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Updated about 9 years ago,
Nobody got hurt! New Jersey investor
new to the community, and wanted to share my real estate tale. (p.s) no a professional author so bare with me. also just sharing that even though I've been doing flips for a few years... carelessness can get the best of us.
EDUCATION ON THE JOB: Investing 101
(rear view of the property)
EDISON, NEW JERSEY
This was a deal which, turned absolutely no$$$ profit, DID however educated me the most about people, motives and just common sense.
Aside from it being a short sale and I am sure some of you know how difficult these can be, what was even more so challenging was that this property had tenants, the seller lives in Hawaii, US Bank is think is located in the mid west and my Buyer, wasn't a direct relationship but through a whole seller. needless to say thing did not go as planned, but the bright spot is simply this... I was able to help out a home owner that trusted me with there situation. Yea the buyer bought the property, but not in a timely fashion because of the tenants, which was a breach in the original agreement, which = no $$$, but I was able to help out a person and man did I learn a lot along the way.
Things I learned:
If its not in writing, it never happened (seriously)
If you need tenants out, do not wait start the (PROPER) eviction proceedings
If you have a short sale, be aware of the timing and (Re-appraisals)
If the town asks for it (provide it) believe it or not the townships, city and local ordinances are on your side!!
If you don't know the buyers personally (enough so you can call and ask questions) strongly consider taking another direction
Friends don't let friends do bad deals, listen we all want warm fuzzes when working with people but the reality is, your running a business. protect your self at all time - its not personal its business.
be objective (AND THIS IS HARD) but houses, don't have feelings, wholesale fee's don't have feelings, title company stamps and legal paperwork have no feelings, if your the feely type get a hobby or pour your emotions in another venue. real estate (demands) you to be at the wheel, and be ready to face the ugly truth.
"real estate is about quarterbacking the deal" if its your baby your hands need to be in all parts of the deal... soup to nuts
Never Bitter only Better - Nick