OK, I need a little input here.
I started working on buying a home to do LP’s. It seems like I’m constantly getting tripped and repeating myself to the people I’m working with on my purchase of the home.
When I first found the home, it just “felt right”, now I’m just getting irritated with people not having they’re S… together.
Am I just being silly, or do you think maybe it’s a sign to back out?
SG,
Sounds like you are maybe just blowing off some steam…
LPs are not the norm for most people when they are selling their properties. I would tak it as a sign that you are moving them out of their comfort zone and into an area that they don’t understand or are unfamiliar with. They are most likely asking for you to repeat yourself so that they have a full understanding of what you are wanting to do. Until they fully understand, their answer will most probably say “NO!”…
Just because you have read up and understand LPs doesn’t mean that they do or that you are explaining in terms that they fully understand. It doesn’t mean that they don’t have their S— together, just that their uncomfortable.
Patience!
My two cents.
Keith
I’m talking about my broker and his assistant. He personally has 14 LP properties, so I know he understands what I’m doing.
It’s all of the closing procedures on the house that we’re having problems with. They keep asking me the same things. I tell one of them and then the other asks me the same question. This has been going on for way too long. We’re at the point where we’re almost done and the home builder already has my earnest money.
I really don’t have time for incompetence as I own another business and have things to do with that too.
I don’t know, maybe I am just blowing off steam…maybe I’m just getting nervous because I don’t have a tenant.
I’ve put signs out and received calls, but I keep getting the “renter mentality” people. This is in an area where the property value is rising and new homes are being built (mine is also new construction). It’s a middle to high income area and also the fastest growing area in my city.
ScorpioGirl,
I’m not a newbie, but I don’t know what you’re referring to when you say LP. To me, LP means “Limited Partnership”. Are you referring to Lease Option?
Anyway, real estate investing is all about solving problems. There are problems EVERY DAY when you’re an investor and doubly so if you’re a landlord. You’re getting paid for solving all the problems - that’s you’re job. In my experience, nothing goes smoothly in REI, from getting an offer accepted to dealing with the tenants - that’s just the way it is.
If you are new at this and not enjoying it so far, I’d strongly recommend that you back out now and do something you actually enjoy. I’m also a little concerned by your post that you have a new construction house in an upscale neighborhood and are trying to rent it. In most markets, higher priced houses don’t make good rentals - they won’t cash flow and they spend a LOT of time vacant.
Maybe you should re-think this “deal” before it’s too late.
Good Luck,
Mike
LP I am thinking Lease Purchase!
Am I just being silly, or do you think maybe it’s a sign to back out?
Your being silly its never ever time to back out NEVER!!!
I always tell everyone I work with I dont quit when I get Tired I quit when my business gets tired!
Thanks, Reo! I’m feeling a little better about it today. I think I just need a new broker…and as luck would have it, one of my clients in my other business happens to be one! Just found out this morning. I guess maybe it’s a sign. I’ve never been known to give up, but doubt sometimes can make you think on the negative side. Gotta’ redirect the attitude!
Thanks!