We wholesaled a client a couple properties in June of 2009. Our loan officer promised us the client could easily get financing, so we used our own cash and owner financed them to the client. Well, actually we used my father's cash, which he didn't need at the time especially since the deal was only going to last 60 days.
After a college graduation, a wedding, no sales for 6 months and moving to a new city, Dad was more than a little strapped for cash. A year had gone by and he still didn't have his money back.
On top of all of that, he and my mother are scheduled to go on a mission's trip to Africa in August and he won't have the cash to go unless these deals refinanced.
Well, miracle of miracles, both refinanced on Friday and I am sending him a big chunk of cash that should ensure he doesn't die of heart attack in the next 6 weeks and that the little children in Africa will actually get something to eat next week.
May sound depressing, but at this point, we're just happy for it to be over. If you are in this business long enough you'll realize it actually feels better to get out of a terrible deal, than to finish a good one. At least it did on Friday.
