I recently entered into two agreements that I had to void because the numbers just didn't work. Both owners cursed me out and told me I don't know how to run my business. How do you deal with an owner who is unrealistic and gets upset when you tell them it just will not work for you?
I'm somewhat stressed out right now. I'm pretty sure I'll get over this I just need to vent. I'm sure I know the answer to my own question which is to qualify, qualify, and then do more qualifying based on their motivation.
I just feel so bad right now. This guy was so angry when i told him I couldn't buy his house after he signed the contract.
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You should always check your numbers and recheck them before you make the offer. But I'm sure you know that and you just let this one slip by.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
you learn by your mistakes; at least it only cost you an angry owner and not an EM deposit!
Do your due dilligence before you lock up any property; if the numbers don't add up, move on...
you're better off having an angry seller than having a bad deal in your hands...
learning and progressing every day,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
I just feel horrible. But honestly I tried to make the deal work it was just the house needed foundation work that ranged to 11k and then on top of that it needed updating, which would cost me about another 15k. His house fixed up would sell for 156k = 78.00 per sq ft and he wanted me to buy it at 90k.
I initially told the guy I couldn't go over 101,400 however he didn't agree. I offered to give him 70k now and 20k when it sold. he declined that. I didn't want to throw away a good deal so I told him to go ahead and sign the agreement after having another investor come on board with me to assist me with the deal.
After he ran the numbers and called me back and told me it wouldn't work. Prior to the guy signing the agreement. I was forced to call him and tell him this and he became very angry with me and cursed me out.
What I don't understand is why do people feel like they have the right to get angry with the buyer? You can't force someone to buy anything if a person changes their mind during an inspection period they should be humble and move on not get angry.
Maybe thats why its still on the market. Their tring to get away with something, If a deal dont feel right, walk away, thats why you put the CYA inspection in the contact. You will find you just cant help everyone one out there. Remember you make your money when you buy not when you sell, this is a business, if you dont theat it as such you wont be around very long. Always do your due diligence on each deal, once in awhile something will come up that changes the deal or makes it a loser, will so be it. Better then to be a fool and complete a deal that hurts you, then to get caught with a losing property thats cost you money that your unable to sell. Dont let it bother ya and move on to the next one, just another one of lifes lessons.....
"Action and Mistakes" always-outweigh "Analysis Paralysis"
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"Action+Knowledge=Success....$$$$$$$$$........Just do It"
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Did you make an offer with a building inspection contingency? Did you make an offer with no contingencies and then change your mind? What kind of agreement did you sign?
"Be very careful, then, how you live- not as unwise, but as wise, making the most out of every opportunity..." Apostle Paul writing to the church in Ephesus
I may have accidentally flagged one of the above posts as offensive from my phone. Pay no attention to it.
I made an offer with a 21 day inspection using a typical Realtor's contract. He signed it the day I changed my mind. I just had someone who had experience help me decide if it was worth investing into because I felt very nervous about signing the contract.