The poorly titled thread.

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milefile

milefile

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I just need to vent. I am suffering from anxiety this afternoon because I have a (very favorable) real estate deal in the works and all I can do is wait. I stand to make a lot of money if all goes well. I'm essentially buying very nice house in a very desireable neighborhood for $2000 out of my pocket. The financing is already in place and I'm picking it up for about 75% of market value. Then I either sell it or rent it (or move... who knows?!). The seller is motivated, but claims to be very busy and doesn't want to meet until Monday. I am afraid someone else will scoop it up by then. I don't want to call back too soon though and seem pushy or desperate. When we spoke on the phone I wasn't as concrete as I wish I would've been. Now I want to call back and say unequivocally, "I'll take it. I can have you a check in an hour and all you have to is sign the deed. I know you're busy but it'll take five minutes and it'll be off your shoulders, finally." But instead I remained somewhat tentative even though I knew it was a smokin' deal. Baaahhhhhgggg!!!
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I'm a noob at this real estate game, but learning fast. My one other deal involves a much smaller house in a decent neighborhood which I am also picking up for .75¢ on the dollar. Just waiting for faxes from the banks. But it's a much smaller deal and going well so far. And these two are my first. I plan to exceed my work salary in real estate this year. In fact, if these two deal work out well I will be most of the way there already.

Not that I'll take anyone's advice, but what would you do? Call back the same day? Wait one day? Or wait for him to call me on Monday morning?
 
I would call. Just say "I know you're busy, but I wanted to make sure that I was clear in my last discussion with you: I'm committed to this deal. What would you like me to do at this point?"

Good luck!
 
well...your call. Do you want to call the guy? Keep in mind people are generally busy on weekends. If you're going to call the person, i'd do it today before they head home from work or get really busy tomorrow. Just tell him you took the time to think it over and you're definately interested, etc, etc.

If you wait for monday, then what's the worst that could happen? How much more do you think he'll up it to?

Whether things go for the best or worst, at least you'll have learned from your mistakes and will know to be more concrete in the future.

good luck man

damn, he beat me to it :p
 
Well I called him back and we're meeting at 11:30 tomorrow morning. Two thousand dollars out of pocket and he's already vacated the house which means I can get to work selling it immediately. Of course it ain't over until it's over, and something could still go wrong... it always can. But I'm happy with where it stands now.

After that I am going to meet with a real estate brokerage/property management office to hopefully get a job. Wouldn't that be something? Get an awsome deal and a new, better job all in one day?

Many of you have heard me complain about this rinky-dink job of mine over the past couple of years. The only person I really like here gave his two weeks notice yesterday. It is about to suck more than I ever imagined. So I hope this interview works out well, too.
 
Good call on calling him back. Not as big a sale as yours, but I lost an awesome deal on a car a couple of years back because I wasn't aggressive enough with the seller.

Good luck on the job side too; I hate not being able to enjoy my work because of the environment as well.


M
 
Incidently, I'm selling my house right now, just moved out... and this pushy guy wants to meet to talk about it tomorrow. :)

Ok, just kidding. Couldn't resist.
 
Originally posted by milefile

Many of you have heard me complain about this rinky-dink job of mine over the past couple of years. The only person I really like here gave his two weeks notice yesterday. It is about to suck more than I ever imagined. So I hope this interview works out well, too.
Click to expand...

Well, as someone who can relate to the r-d job, I hope that this opportunity works out, for sure 👍
 
Out of curiosity, how do you learn about dealing with money? (Mortgages, financing, all that good stuff.) Is it something you read about, or is it just knowledge that accumulates as you go on in life? Just asking, because right now I have no clue how to handle money... I keep my money in a tin box, and I know what leasing and APR means, but that's it. I wouldn't even know how to balance a checkbook.
 
Sure, but what is balancing a checkbook? What is it being balanced against?
 
What you have in the bank Vs. what you have paid out.

I must say, that a credit card should require more balancing then a chequebook because that appears to be the cause of more debt the a cheque account.
 
edit... if the pic doesn't show up just do right click > show picture. That worked for me.

Well the papers are signed and the deal is done. I still ned to change the locks, get everything notarized and recorded, and sell it. This is the house. Pardon the crappy quality. I don't know how to use my camera-phone yet. I think I had the white balance cranked up or something.

[edit]see post on page 2 for 0picture[/edit]

I may just flip it to another investor who is more interested in cleaning it up than I am for a quick buck, or I may clean it up myself and sell it at market value. Depends.

Incedentally the previous owner left a brand new $900.00 Lazy Boy sofa and I just so happened to be wanting one. That will look nice in my living room.
 
So why did the guy have to get out of town so quickly?
 
Divorce and foreclosure. He's living in an apartment a mile away. He took $2000.00 to walk away and forget about it. He benefits because the foreclosure will never happen now, and I'll just make the payments on his pre-existing financing until it's sold, which saves his credit.
 
Considering you just recouped almost half of your expenses to date, NO. Not bad at all.
 
No, not of the house. But I did see the La-Z-Boy link.
 
The interview didn't happen. It was never an officially scheduled appointment. I've been finding properties for the owner of the company and he's been giving me finder's fees. I mentioned the possibility of broadening our professional relationship, and I think he was interested because I've been developing a good track record with him. He suggested I go and talk to the head of their sales department, who, unfortunately, wasn't in today. But I'll talk to him eventually, probably next week sometime.
 

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