SHOT IN THE FOOT!!! Old Buck! - Posted by hk CA
Posted by hk CA on November 19, 1998 at 12:48:37:
Let’s see. You’ve spent all of two weeks learning a new business. Now you located a “bargain” property, told an experienced investor about it, and want to be paid 50% (or maybe 30%, but you’ve gotta think about that).
That experienced investor probably has spent many years learning the tricks of the trade, trying all sorts of negotiating techniques, risking his money and sometimes losing some. After they have gotten a “lead” from you, they have to determine whether or not it’s worth pursuing. That requires getting comps, assessing the neighborhood, structuring a plan, approaching the owner, convincing him that he should sell at a highly discounted price, arranging some type of financing plan, closing on the property, doing the fixup work and putting in more money, making payments while he is holding the property, getting the property ready for resale, developing a marketing plan, negotiating a sale with the buyer, closing the sale, and hoping the buyer doesn’t come back and bite him on the ass because of something he may have (or at least the buyer THINKS the seller may have) done wrong. There are lots of other concerns that could also pop up.
I can appreciate your enthusiasm and I don’t mean to sound bitter, but you have to walk before you run. The thousand dollars you got sounds pretty fair to me, considering your experience and the amount of work you did.
One last observation about a statement you made:
>I know a lot of women who have the money to buy a house and I know of houses that are being sold for cheap (family and friends and a foreclosures list) with high apprasals, I just dont have the money to buy it and then sell it.<
Re-read your statement again and again until you figure out the key to your money problem.
I wish you luck and success.