Owner & Partner Mistakes

Here are the most common mistakes partners & owners make. Every month, someone loses an opportunity which costs them anywhere from 2 to 10 mortgage payments. It would be funny if it weren't so sad.

Every single month, some dingle nut goes to Mexico and comes back a week later and asks about their property. Bummer. "Sorry Mr. Dingle Nut, I couldn't reach you and I took my buyer to someone that was paying attention." Amazingly, people who have even read this paragraph will go on vacation and not tell me. I can't figure this out - do they really have money to burn? Can someone explain to me why it is so hard to keep me posted? If I don't hear from a partner within 24 hours, I take my buyer/tenant somewhere else and turn their property off several websites.

Mrs. Spouse goes sideways after reviewing the terms and decides that they don't want to do a lease/option or they need more time to think about it. I guess it was really too difficult to have their partner read this page BEFORE I brought a deal to the table. If I don't hear from a partner within 24 hours, I take my buyer/tenant somewhere else and turn their property off several websites.

The partner decides to sit on a contract for a week after I bring them a buyer/tenant. They want their lawyer, sister, uncle real estate agent to review the contracts. How difficult was it to have their lawyer, sister, uncle real estate agent read my sample contract BEFORE I brought a deal to the table? Since their property sat vacant for several months they didn't have time to do their homework. If I don't get a call back within 24 hours, I take my buyer/tenant somewhere else and turn their property off several websites.

They forgot that I spend 8 hours a day on the phone trying to bring buyer/tenants to the table. I don't call people to chit chat about the weather. In fact, the only reason why I call a partner is because I have a deal in progress. They forgot that when I call, they need to freak out and rush to a phone.If I don't hear from a partner within 24 hours, I take my buyer/tenant somewhere else and turn their property off several websites.

No problem, I take my buyer/tenant somewhere else. I then modify what we have advertised and let them eat 2 more mortgage payments.

They can't imagine how pissed off I get after driving for an hour to meet with a hot prospect and discover I can't show the property. What is really hilarious is that the partner decided to save a dollar by not getting a key duplicated because as they gave the one key to the cleaning woman. They saved a dollar and it cost them 4 mortgage payments! Don't laugh. This happens once a month. I shake my head and take my buyer/tenant somewhere else and turn their property off several websites. There is less than a 10% chance that they will reschedule.

I check the status of a property about every other week via email. I recommend partners who have "computer challenges" to make arrangements with someone they can trust to help. Unfortunately, there just isn't enough time in the day to call every partner I have. Yes, times have changed and the Andy Griffith show went off the air a long time ago. I can't bring it back.

Since they haven't faced reality yet and refuse to admit that properties values have gone down, they want to keep dreaming that theirs went up in price. They forget that the estimated value is not the price a potential buyer/tenant will pay for the property. Current estimated values have no bearing on a lease/option contract. Here are 3 reasons why inflating the estimated value works against a partner:

1	Buyer/tenants have bad credit but they aren't stupid. One look at an over inflated property and they just move on to the next one. The days of hidden information are over. My site shows them in one instant how a property compares with others.
2	The average/buyer tenant can't afford expensive properties. By inflating the value of property, it pushes it outside the price range of more tenant/buyers.
3	Buyer/tenants are looking for a deal just like everyone else. There are thousands of other properties being unloaded BELOW comps. Showing a property above current value indicates an unreasonable partner.

 

Not only do my tenant/buyers require monthly statements, but the purchase agreements are publicly recorded. This means, that if a partner stops making mortgage payments or tries to do something sneaky, we will know immediately. Partners who do this are immediately delt with and no mercy is shown.

Partners who ignore financial problems lose more in the long run. Partners who come to me and explain their situation are the ones who get my full attention and help. There are numerous solutions to financial problems and ignoring them is just plain dumb.