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Updated almost 9 years ago on . Most recent reply
Why don't people want to make money?
Closed on a fourplex a couple of weeks ago, started making calls to set up landscaping and snow removal. Called 6 different companies who's trucks I see all over town with regularity. Only two of the six called me back: one said they would get right back to me, but never did. The other got back to me, but didn't give me what I had asked for. I had to chase them both to finally get one to actually do what I wanted.
Started making calls to set up trash and recycling service: same exact thing. Then, when the company I chased down to do the job finally dropped totes off, they didn't drop the recycling bins. Had to call a hundred times to follow up and get that done.
Called an insurance broker looking for an excess liability policy - never got any response.
Shopping for my next small multi: find a Triplex I'm interested in, have my agent talk to seller's agent. Nothing. Follow up with my agent, she follows up with him. "I'll get back to you about setting up a showing." Two days go by - nothing. She calls him again. "It's a real hassle to set up showings with all the tenants, you know." We set up showings for a Friday - call to confirm the day before (because we knew it would happen) and he canceled. Then let the listing expire (yes, I'm on it. Already talking to the seller off market.)
And on and on it goes. I'm sure folks who have been doing it longer than me have endless lists of this happening - but what's up with this? Don't people want to make money?
Most Popular Reply
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For the various minor service providers, yes what you describe is a not infrequent lament of REI and property managers.
For the triplex that you couldn't get a showing on, just tie it up in contract and do all that stuff during your inspection contingency period. Once it's tied up, sellers have an amazing ability to suddenly make all the things happen to close it ASAP. The approach you are taking is an owner occupied SFR approach, not necessarily a serious REI MFR approach if it's a modestly warm market. In any modestly warm market, you TIE IT UP IN CONTRACT FIRST AND ASAP so it's yours if you decide you want it, and then do all the little things (like actually look inside the units) later. Invoke your inspection contingency and back out if you decide you don't want it.