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Updated about 9 years ago on . Most recent reply

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49
Posts
10
Votes
Fe Kelly
  • Wholesaler
  • Goldsboro, NC
10
Votes |
49
Posts

OMG I totally think I messed Up!

Fe Kelly
  • Wholesaler
  • Goldsboro, NC
Posted

I believe I miscalculated my ARV and contracted a house for too much. I may have to get out of it. I have a clause in the deal so that's easy, but I'm soooo embarrassed and hate to tell this old lady I can't buy her house. This was my first contract. Smh. I wish I could start this one over.

Most Popular Reply

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2,770
Posts
3,666
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Aaron Mazzrillo
  • Investor
  • Riverside, CA
3,666
Votes |
2,770
Posts
Aaron Mazzrillo
  • Investor
  • Riverside, CA
Replied

I've closed on every offer I've made that was accepted by a seller. Each person has to have their own set of business ethics and you lay the ground work for what yours will be. Even when I didn't know what I was doing, I still represented myself as the professional in the transaction and always kept my word. In this business, my philosophy is that my net word is more important than my net worth. Yes, I've paid too much for houses... more than once. But I swallowed that sometimes bitter pill and used it to learn how to do better next time. That is why my contracts have no escape clauses and also why I get second shot at a deal, last look at the highest offer and have purchased more than one property as much as $10K less than the next guy. 

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