As of yesterday we officially cancelled the contract for the Hamilton house. They didn’t seem very interested in renegotiating at all. A shame because we had a buyer all lined up if they were more flexible on price. I can totally understand why they wouldn’t be, but it still sucks. We will just move on to the next prospect. Even though nothing came of this one we did learn a few things when it comes to estimating repair costs and what to look for.
Another first with this property was that we actually had to market it beyond our A-list buyers. It was great to actually go through the motions and see how getting a deal will bring the buyers. I’m not sure of the total count but we were still getting tons of calls as of yesterday.
Even if the house was no longer under contract or sold, leaving your advertising out there for a few more days can help you add more people to your buyers list. A good strategy in my book.
Short update today, but thought you all would like to know how it turned out.
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Scott – they may just come back to you if their “plan A” doesn’t work out. You did the right thing to walk away if the numbers don’t work.
I think Sharon’s correct … I wouldn’t be surprised if we see a blog post from you soon how the sellers contacted you again in an attempt to renegotiate.
Scott. Love your blog, been reading here and there for the past couple months and finally got caught up. I work 9-5 well actually 8-5 and just had a baby in March like you. I am trying to get started and must say I dont think I will ever get as much done in a day as you do, its phenominal. I understand the newborn thing, there is barely time to find to brush my teeth….
Anyway, I must have missed somewhere in my hours of reading, where/how did you build your buyer list? Was it from the meetings you attend? Did you call other bandit signs, respond to adds, find them from this blog??? Also did you start a small investing club in addition to the large one you attend? Thanks for the blog!! Its outstanding.
Thanks so much for reading my blog Bill.
It’s not about getting a lot done, it’s about getting the important things done. That also relates to a buyers list. It is great to have one, but in the beginning it’s not that important. Finding a deal is the most important because if you find a great deal the buyers will flood to you once you start advertising it. It’s like a bee to honey so to speak.
I also have a partner,as you probably know, and he does our networking for the most part. Our A+ buyers are the ones we’ve met at the local REIAs. But We’ve found buyers through all the ways you mentioned and some of our buyers monitor my blog and will contact me when they see I’m about to lock up a deal, it’s pretty cool!
As to your last question, I was apart of the startup of a small investing club but I don’t run it.
Hope that helps!