Posted by Brent_IL on October 02, 2003 at 09:57:58:
I can understand the investor?s frustration. At least 99% of the deals folks email me about don?t make sense on their face. There?s no need to go further. Laughter is a better response than ragging on the caller. No one begrudges new creative real estate investors the opportunity to learn from experience. What we want to avoid is their education experience being paid for on our dime. It?s similar to hiring a personal injury lawyer for your real estate deals. Sure, he can learn, but you?re paying per hour while he does.
I just got a message from another investor who thought it was funny I called him on a house to rent ad from two weeks ago and thought it was even funnier that I was interested in renting the property with a chance to buy it in a few years. He did say he would sell it to me for a million. Do you think he’ll accept a 50yr L/O?
Nick, you need to get a thicker skin… - Posted by Jim (NY)
Posted by Jim (NY) on October 02, 2003 at 12:48:07:
Hi Nick,
I don’t know you, but I from what I’ve garnered from your post I’d advise you to get a thicker skin…
You’re going to get a lot of these types of responses, and your success in this business will based on how you react to them. You’re gonna meet axxhole sellers, axxhole realtors, axxhole buyers, etc. on a continuing basis. Plenty of people will tell you it can’t be done, your wasting my time, ect. Your ability to let it roll off your back will directly relational to your level of success.
I don’t know your situation, but I’ve had plenty of calls from newbie investors with all kinds of bright ideas.
How they want to rent my property with a right to sublease it to some stranger. I ask them how many times they have done this on other deals and they tell me “none”. I ask them what happens if the person the put into the house doesn’t pay them. I’ve never gotten a good answer.
I remember one investor called me about a wholesale property that I had sent out by email the week before at 95K to a bunch of investors on my email ist. He called me out of my “we buy houses” ad in the paper.
He started describing the property and said he could sell it to me for 99K via a contract assignment. He was trying to sell my house back to me for more money, but didn’t realize who I was.
i have always thought that usership was more important than ownership. perhaps he would take 500k up front for option money and 50k a yr in rent on your 50 yr deal…
Trust me I’ve already had my share of axxhole responses from sellers, realtors, buyers, ect… I expect that! I guess the difference is that I look up to more experienced investors and you would think they would appreciate your effort. Personally I feel by his comments that he is not educated in the purchase option investing techniques, and for being an investor for a number of yrs as he said he was? I think I’ll have the last laugh! Just my opinion?
Thanks for the feedback!
Nick O
That is hilarious! Knowing me I would have played the game a little bit on the phone before I told him that I owned the property. Or maybe beat him down on price (as the buyer) so that he calls me back from the email and tries to beat me down on price (as the seller). LOL. See how long it takes for him to catch on.
No, really, I give the guy an A+ for trying. Hey, he was taking the initiative and I bet he isn’t so green anymore because of it.
Re: Why are some other Investors such axxholes? - Posted by Ed (NY)
Posted by Ed (NY) on October 02, 2003 at 09:24:07:
I guess these “axxholes” were never newbies themselves, nor did they ever ask “stupid” questions… Why don’t they cut people some slack? How are people ever supposed to learn without first making mistakes?
I’ve coached, mentored, and assisted alot of newbie investors in town often for free or if I’m lucky they buy me lunch or if I’m really lucky I get a real estate commission or referral fee. Some of the stuff I’ve seen though just gets beyond ridiculous. Just walked out of a seminar and they are reading their notes to me over the phone. Trying to figure out how to buy my newly rehabbed house with zero coupon bonds, a wraparound mortgage, and a 5-year lease option with rights to sublet.
