I can certainly understand your reluctance to jump back into the wonderful and wacky world of finance fully dressed, so to speak.
Even so, there are plenty of smaller institutions that you can probably call on in casual attire, say maybe golf clothes. And almost all of them can be reached by phone these days.
I can’t say that I do very well on the phone (can’t think and talk at the same time), but I have a friend who NEVER travels anywhere and she does all of her investing (RE and other) over the phone. Instead she saves all her valuable time for the jet skis, tennis, and golf. My kind of woman!
If your reply to me was in any way a quote, I would rethink your language to the banks. Never, never offer to cut yourself out – a banker would never do that.
If it helps, think of your operation as a financial unit with stockholders (stakeholders is the more politically correct term these days)to whom you must report. You are responsible to them(your family) anyway, so you might as well get whatever psychological benefits go with the job too. Your goal should be to protect their financial interests. Now, I know that this is your goal, but you may need to get that fact across to the banking community too.
Thanks for asking about the “Dripping Springs” project. I’ve about finalized the design, costs and scale of the project and I’m waiting for another month or so before I start breaking ground. I’ll keep you informed as to the progress.
Yours,
Eric C
PS - if you want someone to pick on whose dress level is more casual, try some insurance agents. Many of these companies are tightening their property guidelines and this is causing a lot of RE to fall out of favor with owners and bankers alike. A couple of side points - most of these agencies are small enough that you can easily talk to the head person (he/she doesn’t have anywhere to run) and they play golf so poorly that you can win enough money from them to compensate you (partially) for your time.
Posted by TRandle on January 25, 2001 at 07:50:04:
dew,
A quick refresher. I was trying to buy a 2nd on a house facing F/C. I offered $1,500 for the 44k note - lender rejected and thought I was talking short sale. 2nd lienholder bought first (80k) to stop F/C. I asked lender to finance me 100% at 112k or to do a short sale at 100k if they wouldn’t finance me. House is worth 155k to 160k.
So, I’ve left several messages for seller since seller has to request the short sale and also left messages for the lender contact. Previously, I was on good terms with both, or so I thought.
I finally received a return call from the lender who wants to know if I bought the house in Austin? Their Fraud Dept. has informed my lender contact the house is sold and folks have moved in. FBI is being brought in to investigate. Seller’s husband is in jail and seller is back on the east coast. Discussions regarding my offers are now postponed until further discovery is done. This ain’t done yet and it’s sure entertaining.
Can’t say anything about the specifics of your deal that you don’t already know (other than “been there, done that”), BUT… (the dots are for David A’s enjoyment)
… some of the best deals I’ve ever done with institutions came about as a result of busted deals like these. They’re often a great opportunity to “improve” your image with the institutions in your area; its a rare chance to be treated as “one of the club”.
Sharing their “pain”,so to speak, can do wonders for your banking relationships; it’s one more way to distance yourself from the crowd.
It’s also a way to get “paid” for the education and the entertainment.
Re: side benefits to entertainment - Posted by TRandle
Posted by TRandle on January 25, 2001 at 11:04:01:
Eric,
Naturally, I was working that angle from the first call. “I’ll be happy to provide you with whatever information you need, even if it means I’m cutting myself out of the deal, but I would hope we can work together in the future, blah, blah, blah”. Unfortunately, I’m not at the decision-maker level yet, but we’ll see. I know working the institutions is a good idea, but I’m not sure I’m ready to don the woolens and choke collars again, yet.