2 lessons learned the hard way. - Posted by Too embarassed to say

Real Estate Investing
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Posted by Nancy-NC on March 20, 1999 at 08:30:51:

Talk to the first in-law, if he promises never to do it again and you believe him continue to use his knowledge, if not find someone else.

I live in a rural small town area and this sort of thing happens often family or not.

IT IS NOT YOUR FAULT.

Word travels, people love to talk about what others are doing. I just put in an upset bid on a foreclosure and I am sure that half the county knows about it already. Everyone is related to everyone else.

HAVE FUN AND KEEP A POSITIVE MENTAL ATTITUDE LIFE IS TOO SHORT TO WASTE WITH WORRY

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2 lessons learned the hard way. - Posted by Too embarassed to say

Posted by Too embarassed to say on March 19, 1999 at 15:00:40:

Lesson 1: You can’t steal a house in slow motion.
Lesson 2: Loose lips sink ships.

Not only did I lose the property to someone else… I am how they found out about it!! UGH!! I don’t mind learning the lesson, BUT I hate having to learn it from a family member.

Situation: Found a house owned by another investor in town. Looked inside, even had someone more knowledgable in the repair dept. come for a look. 1st mistake - This someone is an in-law. Well this in-law casually mentions to another in-law about this house.

To make an ugly story short, Today we called to make an offer. The house sold YESTERDAY to someone on behalf of the 2nd in-law involved.

Lessons learned. OUCH!

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Re: 2 lessons learned the hard way. - Posted by Matthew Chan

Posted by Matthew Chan on March 20, 1999 at 12:48:37:

You may be embarassed but it doesn’t sound like it hurt you too badly (in other words, negative cash flow!)

I would rather make that mistake than some other ones! Don’t worry about it. Thanks for sharing.

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Re: 2 lessons learned the hard way. - Posted by SCook85

Posted by SCook85 on March 19, 1999 at 23:50:05:

Stop being so hard on yourself. If you stop making mistakes you are no longer learning. You learned a valuable lesson from this. If you ever do it again you shoud be saying Ouch, and Ugh!! I’ll even come kick you myself if you let it happen again. Look at the brigt side, YOU LEARNED SOMETHING NEW!!!

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Don’t you hate it when someone says . . . - Posted by JoeKaiser

Posted by JoeKaiser on March 19, 1999 at 21:44:50:

“. . . I told you so.”

The worst time to do your homework on a potential purchase is when it’s still available. Tie it up FIRST, then figure out whether or not it makes sense to proceed.

If you do it any other way, you’ll lose deals to someone else with regularity, and frankly, I hate it when that happens.

Joe

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Re: 2 lessons learned the hard way. - Posted by phil fernandez

Posted by phil fernandez on March 19, 1999 at 19:42:27:

To,

If you post your real name I will respond. I have a problem with someone hiding behind something.

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Now you Know who you CAN’T trust!!! - Posted by Ray

Posted by Ray on March 19, 1999 at 16:59:58:

It is always the ones you wouldn’t think would do it to you. I guess that was they only deal they will steal from you Huh?

good luck
Ray S

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Re: 2 lessons learned the hard way. - Posted by Laure

Posted by Laure on March 20, 1999 at 01:33:13:

I’ve made waaayyy bigger mistakes. It’s all good.

Laure :slight_smile:

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Isn’t there something that I can use … - Posted by KevinMiami

Posted by KevinMiami on March 20, 1999 at 24:55:42:

to just tie up the place at a price and then work out the details later. My Mortgage broker gave me a contract which he said is pretty standard for my area, but it’s got so many details that I know that by the time that I am able to find all this information to fill in I’m going to miss the boat.