Disgusted by Frank, PBoone and Ed’s reply - Posted by StevenS(CPA)
Posted by StevenS(CPA) on June 11, 2001 at 18:58:55:
First off, I will accept that it may not have been a good idea of what Charles did. And I have nothing but respect and admiration for Frank, PBoone (who I know have been posting to this newsgroup for a least 3 years) and Ed,
(Whom I also know have been here for awhile).
What Chares did wasn’t perfect, but aren?t by actually making offers how you learn?
I’ve been reading CRE newsgroup for years, and I used to post a lot but I’ve been very busy in my own business. But this group has always talked about how to get around having to pre-qualify and creative ways for coming up with deposits, downpayments and other snags.
But all three of you treated Charles like he had no business even making an offer. Frank, I think yours was the most disappointing because you seem to only want to talk to buyers who have $100,000.00 in their checking account and million-dollar credit. And I’m sure I would want those types of buyers too, but WE are not those types of buyers. We are investors. We are not retail buyers. And even if I had $100,000 in my checking account I wouldn’t put it down on a house. And I definitely wouldn’t want the seller to know that information!
I’m sure more than 50% of the people who read and use this newsgroup do not have the best credit or have barrels full of money in the backyard to throw around. If they did then they wouldn’t have to read our advice.
He was approaching this deal as an investor. Not a retail buyer. So the fact that he couldn’t qualify with your traditional realtor doesn’t matter. The advice and story about how you find retail buyers was unnecessary and un-useful. And if yours was the only post I ever read about doing creative real estate deals, I wouldn’t be in this business and 90% of everyone else that reads these post wouldn’t be either.
And Ed, I don’t know anyone who is in a business where you have to write contracts and make offers all day long have not, more than on one occasion, put something in a contract that they wish could have been left out. That’s called learning too. And it’s why “out clauses” are so important. Yes. It’s would be wonderful if I had money lined up, attorney?s, title company and contractors ready to go, and a great deal to just roll in and close.
But like the saying goes, “if it were that easy, everyone would be doing it.” Not everything happens in that order that’s why being creative is so important. And when you talk about FRAUD, that’s a whole new level of accusation. I don’t think this person was talking about stealing this house or doing anything criminal. He was trying to buy a house creatively. And he’s new. And you may have scared him from ever making another offer or a hundred other people who have read your post. So, YES! It would be wonderful to have all your ducks lined up before making an offer. But waiting for the perfect time to make an offer, never comes when you’re just starting out and it sometimes never comes. I’ve been in deals where I thought everything was perfect and a home run that fell apart at the closing table and I’ve had deals that I knew where long shots that came together better than I could have even planned it. You just never know, but waiting for everything to be in place before making an offer is just silly.
Next is PBoone, this person is trying to find a deal that an investor is willing to invest in. PB, you said that he should have gotten an investor (willing to back him up with cash) BEFORE he got a deal worth funding. How many times have all of you read, find the deal and the money will come. But you’re advocating finding the money and the deals will come. And it’s never worked that way for me and I’m sure it hasn?t for most of the successful people in this business. But PB, if you have a way of gathering up hundreds of thousands of dollars without having cash, credit or even a deal on the table, please let me know because I’m doing something wrong.
And finally, I’m NOT in any way advocating that what he did was right. Being dishonest is always wrong. But with realtor’s controlling more than 90% of all properties sold, most of us have to deal with them sooner or later. And I don’t know of 1 in a hundred realtors who if you came up to them and said, “I have no money, bad credit and no experience. Can you take hours out of your busy schedule to show me some houses?”
THE NUMBER ONE WAY TO LEARN THIS BUSINESS IS BY MAKING OFFERS! Nothing compares to it or substitutes for getting out there and doing it. You can read everyday for the rest of your life and you won’t make a dime in this business until you actually sign your name at the bottom of an offer.
So Chuck, congratulations on taking charge of your financial future. You made a mistake and I really can’t help you make right the snag you got yourself into. But don’t let that stop you from making your next offer. Learn from this one and go on to the next. One thing you’ll learn very quickly is it takes a lot of hits before you strike gold and this was just your first hit. So my advice is, Keep Hitting!
Sorry if this was a bit hard on the ones who replied to Charles post. On any other occassion I know I agree with you 100%.