Struggling to find deals
atlanta · Member since 2018 · 22 posts · 24 votes
New investor here. I have been walking through a lot of houses and trying to find a winner. I am getting some houses from wholesalers and their numbers seem to be very off. Ex: 130 purchase/50 rehab/240 ARV. I get my contractor to look at the property and the rehab is more like 90. I am using hard money, and after paying them back and paying the realtor fees etc..... I am not seeing the money in it for me. This has happened multiple times with this wholesaler so I will not be using them. Where do I need to look to find deals? Do I have to buy foreclosures? Any incite and help is appreciated. Thank you!
This is the problem with flipping houses HGTV doesn't talk about. If you're paying someone to find the deal (wholesaler), paying someone to buy the deal (lender), and paying someone to do the repairs (contractor), it is extremely unlikely there will be any money left for the investor when it's all said and done.
Successful houses flippers need to perform one or preferably more of those 3 core functions. That's the value they bring in to the deal and it allows for a profit.
Thanks for the reply John. I see its the same in Florida. I get the feeling that these wholesalers are just preying on newbies that dont do their due diligence. Its sad. It looks like I will be looking for foreclosures.
are you also trying to find deals in south florida area? I live in the miami area and its been hard to find deals for the past year.
No. I am just in Atlanta.
@John Thedford I have come across more than 1 educational program that actually teaches exactly what you describe.
@Adam Higginbotham
I think you need to dial down your repair numbers. 90,000 for a 1200 sq ft rehab on a starter home is pretty high.
Market is hot right now and deals are hard to find but theyre out there. Try to perfect the things you do have power over. Let me guess.. that estimate wasnt itemized was it. Do you have a hard money lender? What interest rate? Can you find better?
Is wholesaler an agent? Can he list it again at a discounted rate when you’re ready to sell?
You’re blaming a wholesaler and trying to negotiate in a market where he just doesnt need to. Did you see if the property had violations/liens before you walked it with a vendor?
@Adam Higginbotham oops thought it said 50k that’s my bad yea with 90k repairs that’s no room . How big was this house for it to be a 90k job
Have you tried other contractors? maybe he is are ripping you off. Have you thought about it? You didn't complain about ARV nor Sales price. Did you counter them? .
I know people like to prey on wholesalers ( and don't get me wrong) 90% of wholesalers out there are giving a bad reputation.
Let's think this way...
Why don't we make the deal happen? instead of hoping for the universe to align the moons the stars and all the planets?
You can save in many different ways; getting your own RE license, Better Hard money lender rates, <better title comp. cheaper contractor or handyman. Create a different RE strategy.
Why is everything have to do be the wholesaler's fault? Countless of time I have seen Hard money lender super off on numbers, Realtor, Local investors that think that know it all. and their limiting believes mindset closed on (I know it all ) doesn't allow them to see more.
Also, countless times that people bash and reject a deal because they think numbers are off, because of their "software tells them a number" and then this other Investor from out of nowhere buy the deal and 3 months later sold it for overestimated ARV.
I'm here defending the 10% good Wholesalers and wholesaling companies out there. and they are good because they have a good system in place. As an Investor, I will encourage to not demonize other industries just because you are not having results with them because, on the other hand, others are benefiting from your disbelief.
From a systematizes point of view The majority of legit wholesaling companies out there are not operating based on investors' mood or capital, they are operating on set formulas as per what the market is allowing them to have. ( this is an inside view from the other side) They operate with 0.70 to 0.80 minus repair multiplier (on flips) Regardless of deals sometimes they are off and sometimes they are right, It has to be that way in order to create a streamlined process and create a flow of properties.
Also consider Sellers are people too, with different needs, And wholesalers need to find the happy medium between the seller, profit and buyer need met. Not because the buyer wants it a particular price to meet his criteria means is a bad deal, ( it might not be for you) they asked for a reduction and demand, criticising the wholesaler basically screwing the seller over on price assuming that the wholesaler after spending thousands of dollars on the lead has a large spread, and then they say these wholesalers are crook screwing seller and not caring for investors because they assume all risk. then they clean their hands like Pilatus (after they get their deal)
#nowholsalediscrimination
LOL guys for real, If you don't like that particular wholesaler, move on and find a good one or a legitimate company that has been in business from more than a decade or two, ( more likely good wholesalers have a brokerage or RE firm) .
If you order a pizza and didn't like the pizza at that restaurant, would you say pizza is the worst food in the world or that particular restaurant that made it, Or you move on to the next one?
Hey, you can always make your own ( how you like), but remember when you can't always order and have it done for you, and if you don't like it, pass to the next one.... that's it, no need for hate.
@Adam Higginbotham oops thought it said 50k that’s my bad yea with 90k repairs that’s no room . How big was this house for it to be a 90k job
1200 sqft. Its a a 3/1 that needed to be a 3/2. Total gut job.
@Adam Higginbotham 90k for a full gut .? On 1200 sq ft Holy cow what market / contractor do you use
Hi Adam, in GA too (I look only in Woodstock, Marietta and those others in Cherokee/Cobb). We've done just a couple deals, so still learning. Finishing up one now.
I've found just in a short time...in Metro Atlanta, you really have to hustle to find your own deals. The good deals are bought up before any wholesaler brings them to light. The rest are then marketed. Worse, they put in an offer on MLS, it gets accepted, then they try and tack on 5-10k and flip you the contract.
That's why I'm setting up a DM campaign right now to send a few thousand letters each month. I'm trying to do more networking, but it's tough with 3 kiddos. But really comes down to hustling is what I'm learning.
Where I am in Cherokee, MLS deals are as rare as Bigfoot. There may be a tiny amount if you can lowball them enough to accept, but it's tough.
Bottom-line from what I'm learning ---> need to find your own deals and bypass everyone else.
@Joe Cassandra Thanks buddy. I am seeing a trend here.
@Adam Higginbotham
Adam, I am in a similar situation as I grew up in the midwest. While I know that area very well, I'm still trying to get a good feel for this area...MUCH different! That said, I'm still finding properties, but really need to work on getting leads coming in and proper contract terms if I do buy myself. I want nothing to do with the "dirty" part of RE.
I do have knowledge of building myself and may be able to help. You are not too far from me, so if you would like to utilize me for anything, please feel free to message and I'll be happy to give you my number. Love to help if I can!
B. Wade Haldeman
@Adam Higginbotham
I buy from wholesalers a lot, and have great relationships with them.
But when they send me a deal I never look at any number other than the address.
I tell them what I think the numbers are (ARV, construction) then tell them what I can pay.
Sometimes they have it under contract too high to accept. Sometimes they accept my offer even though it’s well below what they wanted. Sometimes I get beat out by other investors.
It’s rare for a wholesaler to underprice a property.
If you know your market and construction costs well enough, you can ballpark your offer based on pictures and address. That takes looking at a lot of houses. But It sure helps to save yourself the time and gas money on properties that won’t work anyways.
@Adam Higginbotham Same here. California market is way too hot right now. Most of wholesale deals are not working. I spent a lot of money last year doing direct mail campaign didn't get any deals. Finished a flip last year with my partner. We got funding from HML and private money and we paid high interest to them. Also the rehab cost went out of budget so we ended losing some money. If I'm gonna do it again I'll partner with people have money so we can eliminate the money cost. Another way is to invest out of your area if your area is too hot and expensive.
@Adam Higginbotham yes! Do all of these things!
I haven't read through all of the comments so please forgive me if someone else has said this already. But I've had a lot of success making super lowball offers on MLS properties. I have been mega surprised by what people have accepted. Make a whole ton of offers and then only go see the ones you get responses to.
@Adam Higginbotham Having worked for many different contractors/house flippers and just being nosy asking people about there pricing. Contractors prices can be very different. I know "investor friendly" contractors that may charge half as much as other contractors.
@Adam Higginbotham
Basically keep going, keep networking, be creative and don’t give up!! If this was easy money more people would do it.
Well said, I’m practicing on BP how to analyzing deals.
@Adam Higginbotham, I would also ask you how many bids you have gotten from contractors. $90K is a huge budget for a starter house. Since you are newer, I would also ask, are you sure it needs a total gut, and why do you think so (i.e. is it fire damaged, mold everywhere, etc.)? One of the most common mistakes newer investors make is over rehabbing homes. I have flipped dozens and dozens of houses and have never had to gut 100 % of everything.
Also, have you considered wholetailing it? I would bet you could make a decent profit by just cleaning out the house, cleaning it thoroughly and listing it on the MLS as a fixer. You don't have to rehab everything.
Your comment about the wholesaler not knowing what they are doing may or may not be accurate, but you also have to consider that your margins are not the same as a lot of other investors because they may be DIY guys, have their own cash or cheap financing and may be able to get the project done for half of what you are projecting. So, it may be a really good deal for an investor, just not for your particular approach to how to disposition it.
@Adam Higginbotham
I wholesale and also invest myself.
I would recommend you not cut off any sources of deals. Deals drop out of the sky sometimes. So the guy might bring you a few deals that aren't good then one day he brings you a perfect gem.
As an investor it's important to see the full picture. Maybe you need to search deeper. Maybe the market you are in is expensive, maybe you have to add more wholesalers and realtors and contacts. Maybe your contractors prices are too high.
Remember everyone is putting a little profit on top. So the wholesaler the realtor the contractor. The more you can go direct to source and cut out these people the more money you put back in your pocket. But at the same time time is money. Maybe you have to go after bigger multi family structures with more streams of income instead of single family.
Just switch up the approach. Get multiple contracts to review, multiple ways to find deals....expand your method.
My 2 cents, for a newbie such as myself, I would recommend you go to foreclosure auctions. It's a solid place to start. They've got online and offline options to purchase. The online option afforda you financing. Live auctions usually don't.
You may also be lucky enough to view your property of interest before bidding on it.
I wanted to come back to this topic because I just have so much experience from all sides of the spectrum. I've project managed and developed for large contractors and small, I've built brand new homes from the ground up, rehabbed projects from small low-income housing to upscale luxury homes in a very tough competitive market with high labor and material cost.
You're going to have to develop your "creative" rehabbing skills just the same way people talk and speak about "creative" financing and real estate.
Wholesalers:
Not all are created equally. That does mean they all bad. Think of it like this. If you were looking for a cannabis dealer in your area, some may sell you crappy cannabis for crazy prices, then you find someone who has great potent stuff, knows his product, sells you a variety of different strains, edibles, and oils for fraction of the cost. So how do you find this guy? You ask around. You have to be in the party scenes or the college scene. Maybe you know a guy who smokes a lot and you ask him, and through networking, you finally get to a guy who is trustworthy, non-threatening and cool.
Another way to think of this, going to the store. Maybe at my local Best buy sell a TV wall mount for $50.00 bucks but I can go online and find this or a better mount for $15.00 if I can stand to wait for it to be delivered to me. Some people only think of the local store and don't think of the online option so they lose a few bucks in upcharge because its more convenient and they see the product in front of them. In the same way the wholesaler is like another store. Some stores are more expensive than others. Think of wholesalers as local flea market vendors in a foreign trip when you go on vacation. You may go out to a Garage sale or outdoor flea market and pick up a couple of great steals or you may run into a vendor who is trying to sell you crap for top dollar because you're the American tourist coming to town looking to spend some money. they think you are rich! lol.
so be patient, also don't be afraid to negotiate and push back a little and don't be afraid to walk away from a deal if its not right for you.
Contractors:
so same thing here, not all contractors are made equally. They may not all apply to your situation also. Typically speaking most major contractors don't self perform the work. Therefor there will be a lot of fluff in their pricing. Meaning, he will go out and find other companies to bid this job out and he will act as an "overseeing" supervisor in this regard.
you have to really research and ask around to find someone you can trust. Read reviews if you can but also go to local properties that you may see in the area and get recommendations.
most importantly, recognize that not all projects require a "licensed contractor". I see people throw away money all the time hiring these huge firms when all they needed to do is get a couple of great handymen. I mean the GC is probably going to hire that handyman to do the job anyway, so why dont you go about finding a few local tradesmen to complete the work for you.
if the project is a major project involving structural and roofing and things of that nature than yes you may need a GC. If you are building a new house, you need a GC. But theres way to be creative with this also. You can find GCs who will charge you to manage and oversee the project for you, and sign off on any required permits, if you want to find and source your own crews and labor.
Talk to property managers in the area. They ALWAYS have list of GCs and trades people you can use and they will recommend because they use them on their properties. If i need to redo a roof, why am i calling a GC? why not call a roof and get a price from them directly? If i need electrical work, why am i calling a GC who will add 10% on top or more, let me call an electrician and get a price directly
you need new floors? okay go to flooring supply house and find out about product and also talk to them about who they know does good work.
Heres another tip for newbies, find all the local supply houses, you can get ALL your recommendations you need for local vendors from them. They know the little guys and the big guys. These contractors shop at their stores all the time so the sales people inside can give you a list of people to call.
You need a new roof? find the local roofing supply house like Eagle supply or ABC roofing. NOT HOMEDEPOT!!!! go to specialty supply house for that specific trade. You need an electrian, find the local supply store and as them. Same as HVAC and everything else, painting. You can build a team in one week.
Another thing I like to do is find guys who can do more than one trade. Ive been doing this so long that i can meet a guy and in 2-3days ill know if he is highly skilled or just average. I use to hire guys worth $25.00-30.00/hr for as low as $16.00/hr when i was the senior project manager for my GC. These guys knew, trim carpentry, flooring, electrical work, plumbing work, roofing. I was really good at finding people who can do more than one task and as long as i kept them busy and always had work for them they would stay with me because i treated them fairly, paid them ontime, weekly and didnt harrase them with BS. Sure they may find another job paying more, but it wasnt steady work and the boss would be atotal DICK to them.
So another tip...once you find good people...KEEP THEM. Honest, good skilled guys is HARD to find. Take them EVERYWHERE with you. But dont get too friendly. Because one day you might have to cut them off. They can become lazy and start taking advantage, and their prices start going up and the work quality down.
I have a rule that I ALWAYS tell investors: you cant get FAST,CHEAP & EXCELLENT QUALITY all in one.
it just doesnt exist. Find out what is most important to you and go from there. If you want a job done quickly, the price will increase, and the quality may suffer to a degree. Because that job should normally take 2weeks, but you want it done tomorrow and completed in 3days. Well I'm going to have to bring in 10guys to do it and work overtime, meaning more labor cost, extra hours...budget higher.
If you like things done cheap, well expect to have the time and quality suffer. That job normally cost 5k to do right. But you want him to charge you $1500. Well he is going to take his sweet time and focus on other jobs instead of your job because he has bills to pay, and there is no profit for him in your job.
think about fast food. Sure McDonald's is cheap but it ain't fine dining. Its crappy food, not good for your health but you can get in and out quickly and spend about 10bucks. But you go to the local steak house and you have to reserve your spot ahead of time, you get there and still have to wait, then you have to wait for the food to be served, but the place is all nice and fancy and your wife is all happy and you got great views and nice people around and the waiter has fancy white apron on and the chef comes and presents the different meats to you. You buy your favorite wine that came from somewhere in France and was hand-squeezed by some monks and prayed on. The Cheesecake was made from some special cheese that only can be found on mars every two years. and your bill at the end of the night equally your car payment.
So you have to have a balanced approach to all of this. Figure out the end goal. Sometimes you need the contractor, alot of times you dont, you just need a few guys. Sometimes you need to pour alot of money into the rehab and sometimes you just need to throw up some lipstick.
Remember these investments aren't your personal house you plan to live in so don't go crazy. Maybe 50k could get it done nice enough to sell, that extra 40k you will put in can be done by the end buyer you will flip it too. Just do the basics. You don't have to be Ritz-Carlton. Being Just Carlton without the Ritz, is also fine. I see alot of investors pour money into a house and it sits on the market because the end buyers arent paying that for houses around there. Learn your sweet spots. Learn where you should buy and rehab or just be and prehab. (they have apps for that i think)
Quality is always important. Figure out whats an acceptable quality and whats not. To me I rather have great quality work, and he works slow than to have fast worker and he gives me ****** quality. Because no matter what you pay if its expensive or cheap, you are always going to remember the quality or complain about the turnout.
Think about it like this.... let's say you fix cars for a living. Your friend ask you to rebuild his transmission for him. You tell him it normally costs 1500 but he is broke and he wants a discount. So you say fine and charge him $600. He is STILL going to complain if you take too long and if the transmission isnt PERFECT!!!! he won't even REMEMBER that you gave him a discount and did this as a favor and had to put aside a paying customers car just to get his done. He will bad mouth you like you weren't even friends to begin with if you don't fix the mistake quickly enough or decide to charge him more money to take the car back and look things over.
So remember as an investor...if the quality will be better, pay a little more if you can get good quality.
Newbie:
So your first time at anything is going to be little scray and a trail. You are going to probably spend more money than you anticipate and you are going to get burnt along the way. The goal really should be to learn as much as possible in this situation, about investing and about yourself as an investor.
It gets easier with time. It's like riding a bike, you don't just go from training wills to popping wheelies with no hands on the handlebars riding backward down a cliff.
Those training wheels? What are they? well to me contractors can be training wheels...maybe you need them sometimes you dont...realtors...sometimes you need that realtor to sell it but sometimes you can sell yourself too. I've done houses and before its even finish, 10 people are stopping by asking when and how much. Without a sign in the yard. maybe those training wheels are the wholesalers...you can find deals yourself sometimes. Some of the biggest training wheels is the lenders. It hard to get those off you. But eventually you make engh money and your credit and track history get so good that you get smaller and smaller training wheels. Then you get so good you become the wheel. Then you get to the next level after that and begin to levitate. You don't even use wheels no more, you just hoover over the investing world looking down upon the mere weaklings.
Anyway...I think ive blabbed long enough. Dont stress out!!
I've seen a lot of assumptions made in this thread... but as a baseline I would ask - does the "wholesaler" have properties of his own? If no then it may not be someone you want to do business with, as with everyone in your team.
The pretenders get into wholesaling to make a quick buck, the professionals get into wholesaling to cherry pick the best deals for long term wealth and wholesale the rest. So by default you're not going to get the best deals. I'm sure someone already said it but the only way to get the best deals is to put the time and $$$ into marketing, networking, and failing yourself.
@Nick C. That's the key right there. You make money by bringing/adding value to the equation. If you figure out where you can bring value, you've figured out how to make money.
I wanted to come back to this topic because I just have so much experience from all sides of the spectrum. I've project managed and developed for large contractors and small, I've built brand new homes from the ground up, rehabbed projects from small low-income housing to upscale luxury homes in a very tough competitive market with high labor and material cost.
You're going to have to develop your "creative" rehabbing skills just the same way people talk and speak about "creative" financing and real estate.
Wholesalers:
Not all are created equally. That does mean they all bad. Think of it like this. If you were looking for a cannabis dealer in your area, some may sell you crappy cannabis for crazy prices, then you find someone who has great potent stuff, knows his product, sells you a variety of different strains, edibles, and oils for fraction of the cost. So how do you find this guy? You ask around. You have to be in the party scenes or the college scene. Maybe you know a guy who smokes a lot and you ask him, and through networking, you finally get to a guy who is trustworthy, non-threatening and cool.
Another way to think of this, going to the store. Maybe at my local Best buy sell a TV wall mount for $50.00 bucks but I can go online and find this or a better mount for $15.00 if I can stand to wait for it to be delivered to me. Some people only think of the local store and don't think of the online option so they lose a few bucks in upcharge because its more convenient and they see the product in front of them. In the same way the wholesaler is like another store. Some stores are more expensive than others. Think of wholesalers as local flea market vendors in a foreign trip when you go on vacation. You may go out to a Garage sale or outdoor flea market and pick up a couple of great steals or you may run into a vendor who is trying to sell you crap for top dollar because you're the American tourist coming to town looking to spend some money. they think you are rich! lol.
so be patient, also don't be afraid to negotiate and push back a little and don't be afraid to walk away from a deal if its not right for you.
Contractors:
so same thing here, not all contractors are made equally. They may not all apply to your situation also. Typically speaking most major contractors don't self perform the work. Therefor there will be a lot of fluff in their pricing. Meaning, he will go out and find other companies to bid this job out and he will act as an "overseeing" supervisor in this regard.
you have to really research and ask around to find someone you can trust. Read reviews if you can but also go to local properties that you may see in the area and get recommendations.
most importantly, recognize that not all projects require a "licensed contractor". I see people throw away money all the time hiring these huge firms when all they needed to do is get a couple of great handymen. I mean the GC is probably going to hire that handyman to do the job anyway, so why dont you go about finding a few local tradesmen to complete the work for you.
if the project is a major project involving structural and roofing and things of that nature than yes you may need a GC. If you are building a new house, you need a GC. But theres way to be creative with this also. You can find GCs who will charge you to manage and oversee the project for you, and sign off on any required permits, if you want to find and source your own crews and labor.
Talk to property managers in the area. They ALWAYS have list of GCs and trades people you can use and they will recommend because they use them on their properties. If i need to redo a roof, why am i calling a GC? why not call a roof and get a price from them directly? If i need electrical work, why am i calling a GC who will add 10% on top or more, let me call an electrician and get a price directly
you need new floors? okay go to flooring supply house and find out about product and also talk to them about who they know does good work.
Heres another tip for newbies, find all the local supply houses, you can get ALL your recommendations you need for local vendors from them. They know the little guys and the big guys. These contractors shop at their stores all the time so the sales people inside can give you a list of people to call.
You need a new roof? find the local roofing supply house like Eagle supply or ABC roofing. NOT HOMEDEPOT!!!! go to specialty supply house for that specific trade. You need an electrian, find the local supply store and as them. Same as HVAC and everything else, painting. You can build a team in one week.
Another thing I like to do is find guys who can do more than one trade. Ive been doing this so long that i can meet a guy and in 2-3days ill know if he is highly skilled or just average. I use to hire guys worth $25.00-30.00/hr for as low as $16.00/hr when i was the senior project manager for my GC. These guys knew, trim carpentry, flooring, electrical work, plumbing work, roofing. I was really good at finding people who can do more than one task and as long as i kept them busy and always had work for them they would stay with me because i treated them fairly, paid them ontime, weekly and didnt harrase them with BS. Sure they may find another job paying more, but it wasnt steady work and the boss would be atotal DICK to them.
So another tip...once you find good people...KEEP THEM. Honest, good skilled guys is HARD to find. Take them EVERYWHERE with you. But dont get too friendly. Because one day you might have to cut them off. They can become lazy and start taking advantage, and their prices start going up and the work quality down.
I have a rule that I ALWAYS tell investors: you cant get FAST,CHEAP & EXCELLENT QUALITY all in one.
it just doesnt exist. Find out what is most important to you and go from there. If you want a job done quickly, the price will increase, and the quality may suffer to a degree. Because that job should normally take 2weeks, but you want it done tomorrow and completed in 3days. Well I'm going to have to bring in 10guys to do it and work overtime, meaning more labor cost, extra hours...budget higher.
If you like things done cheap, well expect to have the time and quality suffer. That job normally cost 5k to do right. But you want him to charge you $1500. Well he is going to take his sweet time and focus on other jobs instead of your job because he has bills to pay, and there is no profit for him in your job.
think about fast food. Sure McDonald's is cheap but it ain't fine dining. Its crappy food, not good for your health but you can get in and out quickly and spend about 10bucks. But you go to the local steak house and you have to reserve your spot ahead of time, you get there and still have to wait, then you have to wait for the food to be served, but the place is all nice and fancy and your wife is all happy and you got great views and nice people around and the waiter has fancy white apron on and the chef comes and presents the different meats to you. You buy your favorite wine that came from somewhere in France and was hand-squeezed by some monks and prayed on. The Cheesecake was made from some special cheese that only can be found on mars every two years. and your bill at the end of the night equally your car payment.
So you have to have a balanced approach to all of this. Figure out the end goal. Sometimes you need the contractor, alot of times you dont, you just need a few guys. Sometimes you need to pour alot of money into the rehab and sometimes you just need to throw up some lipstick.
Remember these investments aren't your personal house you plan to live in so don't go crazy. Maybe 50k could get it done nice enough to sell, that extra 40k you will put in can be done by the end buyer you will flip it too. Just do the basics. You don't have to be Ritz-Carlton. Being Just Carlton without the Ritz, is also fine. I see alot of investors pour money into a house and it sits on the market because the end buyers arent paying that for houses around there. Learn your sweet spots. Learn where you should buy and rehab or just be and prehab. (they have apps for that i think)
Quality is always important. Figure out whats an acceptable quality and whats not. To me I rather have great quality work, and he works slow than to have fast worker and he gives me ****** quality. Because no matter what you pay if its expensive or cheap, you are always going to remember the quality or complain about the turnout.
Think about it like this.... let's say you fix cars for a living. Your friend ask you to rebuild his transmission for him. You tell him it normally costs 1500 but he is broke and he wants a discount. So you say fine and charge him $600. He is STILL going to complain if you take too long and if the transmission isnt PERFECT!!!! he won't even REMEMBER that you gave him a discount and did this as a favor and had to put aside a paying customers car just to get his done. He will bad mouth you like you weren't even friends to begin with if you don't fix the mistake quickly enough or decide to charge him more money to take the car back and look things over.
So remember as an investor...if the quality will be better, pay a little more if you can get good quality.
Newbie:
So your first time at anything is going to be little scray and a trail. You are going to probably spend more money than you anticipate and you are going to get burnt along the way. The goal really should be to learn as much as possible in this situation, about investing and about yourself as an investor.
It gets easier with time. It's like riding a bike, you don't just go from training wills to popping wheelies with no hands on the handlebars riding backward down a cliff.
Those training wheels? What are they? well to me contractors can be training wheels...maybe you need them sometimes you dont...realtors...sometimes you need that realtor to sell it but sometimes you can sell yourself too. I've done houses and before its even finish, 10 people are stopping by asking when and how much. Without a sign in the yard. maybe those training wheels are the wholesalers...you can find deals yourself sometimes. Some of the biggest training wheels is the lenders. It hard to get those off you. But eventually you make engh money and your credit and track history get so good that you get smaller and smaller training wheels. Then you get so good you become the wheel. Then you get to the next level after that and begin to levitate. You don't even use wheels no more, you just hoover over the investing world looking down upon the mere weaklings.
Anyway...I think ive blabbed long enough. Dont stress out!!
Great post. I once heard this quote from a client of mine so I can't take credit for it...when it comes to construction work, you can have it good, fast, or cheap. Pick two.
If you want it fast and good, it won't be cheap.
If you want it fast and cheap, it won't be good.
If you want it good and cheap, it won't be fast.
So true!