In this episode, I share a recent frustrating experience as a property investor. Despite receiving an offer of 155 from a cash buyer, they attempted to renegotiate and reduce the price further after a second viewing. Prioritizing integrity in investments over short-term gains is essential for long-term success. It is crucial to conduct business ethically and maintain a strong reputation rather than compromising for immediate profits.
Today, I wanted to share an experience that recently frustrated me about property investors. After 25 years of being an investor, we have been in the process of selling a property with offers over 160. A cash buyer came in at 155, and we agreed to it with an eight-week completion timeline, which was faster than usual. However, after a second viewing, they tried to renegotiate and knock off an additional 5 grand, which was unethical and unprofessional. I firmly declined their offer and decided not to do business with someone who tries to manipulate deals in such a manner.
Reputation in business is crucial, and it is not worth sacrificing it for a small amount of money. Doing the right thing, even if it means waiting longer for a better deal, is always the right approach. Over the years, we have prioritized integrity in our investments, and I believe that is the key to long-term success in this field.
It is disappointing to encounter individuals who prioritize short-term gains over ethical business practices. In the end, it is not about the price paid or the speed of the transaction but about conducting business in a fair and honorable manner. Let's focus on doing things right and building a solid reputation rather than trying to take advantage of others for a quick profit.
The Wealth Creation Podcast is brought to you by Daniel Latto, and is designed to help you learn the steps you need to take to achieve Financial Freedom in the next 5 years.
Discover how to make more money, turn that money into investments, and live from cashflow while never having to work again.
The podcasts covers three main areas
1. Cut Costs
2. Generate Cash (Business)
3. Invest the rest (Property)
Throughout the podcast episodes, I'll be going through the step by step actions you can take, including any Business & Property Strategies along the way that can accelerate your results.
The Podcast is hosted by Daniel Latto.
Daniel Latto is a business coach originally from Leeds, and now lives in the Mediterranean providing advice for business owners and entrepreneurs.
You can contact Daniel Latto at his website at http://www.daniellatto.co.uk
Ethical Property Investing - What NOT to do - The Daniel Latto Podcast Show - Season 9 Episode 46