Success is NOT Doing a Deal

Success is NOT Doing a Deal

Sometimes success means NOT doing a deal. Today I actually pulled out of 2 deals. As I've been telling you lately the Vegas market is a little crazy.

When buyers are begging for more product and they broaden their criteria "you gotta bring it", so I did. However, I locked up deals that were a little too old, a little too far east, a little too good of shape and a little too high priced. My buyers have me going clear up 85% of list, but....

Anyway, long story short, I tried and tried and pulled out all stops with my team, bird dogs and fellow wholesalers all blitzing these two and they just wouldn't go.

Prop #1- I was supposed to close today. When I requested an extension yesterday, the seller responded with a request for me to release the earnest money AND add $10K and release it-- hah! No way, so I countered with a $15K reduction in the price-- no go, of course. So I'm hell-bent to get the EMD back. I will.

Prop #2- At the sellers request, I did a walk-thru. In doing so it became clear it wasn't a good deal for me to pass on to my buyers and just as importantly, or more so, it wasn't a good deal for the seller. So we mutually agreed not to do the deal.

So, my deals 29 & 30 this year (I think) take me down a couple notches, but it was better to "let 'em go".

And there was a bonus! Seller of prop #2 is an investor with a really really good connection to the top auction guy here. Plus he is a straight line to large foreign market in his country-- where his family has been doing RE for 30 years. We worked out several scenarios to work together beginning right away.

Sometimes it's a good thing to NOT do the deal.

On to the next!
-Tina

__________________

Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."

"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176


Prob # 2

Why would you let the sellers dictate when you did your walk-through?
I let my buyers determine whether they want or not..... I dont determine that.
What time zone are you in? Its not 7/7/12 yet ........


Confused, I'm in NV; Pacific Time

Hi Darren,

Did I say it was 7/7? If so, just a mistake-- and a long week.
To clarify, yes the seller did request that I do a walk-thru (I do not usually tour the properties I lock-up), so I did and the point of whole thing was that I met a great buyer/partner/contact! And I decided not to a deal that was becoming difficult for me to flip. So I potentially lost a few thousand in fees, but potentially I will make lots of money and a good long term relationship with someone.

All good,
-Tina

raven1234 wrote:
Why would you let the sellers dictate when you did your walk-through?
I let my buyers determine whether they want or not..... I dont determine that.
What time zone are you in? Its not 7/7/12 yet ........

__________________

Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."

"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176


I've had a lot of SUCCESS that way too :)

Because some deals you do you get as low as possible, but it still isn't low enough. My most recent deal would have had a $15K MINIMUM assignment fee. There's actually a list of people just waiting for it to come available, but I actually helped to explain how one party could buy out the other, especially for the kid's sake, and that's exactly what the wife is now in the process of doing. I worked really hard on this one and it seems sad that it didn't go through, but in the end, I helped out a family going through divorce and that's what its all about; helping people. Now, I just need to get another deal under contract and make up for it; but I believe what comes around goes around. So, although I didn't make money on it yet (although if she is not able to qualify for the loan, they will allow me to assign it again) I know I created a win/win for the children and the situation they were going through. Sometimes I think I'm overly helpful. But I've proven to myself I ***CAN*** do FSBOs in Southern CA. Laughing out loud And that's victory in of itself. Smiling


4get the timezone...

Tina 1

It sounds like Mr. Motivated was not quite motivated enough. I do not look at the property I lock up either.....and if I feel resistance I do the same thing and slide out of the deal as well. Im very upfront from the beginning and explain " I NEED ACCESS TO THE HOME " I know very little about HVAC,Electrical, Etc... so I rely heavily on my subs to check things out. We buy a lot of property and they will get to it when they get to it OK ? They usually go for that..... I have learned to stop by before I show though.... Sometimes the buyer will ask a question like where is the panel box and it looks a little funny when I begin to search for it... and one time we had a buyer following us and we could not find the home.....Needless to say we didnt sell to him..... but we do have a whole lot of fun.. we still laugh about that one. We deal with a lot of crappy homes..... and if we get access.... regardless of the condition.... 90% of the time someone will take it... Sounds like you are on a roll out there ... GREAT JOB !


Great Advice...

Thanks for the reminder.

__________________

Stephan Roberts
"In absence of clearly defined goals, we become strangely loyal to performing daily acts of trivia!"

Here is a FREE property analyzer I've found:

https://tvallc.infusionsoft.com/go/RehabLite/sroberts/

It's a great tool to use to help analyze your deals (and did I mention it's FREE)! But, you really should spend the $97 and get the full premium edition! IT'S AWESOME!!


Deals

Its really whats in the best interest of all and Tammy did the right thing, do whats best for the deal, we want to be the best at what we do and doing the right thing will get us much further in the long run than doing just what we want and who knows maybe that person will run into some one who needs are help and we might get a chance to another wonderful deal, its Win-Win for all involved, Jim

__________________

jbischoff


Tina

This is what Dean teaches in his books. Tina shows us how a situation turned in her favor. Great job


Helping others and sleeping at night

Darren, Tammy, Stephen, James and Julie,

You're right. As long as we can help others whether it's the wholehearted way Tammy is always helping others, or just to make it a better win/win, or learning and sharing how to make better deals. When we do our best to do the right thing, we can sleep at night!

Thanks for stopping by!

-Tina

__________________

Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."

"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176


TIna, do you need any help?

Here's my situation, ... actually, that would take too long, OK -short version,

I and my dog are about to be homeless, having run out of money and still unable to get a buyer/close a deal... Don't have a clue of what I'm doing wrong, or if this market just sucks.
Given the turn-around and its timing in the Reno/Sparks market, I personally think that the Apple employees/execs came into town before the announcement went public, and began buying everything they could find, KNOWING that once that news hit, everyone would be looking to get rentals set up...

Ok Fine, Whatever, still moving forward, it just might be out of my CAR come the first of the month.

So here are my questions,
Do you need any help with anything? At all? I will trade HOUSECLEANING at this point, for a corner for me and my dog, and to learn how you are doing this. ... (Yes, willing to drive down there, nothing really holding me HERE.)

And do any of your buyers look to invest in Northern Nevada? Would any of them be interested in getting in on the $1Billion Apple is looking to spend in the area in the next ten years? I would be ecstatic to partner up with you, learn from you, and split anything we close.
Because obviously, YOU are doing things Right and getting it DONE, and I need to learn from that.
Anyway, please PM me and let me know if there's anything we can work out to our mutual benefit.

Much Thanks,
Susan S.

-----------------------------------

I want to do this, I WILL do this, it is not bloody Rocket Science! There is NO REASON on this planet WHY I can't!


Tina

that's right, you gotta know when to walk away. You made the best of it and got a new buyer to boot!!! You go girl!
Shirley

__________________

Everything works out in the end. If it hasn't worked out, it's not the end.

You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer

It is what it is 'til you change it.


Tina your amazing

Tina you are one of the reasons why this website is so incredible. To be able to connect and see your success stories, and even on this one it turned into a success story to create a new connection. You give inspiration to new students, to veteran students and even coaches. We are all in the business to make a difference and change our lives and control our futures. You are taking a hold of yours and sharing it with all of us.

Thank you, and great job. Keep posting I love reading

Mikessler
Advisor

__________________

I always say Keep Moving Forward! Never Give Up On Your Dreams!

As Matt Larsen says "Feed the Need" - Edge 2013

Follow my daily investing journal and read about the deals I've done and am working on at:

http://www.deangraziosi.com/real-estate-forums/investing-journals/117493...


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