I try to buy a lot of houses and every so often I think I am pretty close and am disappointed to hear the dreaded No from a seller. Sometimes they are less polite and use words like: “cheap”, “crazy”, “wasting my time”, etc.
Here are some of the things I remind myself when I hear no:
This is a Numbers Game
You are not going to buy every house you offer on. But if you stay in the game long enough and make enough offers you will eventually get to a Yes.
There is Lots of Inventory
The market is big. There are a lot of distressed sellers right now. Don’t worry about the deals you miss, focus on the things you can control.
No can be Temporary
The percentage of escrows that don’t make it to the finish line is substantial. If the Seller picks another offer don’t give up on the property.
Investors are Required
Owner occupants cannot buy most of the stuff I go after. My job of revitalizing a neighborhood is required and should be profitable.
Persistence pays. Keep at it. You will hit slumps, but you can only get out of them if you don’t give up.
The process of buying should be a math equation. If you normally get 20% of what you offer on and you need to buy 5 properties a month you need to make at least 25 offers on properties in a given month.