Could it be??....Will it happen??...I say YES!!!!

Hi Everyone:

Sandy was here last week, now it MR. Snow to add to the confusion! We can all stay positive and help out. Shook my head and laughed. Do your Real Estate, make money and help others. Take care everyone!

My heart goes out to all those caught in that huge, awfully strong storm. I am sure your generous donation, Dean, will be gratefully accepted for food, water and medical supplies. I saw some heart breaking pictures on TV but heard of some survivors who determined to make it through and stay to be part of the renewal after the storm. Kudos to all. ~Evelyn

Thank you for visiting this thread and posting your concerns about the Sandy storm crisis/situation and its victims! Believe me; I deeply share the same sentiments!!

However, this thread has nothing to do with the storm, or its victims. Someone posted here about that once, and others seemed to have 'piled on'.

PLEASE go to the WEEKLY WISDOM BLOG and post, or re-post! This is where it counts, as Dean makes a donation to the victims for each post made!!

Thank you....as we know the storm victims desperately need our help!!!

Wow! I haven’t posted anything about this deal since early November! Truth is; there hasn’t really been a lot to talk about….or has there??

Since my buyer was (is) seeking nontraditional funding in the form of a ‘commercial’ type loan; it has been nothing but a waiting game! He is putting together a package from several sources totaling about 18 properties.

To recap; I have 2 Sellers (one 5-Pack & one 3-Pack). I actually had a contract on the 5-Pack with a closing date of 11/29. The Seller on the 3-Pack would not sign as he did not want to tie up his properties waiting for the Buyer to get approval. The Buyer sent a request for extension which neither Seller would sign. They both however, said they would sell at the agreed amounts if my Buyer showed ‘specific’ POFs, or loan approval.

In the meantime; I locked the 5-Pack up under contract with a fellow DGer (1st one expired and Seller wouldn’t extend)….hoping to find a buyer from a strong ‘pool’! We’ve had no luck with this route and this contract also, has been terminated!

Needless to say; I’ve had to ‘scramble’ to save face with my Seller(s), and it has been extremely trying and stressful. There is one more (Seller) involved too, but I’ll spare the details on that one. I think I’ve salvaged these relationships, but definitely had to turn the ‘charm’ on…..along with a little ‘wiggling’. It all boils down to being open, honest, and forthright, with full disclosure and solid communication!

So….here I am, in the middle, waiting on this Buyer to get his funding approval on these two packages! The Sellers agree to sell if the Buyer gets approved and can verify so. The Seller of the 5-Pack has said all along that closing must take place by EOY, or ‘No Deal’. He will incur a large loss due to capital gains, and would just not sell (“doesn’t have to”). My Buyer says that the “package” is at the Senior Underwriters desk for final look thru, and they are ‘ordering’ an ‘all-in-one’ appraisal in efforts to speed things up? It’s 50/50 that the transaction can take place before year’s end?! Buyer has offered to help on taxes if we surpass the EOY, but capital gains are another story! The kicker is that if the ‘5-Pack’ Seller will not agree to sell if closing takes place after EOY; my Buyer will have to remove his properties from the loan package....there goes $10K!!

I guess you could say that I have only “one in the bush” b/c I definitely don’t have a “bird in hand”….and I’m NOT laughing!! If this deal closes; I stand to make $16K!!!!!

I’m obviously feeling PRETTY down right now here at Christmas time, being SO broke! I’ve been on unemployment (a very small amount due to previously being paid as a Server) for several months and squeaking by has been “okay” up to now. This is the first time that I can ever recall not being able to provide “anything” for my family. Having 9 grandkids, the feeling of inadequacy is overwhelming, and seems to ‘smother’ me more and more; the closer it gets to Christmas!! My wife is the strongest woman on earth! I’ve been waiting on her to break, but so far, she stands tall and proud! I am SO fortunate to have her, and her unwavering love and support for my (our) goals and dreams!!! Sometimes she’ll say “show me the money”, LOL!, yet she encourages me to carry on, have faith, and continue to pray.

I MUST dig deep, pray for strength and a miracle to occur. If it doesn’t; I refuse to lose faith! I am determined to use this experience as ‘fuel to the fire’ that I know burns within. I have come way too far, made too many sacrifices, and am SO on the cusp of ‘breaking’ through to that first deal! I’ve tasted victory many, many times over the last several months, but ‘claiming’ it has eluded me to date. I KNOW that the VILLAN will be slayed VERY soon!!

So, if any of you ‘seasoned’ investors have any advice on how I could possibly get this deal to work and close, it would be greatly appreciated!? Of course, other than ‘lock it up’ myself and control the deal. That lesson has been learned and this deal is far past that, at this point! Yes, I am a realist and understand that the likelihood is that it may not happen, but maybe someone knows 'something' I don't???

Tks for reading!

The way you have stayed in this fight shows that you deserve above all to hit this big. I really hope that this pans out for you man, I am keeping my fingers and toes (ouch) crossed. I am hoping to hear some good news from you very soon. Good Luck John, ...Jan

John,

I tip my hat to you for your bulldog stead-fastness. I'm a newbie so I can't offer any sage advice on help to get this deal sealed and done.

From the details provided in the posts, I don't think the 5-pack buyer has been fully forth-right with you. They represented themselves as being a cash buyer. However, they didn't have that cash when the offer was accepted. Or am I missing something? My definition of a cash buyer is one whom has the funding sources already lined up, whether its personal, private or HML.

Maybe they're getting the cash, but still... 4 months into the negotiations, 45+ days after offer accepted, and still "working" on funding? As stated, I'm a newbie so I don't know what process differences there are between a commercial type HML loan and a residential type HML loan. If this buyer was on my list, I'd declassify them as a "cash" buyer, at least in the sense of having cash readily available to make good on their offers. Or at the least, move them to the bottom of my cash buyers list.

Perhaps probe your buyers a little on what their funding capabilities are, for future reference? Maybe even offer to educate this buyer on securing a POF letter now so the letter is on hand for any future offers? I say that tongue-in-cheek as I hadn't contemplated this aspect myself until reading how things have played out here. I'll be incorporating this into my way of doing business. Just my 2-cents.

Regardless, thank you for sharing all of this with us.

Carl

Thanks for stopping in and showing support...it means a lot! Can use all I can get, my man!!

and merry christmas. i hope everything turns out in your favor.

Yes, you're right about the buyer. He initially contacted me as a "cash buyer that could close quickly", wanting multiple turnkey rentals. I was truly mislead; causing me to do the same to my sellers. He did provide POF, but it was "generic" even though supplied by his lender....i,e., prior to approval. Do not worry; I have "moved" him to the back burner, but right now I "need" him to perform....we will see.

Again, yes; it has been an agonizingly long time and not ALL the Buyers fault. I can account for about 2-1/2 to maybe 3 weeks of the Seller(s) being at fault. Certain properties/packages being changed, decisions being made, lack of communication, etc.

As I said; lots of lessons learned and what better way to do so, huh?

Glad you were able to take something away from my experiences. That's what DG.com is all about!

Tks for your comments!

John~ I hope this all works out for you!
But, I'm wondering why you've spent all that time with these two on 1 deal?
You must keep the pipeline full (with other deals)...seems like they've spun your wheels way too much. Sitting around waiting for one deal to go through is, as you know, very stressful. Keep your buckets filled and work on some quick deals!
Wholesaling is a juggling act, for sure.
Time is money! Find a way around the obstacles.
Find the seller another buyer! Find the buyer another seller!

~Merry Christmas, John!
...Believe in miracles!

Merry Christmas and Happy Holidays to you, too. Appreciate your dropping by and cheering!

Got a little positive news today, but I'll wait and see to post!

Also...Yes, I have spent a lot of time with these two on this deal, but I guess you don't know me too well! I don't give up when I think there's a possibility of making something happen....and there IS that chance. Even though my posts have been lengthy; there are also, details I have omitted. Hard to believe, huh??

I have looked for other buyers! Guess you didn't see that, but I said so in my previous post about working with another DGer, etc. There are also, other turnkey packages I've been working on that aren't posted here.

In addition to that; there are other deals I have worked/been working on that aren't posted here. I actually started this thread about these specific properties, as that was its purpose (posted under 'My Deals').

I do have a journal and plan on posting my other activities/deals there....just haven't done so for quite some time. I am VERY active daily on more than just this deal! I don't always post here though. It can be very time consuming at times, and tends to cause me to lose focus and become non-productive. I’ve learned the hard way to focus on revenue producing activities and it is easy to get caught up here on DG.com and FB where 30 mins turns into 2-1/2 to 3 hours!!

I've had a total of about 5 properties under contract over the past year, or year and a half....and MANY ALMOSTS!!! I have 3 under contract right now, but can't move them. They've just obviously not been that 'killer' deal, or I haven't had the right buyers, etc….many different reasons. All chalked up to real world learning experiences by “doing”. That’s the type of learner I tend to be….a ‘visual doer’! In my opinion; the best way!

I could be offended by you saying that I was just “sitting around waiting for one deal to go through”. But I’ll give you a “pass” because as I said earlier, I guess you just really don’t know me. I also, know that you are just trying to help and it’s very much appreciated!!!

Again; thanks for visiting, and have a very Merry Christmas!!

Apologies for the misinterpretation, John. My reply was meant to be an encouraging reminder from one wholesaler to another...to lift your spirits.

I heard disappoint in the tone. You mentioned agony.
So glad to hear you have more irons in the fire than stated.

We're all good!....and yes, my disappointment was very evident!

Again; tks for reaching out! That is why there's a DG.com, right?