Posted by Tim Fierro (Tacoma, WA) on February 06, 2002 at 14:40:12:
Great, glad things worked out for you!
Lost $12,000 UPDATE - Posted by investorrob (WA)
Posted by investorrob (WA) on February 04, 2002 at 23:44:08:
This is and update on (Very Bad Day --Lost $12,000) I posted here Sat. and a VERY big thanks to all that posted help to my post.
I contacted my buyer this weekend and urged him into talking to the park manager today (Monday) which he did----
To my suprize the park manager will be writing a new contract for the buyer to sign. Wants the buyer to pay for the atty fees.
After my buyer talked to the mobile home park manager I drove over and had a little chat with the manager my self. He told me that the mobile home could stay (THAT WAS MY BIGGEST FEAR) I feared the buyer had made the manager so upset that he wanted the buyer and the mobile out. My buyer owes 3 months back pad rent. The manager did say if the buyer slipped up again he would require him to leave— How ever I could find a new buyer and my Mobile coud stay !!!WOW!!! was so glad to hear all of this.
I ask if in the future my buyer became late by 5 day on the pad rent, to please give me a call. Because I wanted to start Legal action, as he would at that point be in default on my prommissory note. BY not paying rent on time. This is the third time the buyer has been late on his space pad rent to the park. In I think 9 months. And I want to stay in good terms with the manager.
Bottom line there is no $2,400.00 or $12,000.00 loss after all.
The big lession I learned from this. If some kind of payment is to be made to another company, or enity that effects my profit I will have that payment made to me in some form, so that I know it will get paid to the proper company or person on time. I will control this, not relying on others like a “buyer”. Or even a “seller” in L/O
All new L/O on sfh’s I write up will reflect this. Also Lonnie deals I do in the future will state and require this.
Thanks again
The Very best of investing to you
investorrob