You can’t make this stuff up
My bird dog partner/Real Estate Agent found us a nice little vacant house in a nearby town. The renters had trashed the house and the seller was tired of messing with it and maybe couldn’t afford the repairs. We got it on contract for $30,000 it had a 90K after repair value with an estimated 20K in repairs needed.
My first buyer agreed to 50K then came back and said the numbers were too tight, we finally agreed to $44,000 Well, this end buyer, or I thought he was, turned out to be a wholesaler, and he wholesaled it to another guy and they had it sold for 51K Eventually their buyer backed out, not sure why but I suspect because of all the players involved acting like hungry dogs. We wasted a week and a half with these guys.
The next potential buyer was from out of town and he agreed to buy it for 49K and get a hard money loan. He sent us a Proof of Funds letter that looked like he made it himself. I told him that I used to get a similar type of letter but my fake POF letters looked a lot more professional. He wanted us to talk to his lender and was really angry when we told him we decided to sell to a local cash investor. This must have infuriated him. Then he sends us his bank statement showing he has over 2 Million in the bank. I asked why not buy it with your cash and save a lot of time and the high interest penalties of using a hard money lender? He tells me that money is for the purchase of a mobile home park and he don’t use his personal funds to buy properties, and that’s how he got to where he is. I then asked, why don’t you use borrowed money to buy the mobile home park? No reply. He then sends us an email saying he didn’t appreciate our insults and was not interested in buying our house. I thought we were done with this guy, he had called me a half dozen times and I had a bad gut feeling about him. The next day he sends a long list of demands that he would buy it for the amount we had it on contract for, the 30K plus 6% Realtors commission, I replied “NO Thanks”. Oh crap, now he’s really off the wall, he was going to report my partner to the Realtors board. I took the time and explained to him in an email, that realtors may pursue investment opportunities without using their license and we could sell our property for any profit we wanted or what the market will dictate. I then asked him to please not contact us again because we were not interested in selling to him now or in the future. He then sends another email stating he was not aware of any law that allowed RE agents to invest in Real Estate and asks me to show him in writing this law. It was a real challenge to not express my dislike and resentment to this wannabe psycho investor from hell.
My partner freaked out, he sent me and this nut job an email saying he was no longer associated with this property. Now my partner won’t even reply to my emails. I just sold this property to another Realtor for 45K and started Escrow yesterday. Now the old lady (My Seller) tells me she has talked to someone and they agreed to help her fix it up and she don’t want to sell it. I explained to her we have a legal and binding agreement and I may be forced to cloud the title with a lien. She says well, do what you have to do. I suspect the nut job called her. A similar thing happened this last summer and I went on to do a bigger and better deal. Luckily I see the humor in all of this. Let’s get out there and get kicked in the teeth a few times and then go make some money. Keep laughing. Rando