Posted by phil fernandez on July 10, 2002 at 08:48:27:
nt.
Some Of The Fun Of This Is Messing Up - Posted by phil fernandez
Posted by phil fernandez on July 09, 2002 at 18:05:19:
What we do is not life or death. If you mess up, you mess up. I certainly have. You don’t go to jail, unless you did something illegal. And nobody does that here.
Lately on the board there has been a lot of talk about someone who can’t seem to get started or someone has been hammered by long timeinvestors or someone who really questions if this stuff really works.
Who cares. Let’s see if this stuff does actually works. Go out tommorrow and look for a motivated seller. ( Don’t just look at houses ), there are two things that you need to accomplish. One you either have to buy a property with a good chunk of builtin equity or you have to buy a property with a good healthy positive cashflow. Now if you can accomplish both on the same deal, go to the head of the class, that’s great.
Well after all of the finding the property , negotiating the sale and closing the deal you goof up. Maybe you paid too much. Maybe you gave the seller too much of a monthly mortgage payment that you can’t cover. Maybe the property is in an earthquake zone or can’t be subdivided etc. Take your licks and move on. Good things will happen down the road if you persist. " A winner never quits, A quitter never wins." My favorite alltime quote.
Hey, aren’t you supposed to be sailing… - Posted by JT-IN
Posted by JT-IN on July 09, 2002 at 22:22:22:
Phil:
Rich investors like you, (who never quit, and always win) are supposed to be sailing all summer… while the rest of us smucks slug it out for peanuts in the tranches, and hope to get lucky on one of these get rich quick property deals…
Now, say “Anchors Away”, or something notable, like the Captain of the Ship…
Of course… all tongue in cheek, Phil. Hoping (for real) that you are having a laid-back, but profitable summer.
JT-IN
great post phil… - Posted by Brian M. Powers(MI)
Posted by Brian M. Powers(MI) on July 09, 2002 at 18:29:02:
and might i add…“a winner never quits” is my favorite line at the convention every year, of all the speakers we hear.
BMP