All Forum Posts by: Michael Schaeffer

A laundry list of excuses after a contract is signed by people with a hoarding issue may simply mean they are struggling to let go of the home the same way they struggle with getting rid of anything else. It's for torture for them...one episode of the TV show hoarders illustrates that all too well. All I can say is from a psychology perspective is that they most likely need to feel in total control to even begin to let go of the property . The feeling of letting go of the property coupled with the probability that they don't feel in control = where you find yourself right now. Based on all the other advice in this thread, only chance is to back off, wish them well, let them know you are there when they are ready if they change their minds. Follow up with them in a week. Some really good points about it coming back to bite you have been made. You want them to have a clear conscious and to feel good about the deal and it's certainly not worth the aforementioned potential legal ramifications. Tough one. They'll be more. Keep us posted please.

Funny I've often thought that if I invested in a war zone I'd post small signs by the entry points that say "no copper or valuables in this house. I went with pvc". But anyway, great questions. Best of luck.

I'm going to be super honest with you. I've never done an investment deal. Hopefully soon. But I have sat through my own settlements were there were issues and It can be a nightmare. Sellers are often under a lot of stress . This sounds like a case where you may get more with sugar. Offer to help them solve their problem... see if you can get them to open up to you about what the problem really is and maybe you can salvage the deal and come out the good guy. Problem solve for them. Yes I'm changing my advice from my original reply now that I realize you don't have any skin in the game. Do what's right and you'll never lose. If that doesn't work, email them a thank you letter saying "I'm really sorry we couldn't do business. I'll be here if you change your mind or if there is ever anything I can do for you. I wish you the best of luck in your new place". I say email for the purpose of time. The Point is communicate that sentiment to them as soon as possible. It's often said that sellers don't always go with the highest offer, sometimes it's who they connect with. My beginner advice.

Can't help but to wonder if they do in fact back out, list with the agent, cant sell in the time frame they need, only to call you back. I'm curious to know what they said their issue is and what the sellers situation is, if you'd be willing to share that with us.

I am no expert. Not even close. But it sounds like they are citing the attorney review period. If this is a deal worth keeping, it's sounds like you may want to pay 250.00 to sit with real estate attorney and get some rock solid factual information to protect your interests. I know that's not much of an answer but I saw no other replies. Best of luck with your situation

Can you tell us roughly how much you invested in marketing before you made your first deal ? Thank you

Thank you again. Very refreshing straight forward honest advice indeed. I listen to Broch as well along with about 4 others. It wasn't lost on me that Wholesaling is tough. Current lack of working capital and your post may have helped save me some time and money. I'm still on the fence as which direction to focus my efforts and this has been very helpful. Thanks again for sharing your story.

Keith thank you for the post. I'm left wondering if you'd be willing to give some additional insight about your total investment such as what you paid out for education, marketing, average hours spent per week, total time spent wholesaling, number of deals successfully completed. I'm also curious if you followed any particular wholesaling podcasts and their respective systems/philosophies. Thanks You

Brett I have to tell you how much it means than you were the one to replied to my post. I'm a regular listener of your show and I'm glad to have this opportunity to tell you how much I get from it. The spiritual portions are especially motivational and uplifting. When I first came across your show, I was blown away by the fact that there were Christian wholesalers, who have a podcast, and they talk about wholesaling and being Christian wholesalers! Mind blown. Thank you so much for the reply! To hear from you is just the motivation I needed. Keep up the good work ! Thanks again ! Mike Schaeffer

So I sit here another aspiring real estate investor. I started with some seminars years ago, and very regretfully did not continue pursuing RE. For a few months I have immersed myself in podcasts, blogs, and books, soaking up all the information I can. I’m now extremely eager, but I'm still left wondering what direction to go. It's not lost on me that there are perhaps countless posts by new members traipsing in aimlessly, seeking a magic bullet, perhaps even asking this very question.

But today I find myself slightly discouraged. I've spent months trying to get acclimated and to gain some momentum as to the direction I should be heading. I listen with open ears and I have been focused on pursuing wholesaling. Then today I read some negative posts here that were rather derogatory about wholesaling, referring to wholesalers as unlicensed brokers and some other negative connotations. I can understand that when a seasoned investor hears a newbie say "I want to be a Wholesaler", it tends to elicit pretty strong opinions. Every new investor wants to be a wholesaler it seems, myself included, and I see where that might be annoying to some. I realize that it's a very time consuming niche that requires hard work and persistence.  Many of the podcast that I listen to emphasize professionalism and the positive aspects wholesaling can provide for all involved parties, including the sellers. I'm feeling the mixed messages.  

Having said all that, I am very interested to hear from some people that have some time in the game. The people who perhaps started with no working capital of their own to speak of. To hear from those who started with less than stellar credit situations. My question to those people is if you were starting today, and you were starting with nothing, in which direction would you head? Where would you focus your efforts? It seems to me even as a new guy, that Hard Money is plentiful right now. I too would like to build long term wealth. I recognize the benefits of passive income and a nice portfolio. I see that for myself as well, in due time. I have no illusions of getting rich quick. What I do want to do is supplement my income and in a relatively short time frame, figure out how I can best use real estate to bring in cash sooner than later and to make this a full-time career. I'm interested to see how many people would advise against starting in Wholesaling and instead recommend flipping properties as the better course of action.

Thanks in advance !

Mike