An event in the life of a RE Investor - Posted by karp

Posted by ScottE on March 31, 1999 at 10:35:19:


An event in the life of a RE Investor - Posted by karp

Posted by karp on March 31, 1999 at 09:58:49:

Just for all of you that think this is ALL gravy…
(especially for the zero who thought I was advertising?!?)

I sold a house I picked up as a preforeclosure. I brought the loan current to save the seller’s credit, gave them a small amount of walk away money and called my investor list to sell the house.

The house showed well , Upstairs rented, basement apartment vacant that was legal, spacious, etc. Investor said, yes. We did the loan, we went to closing, signed, etc. Everybody was happy.

On the way out, I gave him keys and he asked me about the circuit breaker and the water shutoff.

Feeling Oh SO Proud at my great acomplishment, I said “Let’s just go over there and I will show you myself!”.

We arrive and I tromp down the basement stairs right into a 6 inch deep SEA of SEWAGE. Yep, you got it, “greywater” is the nice term.

“Oh, Greywater!” I didn’t exclaim.

My heeart lept up my throat. Never before had I ever seen something this bad. You couln’t see the floor anywhere. My buyer is sort of just standing there. So what do I do? The only thing I can do- whip off the shoes and socks and go wading in. “Wow,” I say to the buyer “we had better get this solved quick”- like it is no big deal.

Roto rooter guys don’t want to touch it as there is too much water and they would get electrocuted. I arrange to have them snake the house from the rooftop. They clear the line and I hire people to go SCRUB the basement ALL OVER. We are talking filth here.

Did I mention the heater stopped working as a result?
Oh yeah and the PILOT light for the Water Heater? Underwater.

So the tenants living upstairs went and stayed in a nice hotel for 2 days. I had a furnace guy come out. Carpet Cleaners -twice, Cleaning people.

Now 3 days later, it looks great. Some repainting of the sheetrock is needed but no smell, no mess, everything works fine.

SO guess who eats the cost of all of this. Yep.
I would love to tell you how the investor loves and respects my integrity, how doing the right thing is just so fulfilling and win-win, but right now I need a Freaking bath and a beer or 10.

There is your advertisement…


I hate when that happens! - Posted by Michael Murray

Posted by Michael Murray on March 31, 1999 at 17:14:26:

Hey, Karp,
Here is a little incentive/motivation trick to use next time that happens: Throw your wallet in there first, no sense going into that stuff for nothing!
Know anyone who launders money?
Michael Murray

Re: An event in the life of a RE Investor - Posted by Scott(AK)

Posted by Scott(AK) on March 31, 1999 at 15:17:41:

Sounds like my 6 month trip to Haiti a few years back. Only think different, I wasn’t paying for all the work. I was doing it.

You did the right thing Karp. I am proud of you!

Scott (AK)

I thought our “wind” smelled funny - Posted by John Behle

Posted by John Behle on March 31, 1999 at 14:23:58:

We had a wind from the north. I thought the Great Salt Lake was doing the “rotting brine shrimp” thing again. Guess it came all the way from Ogden!

Kidding aside, sorry to hear your day was that bad. You mentioned you were having a s&^##y day, but I didn’t know you meant it that literally.

Glad you got it all worked out quickly.

Ten Beers, did he say “10 Beers”? - Posted by Jim IL

Posted by Jim IL on March 31, 1999 at 13:45:50:


Just kidding, thanks for sharing…I’m off to start on those beers.
Do you like “Becks”?

Fish out of water? - Posted by Redline

Posted by Redline on March 31, 1999 at 12:18:06:


Did you ONLY make like $20k on this deal minus the cleanup?

Good story dude - and good ending.


Re: An event in the life of a RE Investor - Posted by phil fernandez

Posted by phil fernandez on March 31, 1999 at 11:29:43:

Hey karp,

Thanks for ruining my breakfast.

Come over to the dark side - Posted by Sandy FL

Posted by Sandy FL on March 31, 1999 at 10:33:54:

LOL! I loved this story. Its not the win-win that bothered you, its the greywater! I don’t blame you a bit. (Got your hepatitis vaccine up to date?)
I once inadvertantly snorkeled in nasty water in the Bahamas (it WASN’T grey), … a nice local told me “hey they had raw sewage runoff going in over there yesterday when it rained heavy”. I couldn’t find a chlorinated pool and a bar of soap fast enough! Be glad it was just your feet.

But seriously karp, cmon, fess up. Besides increasing your integrity and good-guy quotient, didn’t you still do ok with the profits?

Sandy FL

Re: I knew you had it in you! - Posted by Stacy (AZ)

Posted by Stacy (AZ) on March 31, 1999 at 10:15:41:

Karp, no one ever promised it would feel good to go for the win-win! Hey, seriously, sorry about the mess! I’m curious…I believe one of the best aspects of real estate investing is that even when things go bad, there’s usually still an exit strategy that will keep you from taking a financial beating. Did you still do OK after the unexpected expenses? Hope so.

If I was there I’d buy you those ten beers.


ala Brando in Apocalypse Now… - Posted by FJW

Posted by FJW on March 31, 1999 at 10:09:47:

(whispering and fading)the horror…the horror…etc.

If I were there, I’d buy you a beer…and a shot. You deserve it. OUCH!