5/4/09
Hope everyone had a great weekend...
I spent mine plotting my revenge on a scumbag investor/wholesaler who just screwed me on a deal. It's kind of a long story, but I'll give you the condensed version....
About a month ago, this douche bag investor (I'll just refer to him as DB from this point forward), called me up and told me about a deal he was about to get under contract. He knows that I do a lot of business in this neighborhood and wanted to see if I might have a buyer. If so, we would partner on the deal- split the deposit, and then split the profits. So, I go out to look at the house, and it's a no-brainer at the price he said he was going to be getting it at (34k). I could sell this deal with my eyes closed. Which I did. Had the deal sold within a few hours for a 10k profit.
So, DB calls me up the next day and tells me to hold off on getting the contract signed with the buyer because he doesn't know what the closing date is going to be yet. He tells me that it's probably going to be a couple of weeks before we get the addenda back from the bank because they just got bought out by another bank and things are moving really slow. This has actually happened to me a few times before, so I didn't think anything of it. I also checked the address in the mls just to make sure it was pending, and it was.
Since then, I've probably talked to DB 30 or 40 times, I've gone out to lunch with him, signed up 2 more deals (that he's buying from me), and he keeps telling me that we should be getting the addenda back any day now. As a matter of fact, he called me on Wednesday of last week to tell me not to worry about this deal, and that he would be getting the addenda soon.
So, Friday night I went out to happy hour with another wholesaler friend and I almost fell off my chair when these words popped out of his mouth, "Hey, congratulations on finally getting Pine closed- I saw in the mls that it sold this week........"
Even though this guy is a world class scumbag, I still gave him the benefit of the doubt, and instead of calling him up yelling and screaming right then and there, I decided to wait until the next day to get to the bottom of the situation.
I checked the mls the next morning, and sure enough, the house had sold on the 29th of April for 29k!
So, I sent DB a text (he didn't answer his phone) that said, "hey, is everything still OK with Pine- it says it was sold in the mls.."
Crickets.
No response. That was Saturday, and he still hasn't responded.
I ended up driving out to the house Saturday afternoon, and sure enough, there was a For Rent sign in the front yard, which I called, and found out that DB sold it to someone else.
Nice, huh?
He's a worthless piece of trash, and as much as I want to call him up and tell him what a scumbag loser he is, I have to bite my tongue because I have 2 other deals going with him, and I'm afraid he will just bail on them if I go off on him like I want to. Bastard.
There's also a lot more to the story that I can't get into right now, but trust me when I tell you the shit is about to hit the fan here in Tampa.
So, ANYWAY, that's how my weekend went. Good times..
On a lighter note..... I accomplished one of my goals that I set last week on Accountability Monday- I got the FAQ section written for the new website. The other goal I set was to get another deal locked up, which I did not do, but I'm pretty close on one and should find out today if it's a go.
My goal for this week is to hire someone to beat the ever-loving shit out of DB.
Any takers?
Just kidding. Kind of.
This week my goal(s) are:
(1) Run 3.5 miles Monday-Friday.
(2) Make 25 offers
(3) Get another deal signed up
How did you guys/gals do?
Let's hear your goals for the week.....
Monday, May 4, 2009
Weekend Update/ Accountability Monday #3
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27 comments:
Ouch, Steph - sorry to hear about the DB, I hope it works out and am looking forward to updates. Did the 2 of you have anything signed?
For goals, I passed the RE exam (heh), studied Portuguese and interviewed 2 brokers, one of which I am going with as soon as the state gets back to me with my license number.
This week - more Portuguese, it is almost here! Send in the paperwork to become an agent, get an outline going of educational material with said broker so I can work on that in Brazil (gotta do something), find cat sitters.
Feel better and keep your head up, karma always tastes great.
Hey Alison,
No, we didn't have anything signed.
You're really truckin along- keep up the good work.
Steph
Hopefully those other two deals don't fall apart like this first one did. History has this eery way of repeating itself.
OK, I'll play!
My goals for this week:
(1) Launch our new application line.
(2) Get our new website into the public domain.
(3) Push an update out for our first application.
(4) 500 real estate followers on twitter
(5) See Star Trek in iMax.
I had better stop there.
Sorry to hear about the guy. What an idiot.
I did fairly well with my goals from last week. I got 3 more SS deals in the pipeline.
I also looked and sent out four offers for REO's. I wanted to send out six, but two of them went pending by the time I was ready to offer. I was ready to make full price offers because they 'seemed' really good. I am starting to know the area better, and the next time one of these deals hits, I'll move more decisively.
Goals for this week:
1. Get 3 more SS deals in the pipeline.
2. Look at and send out 8 offers on REO's.
Wow. Sounds like a real piece of work. And piece of shit. Hopefully the other 2 deals will close so you can tell him where to go.
My goals for the week (1)2 offers/day on REOs (2) Take an REO agent to lunch.
Don't worry, DB will sink his own ship. I think I would probably go poke him in the eye. I don't know if I could be so cool about it.
I did ok on the goals last week. This week the list is longer but the tasks are easier.
This weeks goals are:
1) finish painting the spare room.
2) finish moving stuff to the spare room.
3) meet with Dee Dee.
4) start presentation outline with timeline for completion.
5) obtain remote mls access to Vegas
6) follow up with zip realty.
7) familiarize myself with postlets
8) get Kevin's craigslist copy for private money.
9) work on vision board.
10) get someone's login to realcomp.
11) review Saturday workshop and submit questions.
I be busy!
I hit my goals for this past week with the exception of getting the buyers for the two deals to commit earnest money and get closing dates scheduled, so that goal is rolled over to this week...I should be able to get this done but who knows what will happen as the sellers are being difficult.
-Also, I didn't get any new properties under contract...not good enough leads.
Goals for the week
-Get the buyers for my 2 current deals (one new deal replaces the one that fell through last week) committed with earnest money and closing dates scheduled.
-Generate 40 leads for one tier of my affiliate marketing
-Workout every other day.
-Call all my recent RE leads and make offers or referrals on each lead.
-Put out 80 bandit signs.
-Get one new property under contract.
btw...if any of you have deals in Indianapolis, I HAVE BUYERS...lets JV.
http://www.theindywholesaler.com
Steph,
Sorry to hear about your deal. Hopefully karma will kick his ass.
I did good on my goals for last week. My goals for this week is to put a plan together and start looking for a cash partner for deals.
Karma's a bitch. He'll get his.
I didn't do very well on my goals last week.
This week I need to make at least 3 blog posts and find out where to get signs in my area.
Hi Girlie,
I have to give you credit for maintaining your cool with the DB investor because that is definitely not an easy feat. If I were you, i would try to sell the deals he is supposed to buy from you to someone else and when he calls you to ck on the status...advise him that you do not like to do business with individuals that lack integrity and hang up. Don't entertain any deals with someone who can look you in the eyes and lie to your face on more than one occasion and then not respond to your calls or texts after the fact! Run from this man and let others know about him....he will soon be blacklisted and punished for having zero integrity!!! He did it to himself.
Hi Jennifer,
Trust me, it's taking every last ounce of restraint I have in me to not head over to his house with a baseball bat.
I thought of pulling the deals from him, but we just signed extensions on both of them Friday, so legally he could come after me if I sold them to someone else.
He'll definitely get his, though. That much I'm sure of.
Steph
The best revenge is the revenge taken later...when he least expects it.
I called Two For Rent signs...might I ad that they were the only two houses for rent in my town. Wasn't easy to find them either!
This weeks goal is....Sign up for my Real Estate licensing class.
I'm glad you kept your cool! I know how hard it is as I find myself losing my cool quite frequently! Especially when it comes to dumbasses!
I completed my goals from 2 weeks ago and 1/2 my goals from this past week. One of them was not really for lack of trying, I'm just time restricted these days since my husband went back to work... sucks!
* Make 3 offers this week
* Find financing for the 5 condo deal (if/when it gets accepted)
* Work through my "Operation quit job" goal
Eileen-WI
www.flippingwisconsin.blogspot.com
DB won't learn his lesson. He WILL suffer the consequences, Karma will get him. But but sadly he won't know it. He will never know about all the deals he misses because people don't trust him. He won't know about all the opportunities he misses from networking because no one networks with him.
That's how it works with the bad guys. They don't know what they are missing because everyone avoids them.
Ok my goals for the week.
1)Inspect 100 properties.
2) get out a 1000 piece mailing.
3) Publish another blog post
Wow, what a crazy story Steph! Never a dull moment in this business, that's for sure ;)
I hiked all weekend - it was great! Also, caught up on my reading of international business news. I'm following the story of Fiat possibly buying a portion of GMs European division...a lot going on in business news- domestically and internationally...
Going to continue with it this week! :)
Hi Steph et al!
I completed most of my tasks last week. I got to my section 8 list yesterday. It was a bust but I did call it! I got 2 new buyers with a possible third. For this week: Find 2 more buyers for my area, walk another week with my hubby, update my blog, look at 4 REOs and drive for dollars.
http://momofsevenwholesalingpa.blogspot.com/
Sincerely in Christ,
Leesa C.
Eph.2:8,9
L.J. Cramer Properties
Hey Tampasteph, maybe i'm missing something but you did say the DB investor sold it to "another investor", not your "buyer" right??? If it was ur buyer than i can see that being a problem, but if it wasnt what's the hard feelings for??? (am I missing something)
I guess he could have been straight up and said hey i going with another buyer, instead of using urs.
Lori_nj
I guess if you don't have a problem with someone lying to your face and stringing you along for 30 days, then there is no problem.
He even called me the day he closed (the 29th) to tell me that he was still waiting on paperwork from the bank and it will be a little longer. I think he was just going to keep stringing me along until my buyer gave up and said he wasn't interested anymore.
I spoke to him numerous times over the last month to make sure everything was still a go, and he assured me over and over again that it was a done deal- we were just waiting for the paperwork. In actuality, he had already sold it to another investor but is too much of a coward to just be honest with me.
Also, I told him at least 20 times that this buyer was a good client of mine and I wanted to be sure that we had this deal because I don't want to ruin the relationship I've built with this person. Again, he assured me that it was a done deal, and we were just waiting for the paperwork.
On top of all that, he doesn't even have the decency to call me back and let me know what is going on after I see the house is sold in the mls.
Other than that, I guess it's no big deal.
I see ur point Steph, but i have to say it must be the southern hospitality in Florida. Here in Jersey the area i wholesale its "grimey", u have to take these investors words with a grain of salt. I have partner with investors on some deals some do close some dont, as long as u dont go behind my back try to use my buyer and stiff me out the deal. I dont care if u go with another buyer just not mine. But in your case the DB should had been straight up and said i going with another buyer, instead of stringing u along.
Lori_nj
It's dirty here, too, although a have a handful of guys that I work with quite often that I trust 100%. This guy isn't one of them, obviously.
There was no reason for him to bs me, though. Especially when he approached me with the deal in the first place and said he was going to pass on it if I didn't have a buyer.
To just keep lying to someone on a daily basis is unacceptable in my book.
I don't do business like that.
Steph
Steph,
do you have to do the other 2 deals with this guy, i would kick him to the curb fast.
Hi Russ,
Yeah, unfortunately we signed extensions on both of them on Friday (one day before I found out what was going on with the other one), so I don't have a choice.
Steph
What a prick Steph, and you know the sad thing is.. he's prolly got a million and one excuses on what happend and why he had to blah blah blah. It sucks you have to bite your tongue on this one, but you gotta do what you gotta do! Hey listen, I read this article about "mega regions" basically regions that will continue to boom through the next many years, and Tampa was specifically listed amongst these regions :-)
the link is, (It's interesting) http://www.angeloueconomics.com/megaregions.html
Hey Dennis,
It's all good- I'll bite my tongue until the other two close, and then I have a little surprise planned for him...
Thanks for the link- I'll check it out now.
Take care,
Steph
you do have a biker from Chicago as a friend, ya know?
Ya want I should fit him with some cement shoes? (I kid, I kid)
feel free to send over DB's info, and I'll meet him and discuss how things should happen from here on out.
Still wanna get paid from that deal? ,,,,,,,,,,,,,,most likely we can make that happen too.
All thanks to the power of negotiation.
I am that good, promise!
Seriously though, after the other two deals close, karma will bite him, just as others have said.
I really dislike holes that begin with A!
Been a lot of those around here lately.
Take care Steph, keep your head up,
BikerJim
Hey Jim,
He would look really good in a nice pair of ce-ment shoes. Hehe.
We've got to get together for a beer soon. Maybe this weekend or next?
Steph
I know I'm a bit late but my week went pretty well but really slow.
Last week started off with a bang as I got to get in contact with not one but three different attorneys, go me! I am not definitive about if I will work with any of them, but at least I'm out there learning. By midweek however everything came to a halt. I got sick not with swine flu, (thank goodness) considering the general population is terrified of coughing and sneezing in public, I kept a low profile. So I wasn't able to check out any houses.
This week:
-Submit offers on 3 houses.
-Exercise 5 days at least 30 mins
-Organize my closet
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