2/25/2008
(Warning: This post contains profanity, including, but not limited to F-bombs)
Well, today certainly didn't turn out as planned.
The deal that I was working with my wholesaler friend was supposed to close today. I say "supposed to", because the shady-ass investor who was supposed to buy it ended up backing out of the deal a few hours before closing. I can't say I am too surprised, because after talking with this guy several times on the phone over the last few weeks, it has become painfully obvious that he is a friggin shyster. Shadier than an oak tree. In July. I stopped counting the number of lies that I've caught him in. Not to mention that I asked 3 different investors if they had ever done deals with him and their responses were (1) "Be very careful with this guy" (2) "Make sure to get a non refundable deposit from him in the form of a money order or certified check", and (3) "He's gone around me twice and stolen deals from me".
Nice.
The deal was actually supposed to close last week, but Slim Shady swears up and down that we all agreed to close on the 28th (even though the contract says otherwise), and not the 21st. So, we moved it up til today, and he ends up backing out of the deal anyway. Fucking jackass.
The not funniest part about this scenario is that this guy has gone on and on and on to me about what a great buyer he is, how many deals he does, and how, in 8 years of investing (well, it started out as 8 years, and over the course of 3 weeks, has graduated into 10 years), he has NEVER, EVER, backed out of a deal. I'm not kidding you, every time I talk to him, he gives a ten minute speech about what a stand-up guy he is, and how he has never, and will never, back out of a deal. Fucking HILARIOUS. Even not funnier, is the fact that just a few months ago he backed out of a deal with another one of my wholesaler friends (I just found out about this today). Classic.
So anyway, that deal is officially not happening. Dammit.
Stupid, effing, shady bastard.
Also, I went downtown Saturday with Jim to see if there were places to walk him if I moved to Skypoint. Turns out, the guy at the concierge desk is either a liar, or just really stupid, because there is a park 2 blocks away, and also, the UT campus is just a few blocks away. Both are great places to walk dogs. So, anyway, I decided that I definitely wanted the condo I looked at on Friday, and sent in my application yesterday. I got a call a little bit ago from the owner telling me that he rented it to someone else. DAMMIT.
Fuck this day.
(Warning: This post contains profanity, including, but not limited to F-bombs)
Well, today certainly didn't turn out as planned.
The deal that I was working with my wholesaler friend was supposed to close today. I say "supposed to", because the shady-ass investor who was supposed to buy it ended up backing out of the deal a few hours before closing. I can't say I am too surprised, because after talking with this guy several times on the phone over the last few weeks, it has become painfully obvious that he is a friggin shyster. Shadier than an oak tree. In July. I stopped counting the number of lies that I've caught him in. Not to mention that I asked 3 different investors if they had ever done deals with him and their responses were (1) "Be very careful with this guy" (2) "Make sure to get a non refundable deposit from him in the form of a money order or certified check", and (3) "He's gone around me twice and stolen deals from me".
Nice.
The deal was actually supposed to close last week, but Slim Shady swears up and down that we all agreed to close on the 28th (even though the contract says otherwise), and not the 21st. So, we moved it up til today, and he ends up backing out of the deal anyway. Fucking jackass.
The not funniest part about this scenario is that this guy has gone on and on and on to me about what a great buyer he is, how many deals he does, and how, in 8 years of investing (well, it started out as 8 years, and over the course of 3 weeks, has graduated into 10 years), he has NEVER, EVER, backed out of a deal. I'm not kidding you, every time I talk to him, he gives a ten minute speech about what a stand-up guy he is, and how he has never, and will never, back out of a deal. Fucking HILARIOUS. Even not funnier, is the fact that just a few months ago he backed out of a deal with another one of my wholesaler friends (I just found out about this today). Classic.
So anyway, that deal is officially not happening. Dammit.
Stupid, effing, shady bastard.
Also, I went downtown Saturday with Jim to see if there were places to walk him if I moved to Skypoint. Turns out, the guy at the concierge desk is either a liar, or just really stupid, because there is a park 2 blocks away, and also, the UT campus is just a few blocks away. Both are great places to walk dogs. So, anyway, I decided that I definitely wanted the condo I looked at on Friday, and sent in my application yesterday. I got a call a little bit ago from the owner telling me that he rented it to someone else. DAMMIT.
Fuck this day.
12 comments:
What a great pic! Where did you find it?
Hi Jason,
I googled "middle finger image."
That's what I got...
Sounds like a shitty day Steph! I think that would be the worst part about wholesaling... dealing with investors. I hate investors! :)
What a pinhead!
It's too bad you can't send people a bill for the time they wasted.
Yup, I hear you! 98% of investors are shady snakes and liars! It's an expensive lesson learned, but, you HAVE TO get a non-refundable deposit before you lock a deal up to one buyer. I just made $2k on a deposit when the guy backed out. It sucks because I needed the house sold, but- at least I got $2k for my time. Lesson: make sure you always have 2-3 buyers for a deal, and lock it up to the first one with a non-refundable deposit! Then, once you get it, keep the other buyers on the hook in case buyer #1 bails out on you... that way you still get your deal done.
Wanna have a offline brainstorming session on all the ways to find buyers? Email me and let's do it...
Cash,
Oh, I got a non-refundable deposit from him- 2k, which he will lose.
Actually most of the investors I deal with are not shady like this guy. This is the first one I've had bail on me.
The good thing is, I have a big mouth, and I know most of the players in this market, so I will be sure to let everyone else know not to deal with this clown. :)
Steph
hehe- awesome. At least you made SOMETHING from the deal. Most guys are great and wonderful, until money gets tight for them- then the REAL personality comes out. Keep up the good work- and good luck on finding a BETTER place to live!
I tell anyone who will listen what I've learned--EVERY TIME someone's given me speeches about how many houses they've done or how Christian they are (sorry, Christians, no offense--but, this is the honest truth from my own experience), those are the people who have bent me over with no conscience or second thought. It's to the point that I run screaming from anyone that gives me the whole "I've done 30 houses; I'm a stand-up guy; never done anybody wrong; go to church each and every Sunday; in fact used to be a preacher" speal. In my case, it's happened with contractors, investors, and tenants alike. I'm sorry to see it has happened to you as well.
Be kind to yourself today! Do little things to make yourself feel better. Are you still on the 30 days with no alcohol thing? If so, go get a fancy coffee drink instead. Maybe go see a movie.... Or, just go straight to bed and forget everything!
Hi Trisha,
Yeah, this guy was totally over the top with his bs. He even called the lady at his title company while I was on the line and had her tell me what a great, reliable, guy he was. WTF?
Steph
P.S.
My 30 days with no drinking came to a screeching halt last week. It was my B-day, and I couldn't resist.:)
How's the no tv going?
What a piece of crap.
Hey, Steph,
Well, I kinda wondered if you had to break the "30 days no alchohol" thing. I might have after a day like that! And, birthdays are always, always exceptions to self-denial promises.
I'm still doing great with no TV--well, not great. But, I haven't cheated even once!
That sucks. What's his name, so we can put him on blast all over the place! lol
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