Keeping the faith after multiple rejections...

[Kate Barry]

Hey BP

I'm looking for advice, encouragement, anecdotes, anything really that can help me find the spirit to keep at this.

We have had two seriously fantastic deals slip out of our hands at the last minute.  I know, only 2 deals isn't that many, but both were literally one step away from being secured.  The first one was one we had a back up offer on that was supposed to fall apart, but in the 11th hour the first buyer came through.  This last one really hurt - seller financing deal.  Seller loved our offer but passed because they decided not to sell after all.  That one I had been working on for a solid month.  Both of these deals together I have easily put in 100+ hours of work. The seller decided to pass due to all the uncertainty of COVID, politics, etc. I told them our offer stands, but it doesn't change the fact that we need something soon.  

It really stings the most because we are looking to house-hack a 1-4 residential MF.  We have a 4 unit all rented, a studio condo bringing in Airbnb income, but we are currently renting a 2bedroom in town.  We have to live in one of the units, and it has to be a 2bed or more because we have a child.  We have secured private money financing and even a financial partner.  We are experienced, motivated, capable, I'm a REALTOR and I can't put it together.

The ease that we got our first deal has spoiled me, and I just feel like all the wind is out of my sails.  Would love to hear other's stories if they have gone through this to help get me back up on the horse.  

[Todd Rasmussen]

@Kate Barry

The biggest mistake you can make is chalking up the second situation as a loss. You have a connection to the owner who is willing to finance and just decided not to sell? That's not a no. That's a not right now. Stay in touch so when they are ready to sell, you're the person they think of. We turned a rejected offer on a SFH into a portfolio acquisition with two years of follow up and I know an investor that still gets occasional leads from door knocks he did a decade ago.

You're seeing obstacles, investors see opportunity.