Broken deals

4 Replies

Need some advise,

So since I started three weeks ago I have viewed 3 houses and spoke to several individuals,

The first house was a 7 br 2 ba in a rough area I had only one investor check it out, and he said it was too big for him, I was thinking I was going to cash out big but didn't...

Second house also in a rough neighborhood very nice home needs a lot of work great potential home owner is disabled and seems to want to sell but in my opinion he is asking for too much and doesn't realize how much work on the house will cost, he was asking for 8k house was 4 br 2 ba kitchen was completely gutted out needed to wire the house because he pulled all the wire, needed furnace and water heater and duct work. Get the idea it needed a lot of work, some walls where ok and the floors for the most part where good just some polishing. He wouldn't give me access to the house he didn't drive and wanted me to pick him up every time someone was coming to see the house. He also didn't want to sign a contract and appoint me the seller he wanted to try and keep selling it himself.

Second house was move in ready a few things, needed sink faucet no big deal, patch job on the roof simple and later would need replace 2br 1 ba she was asking for 8k rough area but a very friendly block family oriented block. I had it!! We where talking contracts after she vented, I had this but I got nervous so step out to call my mentor i didn't even need to, I don't even know why, but in that little time I gave her time think long enough to call her boyfriend he said don't sign and that was it, she fell out, I had that deal but I gave it too much time... I'm am very sure I could have cashed 2 k out of that one...

Three phone contacts that haven't came threw I have asked to see the houses and get pictures of the interior and no responses these are the ones that have contacted me, good practice for me on gathering info.

I did learn to not get nervous when Im close to sign.

I learned how to take better notes.

I learned that just because they call me they are not ready to sell.

I also learned when to step away from a deal.

I feel good about this experience and am trying the probate approach next wish me luck.

Any advice or tips would be greatly appreciated!!!

It's called experience. If you believe in the "10,000-Hour Rule" (*), sounds like you have about 9,990 to go.... Keep going!

(*) from Malcolm Gladwell's book 'Outliers: The Story of Success'. He claims that the key to success in any field is, to a large extent, a matter of practicing a specific task for a total of around 10,000 hours.

haha yeah, lots to learn. But I am realizing how much I do need to learn, and it's something that I want to learn.. 

Keep pushing for sure I'm so motivated to keep going @Chris Martin   thanks for the recomendation @Jeremy Tillotson  thanks 

The most important thing to remember when talking to a seller is to let them talk. Many times they will talk themselves down in price if you ask the right questions.  Pretend you are a bartender or a therapist.  Ask a question and then wait for the answers even if the seller is silent for a bit. Silence makes people uncomfortable and they can't help themselves, they will talk.  I typically will go through the needed repairs and ask the seller how much they think the cost will be. They are usually low on their estimates. At this point I like to explain that I have to hire out the work and that's why I believe their estimates are to low. Keep it up. You will get one soon!

Happy Investing

Derek Dombeck

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