Why Did I open my BIG Mouth???

Why did I open my big mouth?
I got a call on my Craig’s List ad that I buy houses. A couple named Ken and Lupe had a big lot 1 ½ acres out in the county. They had their primary house which is an old fixer and there is an old junker on the lot also.
I offered them $40,000 and they agreed. However I cudnt get them to sign the contract. Ken stated the high speed rail was coming thru and taking a chunk of the property and he was going to hold out and see what they offered.

The next few months I would Txt Ken but he was still waiting for the fast train offer. Finally I told him I wud give him $50,000 for the property right now or he could wait till doomsday for the High Speed rail offer. That got him motivated and I went over to get my contract signed.

He insisted he didn’t have any liens on the property and owed 32K and was current on his payments. He then asks what if I do have liens, will that screw up the deal? I said yea it could, but on one deal we did recently we paid the liens cuz we wanted the deal. Now why in Haiti’s did I say that?

Well, sure enuf, once we start Escrow we find out there are $3,600 in back taxes owed. Of course Ken and Lupe insisted I told them I wud pay their liens. I tried to explain to my buyer and to Ken and Lupe that we paid liens on another deal that we purchased but we got that house much cheaper, and that didn’t mean I was going to pay your blankity blank liens. Of course by then it was too late. That thought was deep in their heads, there was no going back, and I had to bite the proverbial bullet.

Luckily my buyer agreed to pay half.

So instead of making $12,500 wholesale assignment fee, I only got $10,700
It’s nothing to complain, whine and belly ache about I guess, but, I keep thinking about that $1,800 I lost because of my big frikin mouth. I be learning those lessons.

Make mistakes, learn, prosper. Rando

Great lesson…!

Excellent learning moment. I’ve had many of those too because I gave information out too freely to potential investors, buyers, renters, whatever.

Now I really focus on only answering the question being asked and not going beyond that.