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121: Principles For Success as a Real Estate Investor

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James Steffy

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This week’s episode is about the real estate success principles necessary for you to build your best possible business. Danny is joined by James Steffy, listen along as they talk about following up, making offers and the importance of understanding your sellers.

James Steffy first got into the real estate investing industry 4 years ago after returning home from South Korea where he and his wife taught English classes. Taking the decision into their own hands, they took a mini tour across the U.S. to cities like Atlanta, Houston, and Sacramento so they could make the best decision about which market to dive into. Ultimately, they decided to stay in the Tampa-Bay area of Florida and it was there that Steffy started his own real estate investor business.

Steffy started out by listening to various podcasts and the FlippingJunkie blog, but like many people, he was overwhelmed and unsure of where or how to start. “I was brand new to real estate investing at that time. I had been reading a lot about the business and knew it was what I wanted to do, but was feeling overwhelmed with actually taking the first steps to get started,” says Steffy in an email to Danny. After following a course offered by Danny at the time, he was able to find the courage to take action in his journey.

His first deal was less-than-perfect and in a rough part of town, and while he put almost all of his money into it he soon realized he couldn’t sell it. At the same time, he began going to local investor meetings and networking, which pointed him in the right direction to take his business to the next level.

Steffy also discusses his experience with cash offers versus owner financed offers. After finding that he was not having as much luck with his cash offers, he began offering the two options to sellers at the same time. “You never know what someone is after,” says Steffy. He goes on to say it’s important to know where your seller is coming from financially, but more importantly, emotionally, so that you can really understand their situation and better cater to it, which will in turn mean a better turnout for you as well. “The more appointments you go on, the easier it gets.”

Danny and James go on into further detail about the importance of following up even after a no, the importance of making an offer, how they’re adjusting to the changing market, and more of the real estate investing success principles involved in building a successful real estate business. While there are some key steps you can take to set you apart from your competition, both agree that there is no “magic answer” to it all.

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