Deal or No Deal? How Can A New Investor Evaluate if They Have Found a Good Deal

Say you are looking at a potential deal, but you aren’t sure if it makes sense. There are many ways you can evaluate a deal to see if it will be beneficial to both you and the seller.

Information is your best friend in this business. You want to gather every piece of data that you can about the deal. If you do this, you will be well on the road to evaluating if a deal is worth pursuing. There are several things to keep in mind:

1. Learn How To Master Phone Calls

To ensure that you are getting as much information as you can at the beginning of the prospecting process you must become a master at phone calls. A good way to gather information is to use a phone form, so that each call is consistent and you don’t miss any essential details. A phone form that I use in my own business is available in my Foreclosure Investing Mastery program.

2. Make The Most Of Your Appointment.

When you sit down with a seller, make sure that you have a system to collect all of the information that you need. At an appointment, you can really get a feel of what the seller’s situation is and begin to evaluate the deal in your mind. For instance, ask yourself:

• What is their main motivation for selling?
  • What do they hope to achieve by selling the house?
  • Will they need money upfront to move out of the home?
  • What is their house payment?
  • What are the taxes and insurance for the home?
  • What would the home rent for in the current market?
  • What are the comparable properties in the area?

3. Understand Comparable Properties Evaluations

Knowing how to evaluate comparable properties can also give you a great start to weight the options of a deal. Understanding what homes have sold for that are comparable to the home you are looking to buy can help you do the math and see if the deal makes sense.

There is a lot to learn, but I have put together a comprehensive system together based on my own journey to becoming a successful real estate investor that anyone can follow.

In fact, at some levels of my online training systems, members have access to a deal summation process where you can send potential deals in to my team to have them evaluated and help you through the process of deciding if it will be lucrative or not.

This is really just the tip of the iceberg on figuring out a deal. I recommend coming to one of my in-person trainings to get coveted access to exactly how I work my deals, and how to tell if a deal will make you money or not.