Hello DG folks! Hope everyone is well and on the way to financial freedom!
I just wanted to take a quick moment to talk about the negative things that seem to just come crawling out of the woodwork when ambitious people like all of us decide that we have just had enough and WE ARE JUST NOT GONNA TAKE ANYMORE!
As much as I thought I had convinced myself not to be swayed or surrounded by these naysayers, I found myself sucked into their vortex to nowhere yesterday and part of today.
Quick recap: We are looking at a propety that has been CDOM 896 days! You read correctly. 896 DAYS! OK whats wrong with it. Well, lots of stuff to be quite frank. I got quagmired down into the same quicksand that probably 100's of people did trying to figure out how to make this thing make sense. Well it just does not. It has several makeshift additions that are just a disaster to say the very least. I caught myself trying to over analyze how to keep these disasters, fix them, and like everyone else that kicked this idea around keep the s/footage that is selling at 125-130 per. I literally had 20 people go balistic negative with me about why I was even continuing to look at this pig of a property. I brought my framer over to come up with a hard $ value to fix this mess and he is all over it negative too. His wife is with him and she says, glibly, "Why dont you just totally reframe the shotty roof and turn it into an outside living area." I did a double take....stood there stupafide for a moment and said "say that again."
Well you see where I am going here. The numbers make sense, someone is gonna get a really nice house thats gonna be a lot of fun and we trimmed 10's of thousands of rehab by not trying to keep those horrible additions.
Keep your mind open to ideas and really suppress the negativity. Sometimes it can come from those closest to you and suprisingly enough even yourself!
Good luck and best wishes to all!
Stan
See more of my adventure here:
http://www.deangraziosi.com/real-estate-forums/investing-journals/43046/...
When one sets out to take Rome, TAKE ROME!
Greatness courts failure.
Good post. I guess people are just creatures of habit and have fears that they try to impose on others. Sometimes with well meaning intentions but they don't always have the burning desire to make a CHANGE for the better in their lives.
This website is a great place for us to come together and support each other's efforts - we get it. It's also a good idea to go to REI groups and keep in touch with other REI folks. We all know that opportunities that are out there. Birds of a feather.
For others a 9-5 grind is what they want for themselves even in today's uncertain world.
I wish you the best with this property.
Lea
SPR Property Solutions, LLC
Thanks. The only thing I forgot to mention is that my profit margins are lower than I really want them to be, but honestly, this is a nice neighborhood full of great people and they just dont deserve this eyesore on their street. I cant tell you how many of them come over every time I drive up. It is an incredible feeling and it drives me even harder to really make this property help everyone in the neighborhood and bolster their personal property values.
Stan
When one sets out to take Rome, TAKE ROME!
Greatness courts failure.
I believe that what goes around comes around. The fact that you are willing to lower your profit margins to help people says alot and I believe because you care about people you will have great success! It must be a happy feeling to meet folks in the neighborhood knowing you are doing right by them.
Lea
SPR Property Solutions, LLC
I agree. Follow your heart. DO your homework and you will be fine. Most of all forget the naysayers, they are the perfect examples of what fear looks like. So you when you see and naysyaers,see all the fear they have in them. What they are really saying is why do you have the balls to take a step outside the norm and I don't. Sorry to be so rough there. I was on the verge thi week of getting a womans house sold that was in foreclosure. Going to auction the end of the month. My buyer was ready to go, and close this friday. I wanted to help this lady that it would have only been a good deal for my investor if I would have gotten at the price she needed. So I was willing not make any money on this deal. I would of just set my investor up and her to go to closing and went home to keep on looking for the next deal. Of course I wanted to make money, that is important. But I had to make a decision on whether to save this lady or put me first. She was first. I was fin with that. Then I call her to ask her to bring my buyer to look at the house and she says she just got off the phone with her bank. She said they were willing to work something out with her and that she didnt have to sell. So deal was done. She says she will call me when she is ready to sell because she is moving to Arizona in August. I was dissapointed because I wanted to help her. Not even concerned about me not making any money. Oh well
I got my mind made up.....
www.Kingjussinvestors.com
www.jussinvestors.com (buyers site)
Man, I'm with you. And I have to re-iterate what Lea said. What comes around goes around. Keep it up my friend. You tried to do the right thing and and just didn't work out.
I like your signature line and it certainly sounds like you have your mind made up!
Stan
When one sets out to take Rome, TAKE ROME!
Greatness courts failure.
Stan,that's a example of finding the positive! If we look hard enuf there is always a way.Best of luck on that deal!
"Every failure brings with it the seed of an equivalent success"
Napoleon Hill
http://www.deangraziosi.com/real-estate-forums/investing-journals/42379/...
Mike
Kalamazoo,MI
That might be your diamond right there. Try low bidding, to see if you could get a good deal making it cost effective to do enough rehab to change the property's condition. My fellow DG members said it well, what goes around comes around and stay away from the negatives. As long as you could see the potential, go for it, but as Anita, Joe, Rina and other will say, "Do you due diligence." All the best.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.