Endevor 3 - Another wholesale deal (closer) and the lessons I learned.

After my 2nd endeavor I became increasingly infected with analysis paralysis. I looked at properties on and off for a couple of years and didn't come into a new deal until 2013. 

It was a property on the other side of the pond. (I live in Vermont next to Lake Champlain) in a little town called Port Henry, NY population 1309. 

When I originally looked at the property I brought my Contractor he guessed there would be about 50K in work to get the property salable. The Tax assessment was about 30K but similar properties went for 106K so it seemed like a possible deal. 

In all honesty I never made an offer on the property until the owner called me. He said he had an offer for 20K but the buyer wanted to do seller financing and he wanted to know what I would pay cash. I told him 14K and that I could close within 14 days (I should have learned from the 1st endeavor) and he verbally accepted. I met him at the property and we signed a contract with $100 earnest money.

By this time I had learned to at least get a key so I could show the property anytime. (It was vacant.) I immediately proceeded to put an ad in every printed and online advertisement I could think of. I did get a fair amount of calls. 1 person I showed the property to. A second person asked if they could meet me but never showed up. The 14th day passed and I still had no buyer. So I backed out of the contract (yet again) and walked away $100 poorer. The seller did wind up selling to the person who wanted to buy on seller financing and last I checked (about a year ago) the property still stood the same way it was when I attempted to buy it.

Lessons Learned

1...Give yourself more time than 14 days.

2...If the numbers don't work they DON'T WORK don't try to make them work whether you feel sorry for the owner or not. It is not your problem until you make it your problem so you better make sure it is worth your while to make it your problem.