All Forum Posts by: Billy Rogers

Just to follow up, I ended up contacting the second guy who said he had the cash.  Well it turns out he did NOT have the cash so I ended up closing the deal with the original guy who paid cash instead of waiting for the mortgage company loan. 

Thanks everyone for your input, I appreciate it.

 FYI, there was no purchase contract, I accepted the offer over the phone three days ago and we agreed to close this Sunday for cash.  He called me today and said he didn't know yet when he could close.

I have a piece of land for sale for $6,200.    I had a buyer offer $5,000 cash and wanted to close tomorrow so I agreed to the sale.   

Another potential buyer I had talked to earlier called today and said he had the cash and wanted to buy the property.  I told him I had already accepted another offer but would contact him if the sale fell through.

The guy I made the deal with called today and said he plans to put a mobile home on the property and the company financing the mobile home wants to put the land in with the mobile home loan and pay me when he closes on the mobile home.  He said he doesn't know when that will be, but he will let me know on Tuesday.

What should I do?   The first guy is a really nice young guy, but part of me thinks that the deal was to close for cash on sunday for $5k and now there's an undefined delay.   Should I contact the second guy?  He didn't even try to negotiate on the price and said he has the cash.  Should I tell the first guy that I need to be compensated for the delay?

I know it's easy for people on the internet to say forget the first guy take the higher amount from the second guy when they aren't in this situation, so please give me some seriously thought out answers.   I'm wanting to build my business to a high ethical standard. 

Keith,

@Mark Holencik gave you very good advice in recommending those books.  The books are not reference manuals on section 8 regulations, they are about building a business based on section 8 rentals and will give you much insight into what you should expect and how they handle various issues.   I've read them both and would also recommend them.  

I've had two section 8 rentals and they both worked out well for me.  Other than those two books I would just say that you need to have a larger repair budget than you would for non section 8.   They will inspect your house and expect you to fix things that you may think are very minor and it can all add up (ex. a small area of chipped paint on a window sill).   Also, the tenants know you have to maintain the property to high standards and won't be shy about demanding repairs constantly.

@Brandon Turner Great job on this.   I think it's really useful and appreciate the effort that went in to it.

Victor,

Did you ever resolve this?   I run into this all the time on small vacant land properties, where they are willing to sell but they don't have any money to pay an attorney to help them get the property in their name.

I like John T Reeds books on real estate and love his guru list on his website.    Also, his book Success is really unique.  It's not the typical motivational crap, but unique things that he has observed that I've never seen in other books.  Anyway, I'd like to suggest him as a Podcast interview guest.

Lot for sale assessed at $11,200 will sell for $7,200 or best offer.

See Craigslist or Postlets ad for more details plus photos and video of land.

http://texoma.craigslist.org/reo/5296146359.html

https://postlets.com/posts/15550320/review

This property has been sold

tax delinquent list from county