Okay first things first. I was able to get 17 offers sent out! I can't believe it.. it took me about 3 hours to write everything up (prolly a lil less) but i was able to get it done, they didnt go out friday, they went out Saturday.
Hopefully I will see some action this week :) Surprised, my phone didnt ring today.. but I know it will ring tomorrow :)
I had a meeting on friday with my favorite buyer! The guy that buys everything, literally.. and well not so good news :( He said that one of his local banks is basically failing, they are no longer funding RE investors, he had a $500k line with them, then ANOTHER one of his banks called him up with similar news. only he had about a million dollars through them (that sounds so weird to write lol) but it sucks, because now he is left with about 500k through another source, and 250 of it is being used. So he's desparatly trying to find more outlets.. he has assets and good credit :) so if anyone reading has about 2mil to lend let me know i know the perfect person :) / shameless add .. anyway, yea so that was a blow, he's trying to get his one line of 500k upto about a million, they may be able to.. but we will see.
This is kinda a blow to me, i've been so lazy in terms of finding more buyers because this guy was so reliable.. but you know what they say, can't put all your eggs in 1 basket. It's scary now though, i hope you can find some more outlets. There are not a whole heap of people buying stuff in greensboro right now, and the ones that are want to buy so cheap , they will get mad if I make more then $1000 on a deal, jerks. Well that's about it.. I have another meeting with him this week, hopefully he will have better news!
If I get one, or some of these offers approved..then i better get rollin finding buyers.. oh yea, my girl who is making my lists for me just sent me another list that about doubles last weeks! There is so many properties on the market that are waiting to get scooped up, damn i wish i had a lot of cash.
I NEED TO FIND BUYERS!!!!!!! arg
Sunday, I lost a classmate of mine unexpectedly so that was kinda rough. My heart and prayers are going out to his family....a genuinely good guy, and we shared the same name.
Dennis
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2 comments:
I have learned the hard way not to put all my eggs in one basket when it comes to buyers. I had a buyer like the one you were describing, and the same thing happened to him last summer. All of a sudden he was out of cash, and my money train came to a screeching halt.
I have learned to always, always be looking for new buyers no matter how solid my list is...
Hopefully he can get more financing lined up, but if not, there are plenty more where he came from, so don't sweat it (easier said than done, I know).
Very sorry to hear about your friend...
Steph
You're so right, I always thought about the "what if he can't come through" but never took it seriously because it was easy money. He actually managed to get more financing which is good, he'll have more then what he started out with.. but doesnt have it yet.. I'm about to post an update to this fiasco
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