Recently, a guy had a franchise dispute with Bank of Queensland.
So he did what any reasonable person might do.
He hired Mick Gatto – a notorious Melbourne underworld figure – to be help him with negotiations.
The bank refused to negotiate with him.
For some reason they said his presence was ‘intimidating’.
Who’d have thought?
So Mick Gatto bought shares in a company that runs the franchise in question, in an attempt to make himself party to the negotiation.
The bank says they still won’t play ball, but we’ll see how it all pans out.
But here’s the good news…
When it comes to negotiating great deals on property you don’t need to enlist a ‘Carlton Crew’ tough guy to negotiate on your behalf.
Here’s what property investing superstar Todd Polke does instead.
Once he’s found the area he wants to buy in…
He makes lots of ‘low balls’ offers.
Seriously low ball offers.
His tell-tale sign is if real estate agents are getting angry or telling him to ‘get serious’ he’s in the ball park.
What he’s found is that, if you do this enough you find a ‘motivated vendor’ and get a property for a song.
Is it comfortable? Not really, but you get used to it.
And seriously, is it worth a bit of mild discomfort to make $50,000 of equity on your way into a deal?
Hmmm…Something to think about.