Posted by SusanL.–FL on May 09, 2001 at 08:28:18:
AMEN!!
We should ALL remember, that whatever ‘stance’ we may take or whatever opinions we may have on each post, we can all learn from each other in some way, shape, or form!
I love this site too, (and everybody on it). You guys are like my family.
Susan
Bankers—can?t live with?em; can?t - Posted by SusanL.–FL
Posted by SusanL.–FL on May 08, 2001 at 12:05:10:
live without?em?
Banker #1
A year-and-a-half ago, I sent my people over to be refinanced. At closing the banker told me how MUCH be appreciated the business and to PLEASE continue sending more his way?-how he would walk each client through the process and handle them with Kid gloves. Well?I?m about ready to pull out my BOXING gloves at this point, I?ll tell ya?
Over a month ago, I referred Roberto to the banker to be refinanced. I faxed the Banker with all the necessary details for an easy transaction, (loan #s, loan balances, etc.). Then I followed up with no LESS than four phone calls. I left messages because he was never there to answer his phone AND he never returned any phone calls!!! Finally, 3 l/2 WEEEKS later (!@#), I got lucky and he PICKED up the blasted phone!!
He said all he was waiting for (to process the app.) was the $295 application fee (which I had agreed to pay)! Then he wanted to squeeze me into his tight schedule toward the end of the week to give him the check. I said, ?Hold on. I?ll drop this check off in ONE hour and leave it with the receptionist if you aren?t there.? (Three and a half weeks that application just sat on his desk?)
A couple more day passed and I found out that the banker hadn?t told Roberto to fax in his latest pay stub OR that the appraiser would be contacting him. I wound up taking care of those details?otherwise, I?m sure we?d STILL be sitting around with our thumbs up our b u t t waiting for that creeton. 
Banker #2
After FOUR go-rounds of trying to get Igor refinanced with my commercial property, we finally hit pay dirt. April 20 the banker said he would have his decision. April 20 came and went. Two more weeks went by with Igor leaving messages and the banker not returning his phone calls.
I finally told Igor that I would call him. In his little Russian accent he pleaded with me, ?Sooooooozan, PLEEEEEZE don?t make him MAD. He is my only hope.? [meanwhile I?m thinking: time to get this fat cat off his lazy a@# at the bank and give us an answer].
Actually, I called another banker over there who was able to nudge the commercial lender. Igor was faxed a loan commitment yesterday around Noon. Yay for our side!
Last night Kenny breathed a sign of relief when he said: ?You were able to get them both financed?. [I?ll breathe MY sign of relief at the settlement table AFTER they hand me my check$.]
As many of you know, we?re (somehow) still managing to hang on by a thread$ but it is absolutely CRITICAL that these two deals refi QUICKLY so that we can save ourselves while there is still some time left on the clock.
We have almost dug out from under our $470,000 debt of 4 l/2 years ago. Aside from the ?run of the mill stuff? that happens when you?ve taken a financial$ header (foreclosure notices, repo notices, phone and electric disconnected, IRS and back taxes, ad infinitum), we?ve also had other little fun ?ditties? to deal with along the way?the kind of problems and are up close and RIGHT in your face every day.
Our roof started to leak?.and I don?t mean leak as in DRIBBLE either. We were filling 5-gallon paint buckets around the house every time it rained!! Talk about SHUTTERING when we saw a cloud in the sky?and the race to get home in time to beat a storm!
The pool pump went out?probably close to a year ago (and of course no money for parts or replacement). Soooo?every couple of days I?d lug home either chlorine or algaecide to keep it from turning into a cesspool.
The two riding lawn mowers and two ?walkers? were out of commission. One rider was being held hostage at the repair shop until I could pay for the repairs. In the meantime I did find a little Husquevarna push mower out in our shed last Sunday and I coerced my son and his little 8-year old friend to give it a whirl. I was finally baiting one against the other??Let?s see WHO can push the fastest!? But through tall grass, it was an effort in futility. ?But Shelby! There?s only 2 l/2 more acres to mow!? He gave me the hairy eyeball?
Fortunately, Kenny never had a defeatist attitude either. To help make ends$ meet, he took a second job doing whatever needed doing. One night he did an engine repair on a Lincoln (for a friend of a friend). Told his teenager to take it out for a test drive after he had finished four days of repair work on it. When his son didn?t return after about 45 minutes, Kenny went out looking for him. By then it was 11:15 P.M. As he rounded the corner, it was like a scene out of a movie! Fire trucks, police cars, crowds of people roped off?and there ablaze—the LINCOLN!!! It had caught fire and totally incinerated. When the kid leaped out of the car, he didn?t think to grab his Dad?s test tool lying on the front seat next to him (a $3,000 hand-held Scope for engine diagnostics that Kenny had JUST finished paying off). And of course K Sr. didn?t get paid for the job either, since he didn?t have anything to show for it except a pile of rubble.
With my wharped sense of humor, I wound up going in the other room to split a gut laughing! The whole thing was just incredible!! I nicknamed Kenny ?Sparky? and his son, ?Flame Boy?. WAS glad it wasn?t my Explorer. Think I?ll change mechanics! 
At least we?ve managed to show our kids (during this time) that ?when the going gets ROUGH, the tuff get going?!!
Looks like we are finally near ‘home free’ guys. And it has been one heck of a WILD ride!
C-ya!
Susan
Re: Bankers—can?t live with?em; can?t - Posted by Zee — PA
Posted by Zee — PA on May 09, 2001 at 06:20:59:
Well, there’s help with your pool, anyway.
What Perserverence…Everyone Should Read!!! - Posted by Vic
Posted by Vic on May 09, 2001 at 24:24:26:
Sue,
Your story is absolutely incredible. I know bits & pcs. of it from talking to you in the past. But everytime you post, I learn just how much more incredible it is.
I hope that all newbies & all veterans too will read your post cuz it’s just filled with all the ingredients that it takes to be successful not only in real estate, but in any business.
I know I’m pulling for you big time. I know you’ll eventually get it done too. With that kind of perserverence you can’t help but to get it done.
I couldn’t agree more with you about mtg. brokers. I have had the hardest time finding a good local mtg. broker. I mean it is really frustrating. Every time I think I find one, he or she always screws it up.
The one I’m working with now seems to be able to get the job done, but his people skills are horrible. For ex. he recently did an extremely difficult loan (toughest one I’ve ever been a part of) & he did great with the loan, but the whole time he was complaining & yelling, yelling at the title co. girls, just in general a real you know what.
The one I used before this also had the ability to get the job done. Only problem, she never called people back. She just left them hanging.
The one I had before than only wanted “A” people. Didn’t even want to talk to people unless she was certain they could go conventional of FHA.
I mean it’s just been incredible. Calling around trying to find other brokers has not been much help either. Many of them don’t call you back. Either that or they only know how to do conventional.
I’m convinced that finding a good mtg. broker who knows what they’re doing, can relate well to people & who stays on top of everything is close to impossible.
Enough of my rantings about mtg. brokers. Conjures up bad images of banks to me. LOL
One question I have for you though. Is it customary to pay a $295 application fee there. Here if they charge it, it’s usually paid at the close. Maybe you can find someone who doesn’t charge that fee. I know you don’t need to donate $295 to a banker type.
Anyway, I’m thrilled that you’re making progress on these 2 deals. Keep posting!
You’ve got a great online personality!
Vic
Re: Bankers—can?t live with?em; can?t - Posted by Hugh James
Posted by Hugh James on May 08, 2001 at 18:21:37:
Just wondering if you have tried hooking up with a really aggressive mortgage broker. If I were in Florida I’d love to have the opportunity to at least have a look at your business.
The first seminar I ever took (and it was a good one) was called “Making It Big On Little Deals.” John Schaub still does it, but at the time he was partnering with Jack Miller of Tampa. Jack and his family were major SFR landlords. I remember him starting out by saying something to the effect of, “I am not well known at banks and you shouldn’t be either.” And I’m not. Jack liked to brag that he only used banks for their lobby seating. He like the comfort and would often meet clients there instead of in his office…and it was free.
Re: Bankers—can?t live with?em; can?t - Posted by Chip
Posted by Chip on May 08, 2001 at 14:42:37:
That is sure a story, Sue. Thanks for the good post. If more of us would reveal the problems we have encountered, a few wise people (those who learn from other’s mistakes) can be spared incredible agony and loss.
I suspect there are others lurking about who could tell us some other stories we can all (try to) learn from.
Thanks again for your story, and best of luck. Don’t let those Bankers get you down! People don’t believe me when I say this, but I haven’t dealt with Bankers in seven years, for anything (except cashing the occaisonal check)!!
Re: Bankers—can?t live with?em; can?t - Posted by Kate (VA)
Posted by Kate (VA) on May 08, 2001 at 13:45:04:
Sue,
What a trip! It’s a testament to your strength of character that you have been able to climb out of the debt abyss. Did you follow some kind of debt payment plan? I am trying to get rid of my credit card debt, and man, credit is a hard habit to break!
Thanks for sharing!
Kate
Yep … - Posted by Redline
Posted by Redline on May 08, 2001 at 13:43:18:
Banks are just LOVELY to deal with!
Can’t wait until they’re in the RE biz!
RL
aggressive brokers - Posted by SusanL.–FL
Posted by SusanL.–FL on May 09, 2001 at 08:42:27:
re: really aggressive mortgage broker
I had found one that I LOVED! She was a dynamo! Unfortunately, the VERY DAY that she was supposed to meet with one of my guys to do an app. (a couple months back), she had an appendicitis attack then a MAJOR heart attack in the hospital. She is taking things slower now but still in the biz.
Luck ‘o th’ Irish lately (for me) huh? It is almost FUNNY how those stumbling blocks just appear out of NOWHERE for us when we are trying to get a deal done.
It is a GOOD thing that many of us learned (right from the git go) that it takes perseverence (and LOTS of it) to do our r.e. deals.
Step-by-step and one day at a time–we’ll reach our goals.
I believe it. - Posted by SusanL.–FL
Posted by SusanL.–FL on May 08, 2001 at 14:59:37:
I know it can be done (not dealing with banks at all).
I have listened to the Dave Ramsey Financial radio show for awhile and he is an advocate of ‘debt free’ living. His personal philosophy is: if he doesn’t have the cash to buy it, he doesn’t buy it. He took a $4 Million ‘hit’ and has recouped TWICE in his life.
Personally, I love credit cards—but I cut all of mine up and closed the accounts—at least until I get back on my feet again.
Say It Won’t Be So! - Posted by Mark W.
Posted by Mark W. on May 10, 2001 at 06:53:57:
Boy I hope that won’t happen Redline. What a tragedy it would be!
Just had to respond to that one. Where would be a good place to keep tabs on this?
Thanks for the reminder!
Mark W.
Re: I believe it. - Posted by Sam Kamal
Posted by Sam Kamal on May 08, 2001 at 20:09:26:
I have had nightmares dealing with mortgage brokers in NC. What really aggravates me is having a mortgage broker assure me that he has everything under control and that everything is working out just fine, in fact right on schedule, only to have the deal fall through. I have been to two closings that did not and to this day have never closed.
After losing about six deals due to incompetence or promises that never saw the light of day I have been forced to go back to employment which I had said good bye to. However, I believe this is only a temporary state of affairs. I am going for Ed Garcia’s Atlanta seminar in the hope that I will have these same bankers and many others fighting to give me money for my deals because there are some really good deals here. So whoever is out there having a really bad time with the Banks, take heart, you are not alone. Where is the positive side to this? All this Creative Financing would not have come about if the banks were doing their job, so Hooray for this site and all those who so diligently contribute to make it the highlight of my day.
details!please, since I’m in NC, too - Posted by AnnNC
Posted by AnnNC on May 09, 2001 at 19:33:55:
Well, I’d like to know why these deals did not close.
I have the time to followup and check up on the progress of a deal,so I’d like to know what you think
would have worked (shadowing, nagging). I’m very interested in learning the particulars of the problems
you ran into. Thanks.