Posted by JohnK(CA) on January 22, 1999 at 12:44:38:
Stacy,
You seem to have the right attitude, Cuss it Kick it and move on. It is frustrating to get close then lose the deal. Nail the next one.
John
Pure Frustration - Posted by Stacy (AZ)
Posted by Stacy (AZ) on January 22, 1999 at 12:03:00:
Sometimes it just doesn’t work out. This is the final chapter of the White Elephant (post below). After spending hours of my time researching, taking time off work, bothering my title guy and various members of his company, setting up a property assessment, bothering my realtor friends for free comps, and getting just to the point of extending an offer to purchase, I got a message on my answering machine that the seller has decided to keep the property and fix it up. I could taste the payday.
I guess you could say I was too attached to the outcome. But if I had at least made an offer and been rejected, I wouldn’t feel this frustrated. I get to wondering if I didn’t have a full-time job, and could have done all the research within a day or two and made an offer, if the seller would have signed the contract while still in the “get rid of it” mind-set. There’s an advantage in being able to move quickly. But, I guess if the property wasn’t such a White Elephant, I could have had my ducks in a row sooner.
I think it’s a real challenge for anyone to do this part time, and eventually get to the point where they can transition to full-time investing. Having the time needed to work deals is a huge advantage.
Thanks for letting me vent. Time to pick myself up, focus this frustration into a harder sense of determination, and find my next deal.
Stacy (AZ)
Re: Pure Frustration - Posted by SCook85
Posted by SCook85 on January 22, 1999 at 17:15:45:
Stacy,
Things changed a lot for me when I went full time. I don’t have more time to gather the facts. I just gather less facts. Paralysis of Analysis I believe is the saying. In the beginning I always did my due diligence. It takes me no more then 5 minutes anymore to formulate an offer. I don’t always get out of my car. I guess it depends on what you want to do with the property. If I were going ot keep something for a rental I might want to know more of what I am buying, but in the case of flips and rehabs I just make my offers. I don’t waste time. If I get a counter offer that might be good if the home were in better condition then I go out to take a further look to see if the numbers will work.
Try it sometime, using this method allows me to buy 5 homes a month sometimes more.
SCook85