All Forum Posts by: David Wurzel

Just a shout out to see what everyone does when a seller has expectations that are just beyond the scope of reality.

I've been getting sellers that feel their early 20th century, termite infested, never-been-updated, lead painted, 1/1, falling down, and in a war zone "structure" (I really hate to call it a house) is somehow worth $100K.

How do you deal with sellers that just won't budge on their crazy expectations of value?

Please feel free to throw out some examples.

@Nat C.

Besides the foreclosure auctions that you are looking into now you said you have been at this awhile.

What other marketing have you been using?  Have you used direct mail in the past?  Is it still working?

Just curious, because there may be other ways to drum up some business besides going the auction route.

@Kristen Schlueter

If you're getting a late start in life, then I must have one foot in the grave.  LOL

Look at the situation as a series of small hills to get over as opposed to looking at a situation and seeing a mountain to climb is a good outlook.

Read through the website and figure out where you want to fit in.  Do you want to wholesale, invest, buy and hold, hack, etc.  (All these terms can be researched using the search box above.)

Once you find your niche then determine what it is you need to accomplish it.  For example, I decided that wholesaling and bird dogging was a cheap, easy way to start.  So, I read through here, found out what was necessary to get going, and sent out my first batch of marketing material via mail.  Already I have had about 10 calls from sellers and that was on my very first mailing.

Now, I have no great expectations that I am going to make millions or that I am a genius at this. But, for less than $500 I am at least starting.

@Scott Trench is a perfect example of getting into investing and providing a roof over your head at the same time.  It's called house hacking.  I gotta admire the guy. 

So, to make a short story long, find your niche, put together a plan, then (and this is the most important part) GO DO IT!!

OK

So, the phone calls are beginning to come in from the first DM phase.

I would like to know if there is anyone in the Jacksonville area that would like to "Hold My Hand" through the first deal or two.

(Yes, yes I actually said that!)

It would greatly be appreciated.  I don't mind jumping in head first by myself but it would be nice to learn from anyone with much more experience.

Good money for very little work.  (Isn't that the way we all want it?!)

There is only one thing I request - please be able to communicate.  (In other words, please don't return VMs 2- 3 days later.)  I promise I won't bug anyone to death.

@Account Closed

I don't really want to stay up with this. But, you do realize that Mr. Dimon, et al. feel that it is their right to gamble totally unregulated while still being backed by the tax payer if their bets fail?  That is insanity.  Remember, the definition of insanity.  Doing the same thing over and over and expecting a different result.  Well, what has happened since the meltdown with regard to regulation.  Absolutely nothing.  And when regulation is even mentioned they bring up the same old worn out arguments such as what you are pointing at that "legislation will seriously undercut the integrity of the capital markets."  Sorry, but that is just horse manure.  We are fools to expect them to "self regulate."  For what they did to the economy we should have dragged them down Wall Street and tarred and feathered them, then thrown them out of the country.

End of rant.

@Account Closed

Like Jamie Dimon said to Elizabeth Warren. "Hit us with a fine.  We (JP Morgan Chase) can afford it."

PEOPLE need to be held accountable, not corporate entities.

(I will now step off the soap box.  LOL)

@Account Closed

Does he go on to explain why no one has been prosecuted?

It blows my mind.....

@Sara Bolliger

During the month of May the maximum temperature in KC was 83.  The temperature exceeded 80 on only 6 days with all other days below this.

In my estimation this is not unbearable and barely uncomfortable.  Huddling in one room to stay cool sounds pretty dramatic.  It is not close to being unforgivable as @Account Closed indicates. (I admire her advice but on this I feel she is off the mark.)  Also, two weeks rent abatement is WAY too much of a concession.

Reimburse for the window unit as long as it is under $200, maybe a $100 cut off next month's rent.

Get rid of the warranty company.

@Chris Seveney

Let's pull this apart a bit.

First, she's worried about a civil suit from a guy who can't even pay rent or utilities. I don't think she has to worry about that.  In addition, I don't think he can enforce an agreement that in and of itself is invalid.

OK enough about him.

Next, about her.  She sub-leased without approval.  If the lease stated this was needed then she is in breach of the lease.  This is her real worry.  She needs to call the landlord and come clean.  She should see what she can work out with the landlord.

Leaving town and leaving the utilities in her name while moving in someone was not the smartest thing to do.  A judge is not going to look at that favorably no matter what lawyer she hires. 

@Guy Gimenez

Thanks Guy!  I think I remember @Joshua Dorkin stating on a podcast that he really didn't like those types of people.

It gets really frustrating when you see what seems like a good deal only to find out it's the 3rd person in line.