All Forum Posts by: Jay Scott

 I agree Philip.  Thanks!  

 Thanks Kyle.  I have been in the biz long enough to be burned a time or two.  Doesn't take long to learn!  Haha!  

Well, as a follow up to my original post.  Owner has disappeared.  What a shock!  Last I heard, he was going to get me the written agreement between him and the bank regarding his loan mod.  That was 3 days ago, and haven't heard since.  This is why EVERYTHING in writing!  

Thank you.  I remember when I was a rookie, I fell in love with every deal I came across!  Haha!  Made some mistakes, and learned some valuable (and expensive) lessons as a result!  

Just wanted to share a situation in my first deal since coming back into the business after 5 years off. I'll keep it short. Luxury Flip in Miami. Seller is several months behind. Due to the situation, the only thing that will work is a creative finance structure. After I sent an LOI, the seller changes his story, and tried to push me into the deal, and keep telling me that as "men of honor" we don't need to put any of the changes to the deal in writing. He thinks because there is such a big spread, that I will do it. Haha! In every deal, EVERYTHING has to be in writing! And the moment a seller starts waffling, that is a HUGE red flag! I pulled the plug on the deal. Moral of the story? Never "fall in love" with a deal. Everything needs to be done the right way! Sometimes, the best deals are the ones you never do!

Well, the drama continues.  Haha!  Due to shenanigans by the owner, I have pulled the plug on the deal.  Here's the latest.  He is telling me that his bank has offered him a loan mod, told me the terms.  I asked to see this executed agreement between him and the bank, and he tells me that it is a 3 month trial, and that there is no written agreement from the bank until he fulfills the terms of the trial.  Then, he tries to tell me that our deal hasn't changed, and was trying to push to get the deal done.  Nope!  Nope!  Nope!  

After some research and valuable conversations, I have narrowed down to a few markets to get started in a few weeks.  I appreciate the feedback and information that has been shared with me.  Thank you!

Well, the seller has finally realized that he really does not have as many options as he thought. So, I am having my attorney draft up the documents today. Once the deal is done, I will share the creative strategy that I did to make this one happen!

Well, the seller has finally realized that he really does not have as many options as he thought.  So, I am having my attorney draft up the documents today.  Once the deal is done, I will share the creative strategy that I did to make this one happen!

Still working on it.  I am letting the seller "figure some things out" for himself.  He's one of those who has to feel like it was "his idea".  So, I am playing to that.  I expect to have it going in the next day or two.