
Alistair joined the mentorship programme in March 2007 and talks about his first property deal…
There’s A Text Message On My Mobile With A Below Market Value Property
Hi, my name is Alistair. I have a very interesting one. About two to three hours after leaving here {refering to a mentorship session} on the first day, there’s a text message on my mobile saying he thinks his house is worth £121,000 and he wants to sell it for £100,000. I thought “Okay, great!” Then he sends another text message, “Are you interested?” “Yes, I’m interested.”
We Arranged To Meet And He Wasn’t Even There!
Anyway, I went down to see this guy…it’s a funny story…no, it’s not that funny, but it’s an odd story. I met this guy, now he lives in a place which is right in the Northwest of Scotland. He is part of two families who basically own this town. But he is the blacksheep of one of these family’s, but nobody talks to him! He’s just an absolute idiot! I mean, I called to see him at his property and he wasn’t there. We arranged a meeting and everything, but he just wasn’t there. So, I call him, knocked on the door, no answer, called him. He was down the fish and chip shop. So I went down the fish and chip shop, and saw him there. He’s about 34-35, my age but he’s talking to youngsters making out what a gangster he is!
Anyway, I went with him back to his place and he says, “I’ve got 6 to 7 people interested, they all want to give me this much, how much are you going to give me?” I just said, “Okay, look Donald, I’m sorry I wasted your time. If you’ve got 6 to 7 people interested and they have offered you that much, I’m not going to offer you any more than that.” I then just closed my folder and put it in my laptop back and headed for the door. Just when I’ve gotten as far as 2 steps, “No, no, no, wait” …and all the bravado just dissappeared.
I Tried A New Negotiation Technique I Learned…
But anyway, to cut a long story short. I listened to some of the tips on negotiation {refering to audios on SucceedInProperty.com} So, I thought, I know he wants a £100,000, and I know the deal works at £100,000. But if I give him £100,000 he’s going to leave the deal thinking he could have got more.
So, I offered him £95,000. He came back to me and he said, “Oh, come on, there’s no way I’m accepting £95,000. It’s £100,000 or nothing.” So I said, “I’ll have to go away and think about it.” But of course I went away, but I didn’t think about it at all. We spoke again about 3 or 4 days later, and I said “Fine, I’ll give you the £100,000.”
So, we wanted to turn it round pretty quickly.
My Solicitor Said It Was Impossible To Sort Out My Finances In Just 13 Days
We, sorted out the finances in 13 days (which my solicitor first said was impossible.) My father and my girlfriend got involved and helped me with the deposit that we needed and we managed to get everything sorted in 13 days. The reason for the sale was that he wanted to piss his brother off. He wants to sell-on the house below market value because his brother is so well known and respected in the area.
We Put It On Sale And Accepted An Offer Above The Asking Price
Anyway, we put the property on the market. We had offers for £128,500 but I was expecting to get £130,000. But recently I’ve recently had my arm ripped off for it, and I’ve just had an offer at £135,000 and they want me to take it off the market immediately. So, that’s that.
A Big Thank You To You Guys…
…I just want to say thank you very much to the people in the forum {refering to the online forum exclusively for mentorship programme members}. Without you guys, I wouldn’t have done this. There was a lot hand holding and the forum is actually fantastic. The other thing is if anybody gets leads in Scotland, and they’re not going to use them, give me a call, we’ll do a joint venture. Or even if you just want me to check out a property lead, I’ll happily to do it, just to help, okay!

Ranjan Bhattacharya says:
1. Alistair used a very powerful negotiation technique to secure this deal. The deal worked out for him at £100,000 but if he immediately offered the vendor exactly what he wanted, the vendor would have been left thinking that he could have got more.
2. When doing your first deal, especially if its 26% below market value, it is essential to have a network of experienced property investors around you to steer you through to a successful completion. Through the mentorship programme forum, Alistair was plugged into a support network of experience which he trusted and knew he could rely on.
Click below to hear Alistair talk this 26% Below Market Value property deal:

Alistair - My First Deal:
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