, especially when building a portfolio. However, for those interested in wholesaling, flipping, or other ventures, the right deal can attract the necessary funds.Key Takeaways:1. Mindset Shift: Embrace the belief that good deals attract money. If you find a deal at half price, there's a buyer willing to pay for it. Often, all it takes is a $10 earnest money deposit to get started.2. Skill Development: Closing deals requires skill. If marketing isn’t your strength, consider partnering with someone who has leads you can close.3. Simple Formulas:- Cash Offers: Use the formula 70% of ARV (After Repair Value) minus repairs. For example, a $100,000 house would result in a cash offer of $70,000 after accounting for 30% off. Subtract repairs and your wholesale fee to find your target price.-Novation Deals: For higher-priced properties, subtract 10% from the selling price, then subtract your wholesale fee and any necessary updates to determine your offer.4. Negotiation Tactics: Understand that either you get your price or your terms. Balance between interest points and price reductions to secure favorable deals.Travis emphasizes the importance of continuous learning and adapting. ⭐ Tune in to this episode to gain more valuable insights and strategies to elevate your real estate game. Don’t miss out – listen to the full episode now and start transforming your approach to real estate deals.Support the show🎧 Enjoyed this episode? Don't forget to hit the like button and subscribe to Property Prophets for more valuable insights and captivating conversations with real estate experts. Your support means the world to us! Follow Travis on social media for even more Real Estate Advice: www.facebook.com/travis.wells.7587Instagram :  / travisclaywells  ​TikTok: / travisclaywells  ​Linkedin: / traviscwells