That's what came out of my mouth when I opened my email this morning and read a response from the owner of the 12 properties. In it, he asked for two things: proof that I have the financial means to pay for the carrying costs on his properties, and his wanting a clause in the agreements I sent that protect him financially in case I default on my end by not paying his mortgages, taxes, etc. That was it.
WTH?!?!?!
Where is the information I've been waiting for for over a week now? Where is the specific information I requested regarding exactly what he pays each month and to whom? Where is the information from his property management company about the leases and when they expire? ARGH!!!!
I then took a 20 minute recess from the whole situation to calm down, and wrote him back. I included a screen shot of my 401(k) and checking account (minus any account details), showing my ability to more than cover the carrying costs on at least six of his properties for several months. I also told him that I have been waiting - patiently - for well over a week now on information from his end, which I need in order to accurately diagnose which properties, if any, I can purchase from him. In addition, I asked him what specific clause he would like for me to include in the agreements that would satisfy him. And, lastly, I told him that my Wed deadline is still in affect, and that if I did not have the information I needed by the EOB on Wed, I would have no other choice but to pass on the deal.
Am I being too forgiving here? :-)
3 comments:
I don't think you're being too forgiving, but only because you've both answered his concerns AND stuck to your deadline.
At this point, he has all of the info that he would get from me.
Now it would be his turn. I think it is very important to make sure that you get something when you give something. His response should not be more questions.
If it is, I'd say that he has all of the info that he needs for now and move on. But keep in touch every month or so.
Otherwise, you're really going to be banging your head against the wall after you've provided him with your pay stubs, social security number, and a letter of rec from your priest, only to find out that the deals actually stink!
I know how easy it is to say "just one more time" one more time.. Stick to your Wednesday deadline and if he doesn't meet it, walk away. Don't get too attached to one deal. I imagine he talked to a friend or someone about the deal and they told him to make sure you could make the payments. I don't think he's too motivated though. Either that or he is so disorganized, I would have doubts about doing business with him. Think how me might behave down the road if you do get the deal.
chrislrob - You're absolutely right (especially your last paragraph). I was VERY hesitant about sending any financial proof to him at this point, but I recall during our phone conversation last week he asked what if I were in his shoes what questions I'd be asking, and I rather naively said 'proof of funds to handle carrying costs for a few months'. So, I only have myself to blame for that part. However, that's all the info I'm giving until I have ALL of his info and can make a rational decision.
Shaun - It's funny you should mention about future actions by this guy. I was thinking the same thing coming to work this morning ... "Would this guy be pestering me every month/week/day about his existing loans? Would he get nervous, call the lender, and spill the beans about our deal? Would he recoup from his financial debacle before I can get rid of his existing loans, and have him turn around and sue me for taking advantage of him at the time?" I truly wonder.
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