Relationships with clients are the True Currency- Being ready is half the battle
Five years ago, client was referred to me because he wanted to buy an investment property in the Bronx. He wanted to take advantage of the market and told me he was looking for a multi-family. The client was self employed so he asked me for guidance in how much he should report on his income to be able to qualify for a loan for certain amount.
The client did what I told him to do and he was ready, but for one reason or another, we weren’t able to close the deal and we decided to give it a pause. But we said we would link up when it was time. The client was very interested in learning more about the buying of properties. He called me 2 years later and asked if him and his group could sit with me on a Saturday. I accommodated, at the meeting we spoke about a seminar he went to about Fix and Flipping property in NJ.
They liked what they heard and just wanted to sit with me so I could fill in some blanks. After the meeting ended the client gave me some gifts for my kids to show how much he appreciated my time.
Fast forward to 2020 Height of the Covid Pandemic, client called me and said “I need your help on this purchase, I want to execute but don’t know how to start. I only have a certain amount of time and money.” I took a look at property and knew what he had to offer the seller, we structured the deal with a sellers concession. I called in a few of my partners ( in this case attorneys) they drew up the contract and after some back and forth we were able to secure the property and my client was able to close in 3 weeks after contract signing.
The reason this went so smoothly is that 5 years ago we met and we determined what his income needed to be, how much he should leave in bank and to take care of his credit. When the right opportunity presents itself, he was ready to capitalize.
Moral of the story is to sit with a professional, know what you need to do, so when you’re ready to buy it’s a smooth process.