Grinding to find deals that close.

[Dustin Erlewine]

At the beginning of the year I finally decide to do what I should of done 12 years ago and start building a portfolio.  I’ve been very hard at it and spent more time and marketing capital than I’d like to admit.   I’ve analyzed many deals throughout the years, so I have a good idea of what is and isn’t a deal.  I had my license in 2009-2010 where you couldn’t swing a dead cat without hitting killer deals. However, the three deals I’ll bleed my soul out to find have turned into some very sour grapes and didn’t close.  Inspections found costly repairs that put me out of budget (septic and foundation issues) cancelled two of them. I felt highly confident in my current deal knowing it was currently rented and easily cash flow $400 a month.  The inspection came in with issues, but I expected it.  I close next week, sigh of relief…finally.  Until, I got a call from the Realtor/PM three days ago.   The heavy rains over the last week has caused a water problem and damage in the basement.  The seller doesn’t want to move on his price and said he’d let me out with my EDM back. I’m guessing he’s had this issue before, and figured bad timing got him.  I’m going to take him up on it, eat the appraisal and title work and move on.  

I’m getting mentally exhausted and when I listen to the podcast I often find myself resentful of how others are finding deals in this market. And I don’t like it. I find myself stretching to make deals work, but the numbers don’t lie.  The cold calling, mailing letters, and constant hours away from family without any progress is tough.  I’ll continue to grind. There’s gotta be a soft ball carpet and paint lurking out there somewhere.