How was your day? (or, what can go wrong?) - Posted by Marty (MO)
Posted by Marty (MO) on June 01, 2007 at 14:34:41:
We started out the week with a vacant land home rental and a Lonnie deal just about ready to sell… We also have a land/home we’re developing. Not swamped, but pretty busy.
Wednesday… I get a call at work from one of our reliable payors. “Willie disappeared a few weeks ago and I can’t afford to live here so I moved out last week.” Home’s in decent condition, should sell pretty quick. She signed the title over to us.
Then… our repo was successfully completed. Rough condition, but we’re glad to be done with these cockroaches.
Then… another long term payor is leaving. Wants us to buy his home for $1500. He is definitely leaving (moving to KY) by the end of June. We agree to give him 1/2 of whatever down payment we get and he’s allowing us to show the home. Another good deal for us.
Then… a payor on a note we bought burned his home down. He was a suspected tweaker, but he always paid, so we left him alone. We have records of him having insurance, but it lapsed. Bad deal for everyone. Wiped out most of our profit, for sure.
THEN… perfect payors… we knew they were looking to move, because mortgage companies were calling for references. We gave glowing (deservedly) references. You can’t begrudge someone moving up. They were late on this payment, not answering their phone. We drive by… empty.
NOW I’M CRABBY.
If it weren’t for holding costs and this being the end of the month, I’d be a pig in mud over most of these deals. But, with expenses and loss of income, what a @%#@$%$%@ day!
Thanks for letting me vent to people who understand…