I was a Realtor for 15 years and then for all these years as a mortgage broker. I would never say either of these labels as too what I did for a living.
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I always came from the following credo: “Solve someone’s problem and they will solve yours.” I have always seen myself in the problem solving business.
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I’ll share an example. An individual once came to me for a mortgage on a property that he had a tenant. 7 years earlier his tenants came to him to buy the property, unfortunately they did not qualify, so they asked if they could rent the property until they could qualify, this had gone on for many years, but he just couldn’t kick them out.
This same individual asked me about a property that I owned, if I would consider selling it. He told me he has always wanted to own it, this was a small strip center. He owned a business across the street and sometimes was short of parking.
I told him that I would consider selling and told him I wanted $995,000. He told me that was more than he would pay. I then asked him if he would consider doing a transacting with me taking his house in trade as part of the transaction. He looked like he just won the lottery.
He had already told me, he valued his house at $300,000. I told him I would pay him full price for his house and leave his tenant in the house and work to sell them the property. He said, let me get this straight, I pay you $995,000 for your property and you’ll pay me $300,000 for my house. Yes, that is what I’m willing to do.
He had an $80,000 mortgage remaining on his property. I arranged a $700,000 mortgage on the strip center and we closed. Just prior to the closing, he introduced me to his tenants. They were just wonderful people, I can understand why he had such a tough time asking them to leave.
5 Months later, I sold the tenants the property they were renting. It was a bit of a challenge, but not that difficult to overcome.
This is my not so secret formula for success. For me it will never change. This is what it takes to be a success in any business.
