An Interesting Conversation

I sent the owner of the 12 properties a rather lengthy and detailed email yesterday morning. In it, I explained to him that I have never done a Sub2 deal before (through it's entirety, anyway), who I was, what my intentions were for both myself and himself, and some other stuff. All day long I kept checking my email, hoping to get a response, but nothing ever came. I thought to myself that that was basically it. He had written me a few times on Monday, saying he would be expecting me to call him Tuesday evening. I figured I would go ahead and give it one more shot.

So, I call him a few minutes past the time he had put in his email, and got his voicemail. I left a short message for him to call me back if he feels like it. About 7-8 minutes later, my cell phone rings, and it's him. He explained to me that he was with someone when I called, and he was trying to end their meeting. I could tell in his voice and in his words that he probably meant it too as he kept apologizing profusely.

What was funny was the fact that I really didn't have an outline as to what I was going to say or how long we would be talking. Most gurus tell you to let the seller do the talking, but at the end of the conversation, I noticed that I had done about 90% of the talking. We talked for a good 50 minutes. He wanted to know exactly what a Sub2 was, how he could be assured I would continue making the payments, and so on. After an hour of pretty much spilling the beans about me, I realized we had developed a great reporte with one another. He said other investors had called and seemed interested, but he could tell immediately that they didn't care about him or his situation - only that he had some properties he needed to get rid of yesterday. With me, though, he said he could sense that I was sincere in helping him, which may very well open more opportunities for me with this deal.

I told him probably 5-6 times in our conversation that in order for me to fully analyze the deal, I would need the info from the PM company. He said that he himself has a hard time getting information from them, but he would try his hardest. I kept saying that I am at a standstill until I can get those figures, and once I do get them, I can start dealing.

All throughout the conversation he kept saying how easy it was to talk with me and how much a blessing it would be to have me take some/all of his properties. I told him upfront, though, that even if the numbers came out great on all the properties, it just wouldn't be feasible for me to take them all. At most, I told him, I could probably only take 6-8 of them. However, I explained to him that I could distribute his information to other local investors with the hope that one of them can take the remaining properties to which he thanked me again profusely.

Now, I need to sit down and rerun all the figures for all the properties and develop exit strategies for each. If I have a few cycles today, I'll post some of the numbers in the hopes of getting some feedback.

We'll see what happens.