OfflineThey say that confession is good for the soul, but in my case it is also pretty embarrasing. I followed all of the proven steps...except one which was really stupid on my part. AND, it shook my confidence and kicked my brain into reverse. Im sharing because I dont want any of my bro's and sis's doing the same thing! Elementary lesson #1 starts now:
I had followed a house for several months. The MLS started out at $90, and then it went $80, and then it went to auction. I wound up being the successful bidder at $45. The nabor was great, comps were between $135 and $170, max rehab was $25 to $30. The ARV on this house was $155. So far everything is looking good RIGHT? And I was counting my money, because I had a "qualified buyer" for the property. He told me he would pay $69 and would cover the $2500 deposit and $2000 internent fee which was required immediately. This $4500 was to be deducted from the $69. REMEMBER, there is a big difference between qualified and committed buyers.
Anyway, the time lines on this property were much shorter than normal, but that did not bother me because I had a "buyer" in my pocket. Yeah right, but my pocket had a hole in it and the buyer snaked thru it. He crawfished and became invisible at the last minute. Bottom line, I had to let it go and here is what I realized:
1. I had no viable exit strategy.
2. I put my faith in a single buyer, and did not mar ket as aggressively as I should have.
3. **I did not consult with my DG family for advise.
4. I took the results of this opportunity personally. How could I screw up such a great deal? And, I looked at everything I did in a negative way. Instead, I lost nothing but I did learn a lot, and I will not repeat this mistake.
This is my heart felt advise to all of you that are not experienced in REI. Although you think you have covered all the bases, step back and discuss it with
your DG family before you walk the plank. Im sure they will provide you with insights and advise you need to consider.
Whew, I feel better now and thank you for reading. For what it's worth, you will now see my 2 cents on future posts. God Bless yall and I hope your biz's are smokin.
Steve
We seldom get what we want, but we will always get what we expect.
... and of course you may add to my post to Jen... btw, I can mess with Jen-she's my pal! right Jen?
now let's get out there and make some deals!!
Val
Jen
the 5 P's is priceless. Your comments about protecting Trent from all things bad is also priceless. Like a mama Grizzely that will die protecting her cubs. Kids grow so quickly, and they change or mature in ways that do not fit into OUR plan, and even though we are very proud of them...we still want to feel they really need us. But, even though they say they do, its never the same. Enjoy every minute Jennie. I know because my mind is flooded with memories of my grown kids while they were young. It embarrasses them, BUT I LOVE IT! Seriously, I say hero in a very respectful way. You are a solid inspirition to many of us....AND I hope that embarresses YOU!! BTW, Kent is a lucky young man.
Steve
We seldom get what we want, but we will always get what we expect.
and I will never ever get between 2 female buds cause I know I would wind up ... in a small wooden box or at best in an emergency care unit.
Although I said you, I wasnt directing it to you. I should have said "anyone" that wants to mess...... I enjoy and appreciate the nuggets you share with us, and I hope your reaching all of your dreams. Thanks for your comments.
Steve
We seldom get what we want, but we will always get what we expect.