Which First? The Good News… - Posted by David Alexander
Posted by David Alexander on February 02, 2004 at 22:48:02:
Or the Bad news…
I’ll go with the bad news first…
Anthony… You got your clocked cleaned… if this weren’t a property to live in… You’d probably never get out of it alive…
The numbers… by my calcs… are that your in it for 230k plus repairs (which you said were about 20 25k)…
Due diligence… You didnt do any… You need to buy a course or something and learn what you need to be doing before you get yourself into some real trouble…
buying the largest house in an area is typically a bad investment… at least in my experience… your mileage could vary… but, I have several of them that I still have scars from… One I just sold… I had on the market for 15 months…
If You didnt give that investor a note secured by the property… I’d be talking to him… about the deliquent payments… As it stands now… You became his pigeon… He probably walked into the deal for nothing… hence the back payments not made up… He probably made his agreement that way…
You do any more deals like this… and you won’t survive in this business… Not to mention… it sounds like you don’t even have the proper paperwork filled out… No POA, No Loan Authorization… You need this stuff… and it would do you good to get this stuff if at all possible…
Now the good news… You bought yourself a house… and buying a house for yourself… isnt like buying a property for an investment… It can carry some of the same decisions… but, for the most part… You make the money so you can buy what you want even if you pay retail… and in some cases like your more than retail…
The other good thing… is now… you have been exposed to the game… get educated quick… But, no matter the cost of that… (most of the time) it’s worth it… Just to get in the game…
Oh yeah…
One other thing… You said something… about filing Bk as a bad thing…
Your looking at it wrong…
It’s a tool like any other… BK’s were put in place so that entrepreneurs would take chances… build businesses… and not fear failing…
The real and typical failure is when folks lose everything… because they don’t employ the tools around them to straighten things out…
Now, on the otherhand… a large portion of folks abuse the BK system…
I know this as I have had alot of folks file them only to use it improperly… to escape debt…
This wasnt meant as a slam Anthony thing… But, more a wake up… to the deal you just did…
David Alexander