: I am REALLY MAD! (long rant)



SpeedyArizona
03-10-06, 10:40 PM
Today was not a good day! I had a couple who were relocating from Los Angeles and were looking for homes in the Phoenix-Scottsdale area. I had an early-morning visit with them about what they wanted and what their budget was (they were very pleasant during this talk). Anyway, I brought up some properties on my computer and they wanted to see them in person. We took my Eldorado and the first thing the husband said was, "Don't you guys get paid better to afford a nice car?" I was a tad offended, but I jokingly said, "I'm working on it!"

We continued down the road for a while until his wife decided she NEEDED some coffee from Starbucks, so I went out of my way to find the nearest one (which was about 10 minutes away). We pulled up and went in, they both ordered some of the specialty coffee (which wasn't cheap) and then we went up to the counter to pay, but they expected me to buy their drinks! I obliged even though it shouldn't be the case, but we got in the car and went on our way. About 5 minutes to the house, the husband told me to stop at an upcoming resturaunt for lunch. I told him we didn't have the time, but both of them automatically started whining like children, so I stopped. I though they would probably pay for their own lunch, but when the bill came, they both "forgot" to bring an type of currency except a credit card which he refused to use.

I was getting angry by now, but we needed to pay somehow, so I just decided to pay to get out of there. The house wasn't too far down the line, but as soon as we pulled up, they both didn't like the neighborhood (which is VERY nice), so they both declined to go inside! I was really fed up by now, I was busting my hump for them and they were both unappreciative and rude! I now just politely said, "I think we better go back to the office and try this tomorrow". They agreed, but after getting down the road about 15 minutes, they wanted me to go back to the home I wanted to show them! They "changed their minds" and now wanted to see it! I then was really sick of all this crap and angrily said, "NO, You better find yourself a new realtor, I'm sick of this sh*t". They both then went off about how powerful and wealthy they are, and that I better "Shut up or they'll file a lawsuit" (on what grounds)!

We arrived back at the office and they both got out of my Eldorado and the husband SLAMMED my door shut! I then noticed that he actually chipped my paint, and I was really ready to just smack him across the face! Now I'm mad, and really feel like dirt. I'm glad it's the weekend!

AirJigga25
03-10-06, 10:50 PM
how much was the house you were showing?

those peopel sounded like they were taking you for a ride even though it was vice versa

SpeedyArizona
03-10-06, 10:56 PM
how much was the house you were showing?

I believe it was $1,350,000. They were fairly wealthy, but it's not worth the mental anguish and all these "side trips". They were a perfect example of people that think they're better than everyone else and treat people that try to help them like servants.

chuckdobbins
03-10-06, 11:12 PM
I believe it was $1,350,000. They were fairly wealthy, but it's not worth the mental anguish and all these "side trips". They were a perfect example of people that think they're better than everyone else and treat people that try to help them like servants.

theyre probably just used to hearing the word "NO" very often lol

its one thing to cuss me out, verbally attack me, etc...but do not, i mean, DO NOT bring my car into it. then it becomes grounds for a beating. id have went off like crazy if somebody copped an attitude like that and slammed my door, im sure you wouldve too had you not been on the job!

Sandy
03-10-06, 11:20 PM
I'll help you. I sold cars for 28 years, and had countless unimaginable encounters with slime like that. When you went out of your way, to find a Starbucks, you lost the sale. Why? You lost control, and when you lose control, you also lose the sale. That was the moment that you & they change seats. They took control and you became the passenger.

For next time.
You make no stops. You go from the office to the house you are trying to sell. Exception: A short ride around the neighborhood, so they can see the immediate surrounding area. Perhaps past the school their kids will attend, that would be understandable. You are providing the transportation and the insurance. They freakin go only where you take them. You are THE boss.
You got to the house, and they would not go in ? This was proof that they were only interested in abusing YOU. To see how far they could push you, they let you head back, and then tried to get you to turn around again & go back. Know what? Had you, they would not have gone IN a 2nd time.

What I woulda done? Parked the car in the driveway, shut motor and gotten out, gone around to passenger's side & opened door for them to get out. If they still would not get out, get back in the car & drive back to office NOT speaking. Lunch? Ha Over my dead body. Buy the car & I'll buy ya a White Castle & Fries.

You MUST be the BOSS. Buyers are liars What you experienced today is how 35% of the population acts, when they go out to buy something. There is a breed out there that only thinks theyt get a good deal when they abuse the seller. Throw em back into the ceptic sewer, and wait for a REAL buyer.

They may have had money, but they had no class. Not impressed ! Let em crawl back in their Barbarian Motor Verks and leave..... NEXT ?

Don't sweat it. Just be stronger and take control & lead them. You do What You Want & On Your Terms. They'll respect you. You didn't & they lost respect for you ! No Coffee No Stops No Lunch. BUSINESS ONLY

SpeedyArizona
03-10-06, 11:43 PM
Thanks Sandy, I'm sure you have some interesting tales about being a car salesman all those years!

Most of my customers aren't like that, they're usually professional and let you do your job. I've only had similar experiences about 2 other times. I usually do stop at Starbucks if we're near one, they appreaciate that. I have never stopped for lunch before, but I think that was my biggest downfall, they though they had control of me. It doesn't happen often at all though so I'm not too worried...

mccombie_5
03-11-06, 03:57 AM
Thats really harsh man, but I think Sandy has covered everything, I just can't believe someone wold have the ordacity.

I worked in letting agents for a while last year after a two week work experience placement. This one woman viewed the SAME house no less than 13 times then chose an entirely different one. She only wanted a 6 mnth rent.

Jesda
03-11-06, 04:53 AM
What a bunch of *****. I commend you for sending them away. They needed a reality check.

FredMaxwell
03-11-06, 06:28 AM
That's right... you can't lose control of the situation
You are going out to serve people so be thick skinned..
"What, you can't afford a NICE car?"
"I keep most of my money in investments"

"We have to stop at starbucks"
"I'm here to look out for you and make sure you find what you need at the right investment level.. we'll have coffee in your new dining room"
(It's what they need - not what they are looking for. Say need.)



Don't use any threatening words

It's not a contract.. it is an agreement
It's not a down payment... it is an initial investment
It's not a monthly payment.... it is a monthly investment

It's not a deal.. it's a transaction

Get as many yesses as you can.. ask questions you KNOW they will give an affirmative answer to, each yes they give is one step in the right direction



Ask questions when making an important point.
It's not "This is better"
It is "Do you think this would be better"




Etc
See

Destroyer
03-11-06, 06:50 AM
Heh, I too am a realtor, well actually I now consider myself just a guy that has a realtors license. I have had similar experiences and realized that it was not worth the aggravation. I thought that there was good money in this field and there may be but in all honesty I'm not the most patient guy in the world and when dealing with the public patience is a virtue. I use the license to save me money on commisssions when investing in homes plus the MLS access and lockbox key is invaluable to me. I can look up and go see a large array of properties for myself at my leisure. I'd rather buy/sell a half dozen high profit properties a year myself than waste time driving people around and kissing ass.

FredMaxwell
03-11-06, 07:42 AM
Heh, I too am a realtor, well actually I now consider myself just a guy that has a realtors license. I have had similar experiences and realized that it was not worth the aggravation. I thought that there was good money in this field and there may be but in all honesty I'm not the most patient guy in the world and when dealing with the public patience is a virtue. I use the license to save me money on commisssions when investing in homes plus the MLS access and lockbox key is invaluable to me. I can look up and go see a large array of properties for myself at my leisure. I'd rather buy/sell a half dozen high profit properties a year myself than waste time driving people around and kissing ass.



That absolutely makes perfect sense.
I feel the same way but I had some personal issues (READ: A WOMAN) and my credit is doomed,
And since private money comes at 22%
(Imagine 22% AND a 65% LTV requirement AND 3 points! BAH!)
and hard money isn't available anywhere near here,

I will have to come in as an agent..
Though I doubt I will make a fortune as an agent I am SURE I will learn alot and meet some of the right people. I know for a fact that if you get at it as if it were selling automobiles you'll be doomed. I also know for a fact that your bread and butter is your listings. And you aren't always in a forest with listings if you take overpriced ones.. you end up known "as that guy who didn't sell my house".
(They do not mention that they were asking nine times the FMV)


I can't wait to be turning property over. I will be good at it. Very good at it. I see crazy fools with no idea of what is going on and they're making money.. so I am confident that I can do just as well if not better.
I think it is ridiculous when these people try to save money by doing ALL OF THE WORK themselves. For 100 reasons. Just at least 100 reasons.
Typing up capital/financing, tying your time up, stretching one deal out so long you could have done three and made 2.5x the money

The one time it makes some sense to hold onto property is for long term growth and cashflow.. that isn't going to make sense right now in alot of over valued areas.. actually it will be a mess when they lose all of their tennants who will be able to afford a home when the values make sense again.. POOF there go the tennants and POOF there goes the equity and BLAM you're doomed

Rehabs, you can hold them one year and pay at cap gain rate but alot of crazy fools don't realise that the IRS could come back awhile later and classify you as a dealer and POOF you owe all that extra tax you tried to avoid

It is nice to take advantage of the 2 out of past 5 rule on a VERY HIGH PROFIT property.. when you can - and you get to really live it up that way :=)

rrrr

Don't let me start rambling about RS,
that is,
stop me !

Sandy
03-11-06, 10:02 AM
Another thing, Speedy that I found out waaaay tooooo late in my car sales career is this.....

When you first introduce yourself, use only your last name. "I am pleased to make your acquaintence. My name is Mr. Smith. When you used your first name, as in "Hi, I'm Marty" ~ it places you beneath them, as he says: "I'm George Jones, and this is my wife Barbara." So, we have George and Barbara Jones and Marty. See?

When I sold cars I used only my last name UNTIL I had a signed agreement and a deposit and we shook hands. Then when they'd say, "Thanks for your help Mr.Block, I counter with "you can call me Sandy" ~ done with a GIANT smile! See? It's much more difficult to be fresh, nasty and abusive to Mr. Block (even better if you have a looooong name, like DeMasterichio) but much easier to be fresh and "cute" to Sandy, or Bob or Marty.....Professionalism demands last names. After the closing you can become "just" Bob. (or whatever your real 1st name is...) You can offer tham a coffee back in the real estate office (most have coffee there) but do not go outta your way for them.
Mentally think of your lawyer or your accountant or your Dentist. How would THEY respond to requests your buyers make. Would your lawyer - on the way to the court house after picking up his clients, drive 10 minutes outta his way to get a Starbucks?? 'Course not! and WE (we as salesmen) shouldn't either.
You gotta be really really really tough, but pleasant, and respectful, but tough, because todays' consumers are really really tough, and you know more about home buying than they do, as I know more about cars than they do.

One last note: IF they tell you "We just started looking" THEY ARE LYING ! You should be so lucky that they haven't looked around and of all the real estate offices in your yellow pages in your area or county that they chose YOUR office out of all the others to come to first! (It don't happen that way....) So, what they are telling you is "We are playing dumb, to try & fool you, so that we have "an out" later when we tell you that we wanna look around more & we are not in a hurry and and and and. They are dumb....dumb like a Fox!

You show them a $800,000 home that they can buy for $132,400. you'll see what a hurry they can be in. To make them be in a hurry you need to show them all the value, convenience, and quality in your product and thereby substantiate the value in the God Holy price!

Zorb750
03-11-06, 11:49 AM
You can be a rich degenerate schmuck too.

If he's really rich, that is... No currency and doesn't want to use a credit card? Maybe he's financed.

Rolex
03-11-06, 11:59 AM
Well sounds like you went out of your way for a couple of dirt bags. You've gotten lots of good advice above. The only thing I'll add is don't burn any bridges with potential customers. Tell them to bug off, but do so in a professional way. Something tells me this was a learning experience for you and this won't be happening again.

Sandy
03-11-06, 03:42 PM
Want & Need.

Want & Need are the two factors that make a consumer of high ticket items, (i.e. vehicle / house / ) two different people.

I want a new expensive car. I can handle the financing, I also have the cash and am willing to lay it down for the car I want. (Or) I am sick of linving where I live & I want to move.

In 90% of all cases this is a pleasant buyer who needs a professional salesperson.

My darn car broke down and I have lousey credit and I need a car to get to work and I have to borrow alot of the money from my credit union and I have NO clue as to what I want, 'cause I don't wanna have to buy a car now as I am still paying off Christmas bills and and and
This is a monster entering the showroom who is mad at the world, the the salesman is gonna be his whipping boy !

In a perfect world, would pick only example #1. The world's not perfect.
Satisfying a want is enjoyable. Satisfying a need can be done, but it's seldom enjoyable.
and thus was born ADVERTISING !! To create the WANT

Here's a WANT Customer :bouncy: :thumbsup: :) :burn:

Here's a NEED Customer::thehand: :crybaby: :want: :rant2: :devil:

AElayyat
03-11-06, 05:16 PM
I'll help you. I sold cars for 28 years, and had countless unimaginable encounters with slime like that. When you went out of your way, to find a Starbucks, you lost the sale. Why? You lost control, and when you lose control, you also lose the sale. That was the moment that you & they change seats. They took control and you became the passenger.


That is so correct Sandy.

I am in the damn car business right now, and selling houses is not much different, you have to use similar techniques. Sorry to hear about your experience.

Jonas McFeely
03-11-06, 05:54 PM
Want & Need.

Want & Need are the two factors that make a consumer of high ticket items, (i.e. vehicle / house / ) two different people.

I want a new expensive car. I can handle the financing, I also have the cash and am willing to lay it down for the car I want. (Or) I am sick of linving where I live & I want to move.

In 90% of all cases this is a pleasant buyer who needs a professional salesperson.

My darn car broke down and I have lousey credit and I need a car to get to work and I have to borrow alot of the money from my credit union and I have NO clue as to what I want, 'cause I don't wanna have to buy a car now as I am still paying off Christmas bills and and and
This is a monster entering the showroom who is mad at the world, the the salesman is gonna be his whipping boy !

In a perfect world, would pick only example #1. The world's not perfect.
Satisfying a want is enjoyable. Satisfying a need can be done, but it's seldom enjoyable.
and thus was born ADVERTISING !! To create the WANT

Here's a WANT Customer :bouncy: :thumbsup: :) :burn:

Here's a NEED Customer::thehand: :crybaby: :want: :rant2: :devil:


Youve got 28 years experience on me,so i wouldnt dare question your knowledge.Though i had a very good experience just a few days ago selling my Grand Marquis to someone who really NEEDED it,or so i think really needed it.I sell cars on the side to make a few bucks.Im not big into it(yet),its just a little hobby of mine that i enjoy doing.I like taking cars i find for cheap,clean them up,and sell them for a profit.Sometimes im able to even double my initial investment.Anyway,this couple called me up responding to the ad in the paper,I told them to come on by and i'd show them the car.They had no car,they had to borrow the womans fathers Taurus,they had very little money,and 2 kids with 1 on the way.They appeared pretty desperate as they needed a nice family sedan at a good price,they barely had $1000.Ive never seen 2 people so appreciative,they were thrilled with the purchase.Especially the husband.I was very nice and even told them to call me if they needed anything else.You could maybe say they were putting on a front to see if they could get a better deal,but they didnt even ask to get it for cheaper than it was listed as.They paid straight cash on the spot.And believe me,i could tell they definately did not have money.They money they had was probably borrowed,yet they seemed very happy and were very friendly.

Also,the comment about the monster thing kind of upset me,not too much though.My father has been in that position,almost EXACTLY that same position.Except his wife had cancer and i was only about 7 years old,and his '88 Sable had just blown a head gasket.And believe me,he was not a monster and was for sure not mad at the world.I remember alot of that experience at the Nissan dealership when he bought that Sentra,with borrowed money and bills through the roof.He was respectful and courteous.He's now in alot better financial shape,but for awhile there it was very rough.He never lost his cool.

I know its a generalization and im not busting your balls.Im sure most people in situations as you stated before are probably pretty miserable.There are those few who are just nice good people.Understandable.

SpeedyArizona
03-11-06, 06:12 PM
Want & Need.

Want & Need are the two factors that make a consumer of high ticket items, (i.e. vehicle / house / ) two different people.

I want a new expensive car. I can handle the financing, I also have the cash and am willing to lay it down for the car I want. (Or) I am sick of linving where I live & I want to move.

In 90% of all cases this is a pleasant buyer who needs a professional salesperson.

My darn car broke down and I have lousey credit and I need a car to get to work and I have to borrow alot of the money from my credit union and I have NO clue as to what I want, 'cause I don't wanna have to buy a car now as I am still paying off Christmas bills and and and
This is a monster entering the showroom who is mad at the world, the the salesman is gonna be his whipping boy !

In a perfect world, would pick only example #1. The world's not perfect.
Satisfying a want is enjoyable. Satisfying a need can be done, but it's seldom enjoyable.
and thus was born ADVERTISING !! To create the WANT


I agree completely, if nobody wanted anything unnecessary, there would be no need for advertising!

After 3+ years of being a realtor, I have learned 3 important things.

1) Most (not all) People want to get the largest, most lavish home they can possibly afford. They throw common sense out the window and decide that they are going to get something they've always dreamed of owning. Thus, they are taking a huge risk that is unnecessary. If one of them gets laid-off or some other financially consuming situation, their dream becomes a nightmare! Then if worse comes to worst, their home is taken away and they sink into unimaginable debt.

2) Buyers will never give you the time of day unless you look and act professional.

3) Wanting is what gets you in trouble, materialism is a strong influence in today's society.

Sandy
03-11-06, 06:58 PM
85EvergreenBrougham, that example .... is an example, of an extremey fine man, with a million dollars worth of character. In his darkest hours, he maintained pose & dignity that mnay multi millionaires lack. In the eyes of the creator, your Dad is the richest of all. I am glad that things are much imporved for him, now. :)

Jonas McFeely
03-11-06, 07:32 PM
85EvergreenBrougham, that example .... is an example, of an extremey fine man, with a million dollars worth of character. In his darkest hours, he maintained pose & dignity that mnay multi millionaires lack. In the eyes of the creator, your Dad is the richest of all. I am glad that things are much imporved for him, now. :)

Thanks, that really means alot.

Patrick7997
03-12-06, 10:33 AM
Great thread.... brings back a lot of bad memories from my sales days.

#1, money, or the lack of money, merely intensifies someone's natural personality. You come across a Doctor or a Lawyer who is a jerk, he's a SUPER jerk. Either that, or he's a SUPER nice guy....

There's a lot of great adivce here, really.

I could really only add a couple things.

1. this was very effecitve for me: this play is called lots of different things by different people, but we called it the "I'm busy" play. If you sense that people are jerking you (which these people definitely were...), hey, you're busy. Turn the car around and go straight back to the office and tell them (cordially) "Hey, I can see I've caught you on a bad day here, why don't we just reschedule another day to look at houses. I have a lot of calls to return here anyway, I really gotta get back to my office right now. My pager is going crazy, it was great to meet you, I hope to hear from you at a better time." This works on many levels. a) you establish that you are a professional, and you are in charge. b) it sends the message that you have a lot of clients & are successful. The lunch thing was the perfect opportunity to pull this. They want lunch?? Drive them back to the office and kiss them off. Tell them to go get lunch & call you back, you have a lot of calls to make anyway... Would your Doctor or Lawyer go to lunch? NO. Neither do you. Represent yourself as a busy successful professional.

This also leads beautifully into representing that "You're not pushy". This is you: Hey, I'm not pushy. I don't have to be. I show the right people the right property at the right price and they buy it. My phone rings off the hook. I don't have to kiss your ass, I have 20 voicemails right now from people who are ready to write it up.

Now, you represent this cordially, of course, but this is the vibe you give off to people who are jerking you.

This also flows nicely into "creating a sense of urgency", which can be a positive thing. They wanna stop for lunch?? Hey, someone could be writing up your house right now, we have no time to waste here, at that price, it's not gonna last very long....

All this can come together in the customers mind to create the right impressions: you're a professional, you're not to be jerked around with, and you're in charge.

This also enables you to "get a read" on the people right away, which is priceless. Your most valuable commodity is your time. The time you DON'T waste with losers is the time you SAVE to be with a real prospect. An older guy where I worked told me once: "devote yourself completely to your good prospects, and DUMP the bad prospects as quickly as possible, and LEARN TO TELL THE DIFFERENCE."

You have to be able to read people. Pick up on their tells, mannerisms, body language.... whatever can help you decide "are they really seriously looking?" Keep asking them questions, get them to talk. Listen. You'll be amazed what they say, and the info they give away....

These little field trips, you have to be in charge. You can pick up tips everywhere in the world, too, you really have to be an observer, and you can learn a lot. Watch "The Dog Whisperer" on National Geographic, for example. Watch how Cesar Millan carries himself, and how he talks to people... brilliant. He IS the leader of his pack. He stands tall. He speaks directly to people. He LISTENS well... He asks questions. When he walks in a room, he's in charge. He's calmly assertive.

Not that your customers are dogs, okay, but people will pick up these non-verbal cues.

And hey, look, if you're not that assertive, and not that successful yet, that's fine. That's cool. Do whatever you have to do to "psyche yourself up" and play that role, at least a little. I hired a guy once, who wanted to be an actor.... he tells me this after he's hired, of course, and he struggles for awhile, but then all the sudden he starts selling. Boom, just like that. He's a trained asassin. I was amazed. I aks him what he's doing differently, and he says "I researched the part of a big time successful salesperson, and every day, I just come in and play that role, like a part in a movie." That's not a bad idea. Get that feeling in your nuts, that hey, I'm successful, and then exude that. Now, that's probably not going to work for everyone, okay, all I'm saying is, find something that works for you. Make it your thing. Get your mind right, and then hit the streets.

CoupeDevilleRob
03-12-06, 03:01 PM
Sounds like you were dealing with yuppies, the worst scum there is. What I love about my job is people almost expect to get brushed off and treated like crap by the police department, so when you are polite and helpful (which 95% of the time I am) they are kind of amazed and thankful. But it's nice to know that I can be a total douche bag once in a while (everyone is entitled to a bad day) and nobody would think anything of it. I could never survive in a sales/retail type job.

Sandy
03-12-06, 06:24 PM
Patrick, you said this:--
"" You have to be able to read people. Pick up on their tells, mannerisms, body language.... whatever can help you decide "are they really seriously looking?" Keep asking them questions, get them to talk. Listen. You'll be amazed what they say, and the info they give away.... ""

Tell 'ya a funny story, proving how right you are ! People woud come in with a list of the car they want & the options. They hand it to me asking me what my price would be. (This tells that they have been shopping for some time, know what they want, want to order & wait for it and that are out & about collecting prices.) So, I ask them "What do I have to do to sell you the car and save your time by ending your shopping" ?? They usual reply is "Just beat my best price." So, I kinda jokingly would ask, "Well, okay, what IS your best price? >> To which they'd say..."Oh no, i'm NOT gonna tell ya that!! (Cutsy) .... So, I say, "Well then, if I don't know it......how can I beat it? He, growing a bit edgy and a bit annoyed, (just what I want!!) retorts, JUST GIVE ME YOUR BEST PRICE !
I see now that I have him where I want him, meaning getting annoyed!!
So, I put some figures down on paper and figure up my invoice. I take a mere $300.00 THREE HUNDERD that is....off of Window Sticker, and hit him with that! HE ExPlOdEs, in discust, with...
V
V
V
V
V
V
V
V
V
> ARE YOU FREAKIN NUTS?? I'VE GOT A PRICE OF $21,225.00 at WOLF DODGE!! !! !!

Mission Acomplished!! I now know his best price !!
Will you buy now for $21,000 even ?

(This BTW, is called the "Bread Test" ~ ~ ~)

Destroyer
03-12-06, 08:22 PM
That absolutely makes perfect sense.
I feel the same way but I had some personal issues (READ: A WOMAN) and my credit is doomed,
And since private money comes at 22%
(Imagine 22% AND a 65% LTV requirement AND 3 points! BAH!)
and hard money isn't available anywhere near here,

I will have to come in as an agent..
Though I doubt I will make a fortune as an agent I am SURE I will learn alot and meet some of the right people. I know for a fact that if you get at it as if it were selling automobiles you'll be doomed. I also know for a fact that your bread and butter is your listings. And you aren't always in a forest with listings if you take overpriced ones.. you end up known "as that guy who didn't sell my house".
(They do not mention that they were asking nine times the FMV)


I can't wait to be turning property over. I will be good at it. Very good at it. I see crazy fools with no idea of what is going on and they're making money.. so I am confident that I can do just as well if not better.
I think it is ridiculous when these people try to save money by doing ALL OF THE WORK themselves. For 100 reasons. Just at least 100 reasons.
Typing up capital/financing, tying your time up, stretching one deal out so long you could have done three and made 2.5x the money

The one time it makes some sense to hold onto property is for long term growth and cashflow.. that isn't going to make sense right now in alot of over valued areas.. actually it will be a mess when they lose all of their tennants who will be able to afford a home when the values make sense again.. POOF there go the tennants and POOF there goes the equity and BLAM you're doomed

Rehabs, you can hold them one year and pay at cap gain rate but alot of crazy fools don't realise that the IRS could come back awhile later and classify you as a dealer and POOF you owe all that extra tax you tried to avoid

It is nice to take advantage of the 2 out of past 5 rule on a VERY HIGH PROFIT property.. when you can - and you get to really live it up that way :=)

rrrr

Don't let me start rambling about RS,
that is,
stop me !Exactly right man. Sorry to hear of your credit problems, it really is key to have good credit in this game but you can and will fix this. Keep at it with the realtor thing, make connections.....network. Join local investor groups, etc.. Yes this is the slow way but you never know who you will meet and how you can help each other.

I've pretty much done it all. I own and have owned apartment buildings but like you said" that isn't going to make sense right now in alot of over valued areas", and Florida is one of those areas. I've been "flipping", rehabbing, buying foreclosures and so forth. Made a lot of money this past year but things are slowing down. Its getting risky now because the market here in FL is shaky. Prices are starting to drop and the current inventory of homes is obscene, in other words it has become a buyers market. I have two closings coming up that I'm pretty sure will cash out but I'm a little nervous about it.

I'm heading over to Tennessee in 2 weeks. Looks like there is a "movement" to that state and prices are still dirt cheap. If all looks good, I will buy like there is no tomorrow when I get there. Houses, buildings, land, I'm stocking up and when the time is right I'll sell.

You have a good head on your shoulders, and I do believe once you straighten a few things out that you will make a ton of money. Real Estate is an incredible field. I dont even have a college degree yet I make much more than anyone I know that does and I have all the free time in the world. Good luck to you!.

SpeedyArizona
03-12-06, 10:13 PM
Ahh...you're one of the "flippers"! I appraised a few different homes that have been "flipped", and it's funny to see the reactions when I say what the homes are worth (some good....some not so good). I once had a man who bought a $295,000 home in C. Scottsdale, flipped it by investing nearly $112,000 in some unneccesary items such as HEATED FLOORS (by the way, this place was in ARIZONA!), marble countertop for the kitchen (good in a bathroom, but granite in the kitchen), and ugly, brown interior paint. He was expecting to get $650,000, but I appraised him at only $420,000! He spent too much money, it came back to bite him in the butt, and now he's mad at me! It wa quite comical at the time, but I still feel sorry for all him hard work and he accepted the ONLY offer at $405,000!

Jonas McFeely
03-12-06, 11:47 PM
Damn he lost $2,000? That sucks,maybe he shouldnt have put heated floors in a house in AZ.

caddeville
03-13-06, 12:49 AM
Today was not a good day! I had a couple who were relocating from Los Angeles and were looking for homes in the Phoenix-Scottsdale area. I had an early-morning visit with them about what they wanted and what their budget was (they were very pleasant during this talk). Anyway, I brought up some properties on my computer and they wanted to see them in person. We took my Eldorado and the first thing the husband said was, "Don't you guys get paid better to afford a nice car?" I was a tad offended, but I jokingly said, "I'm working on it!"

We continued down the road for a while until his wife decided she NEEDED some coffee from Starbucks, so I went out of my way to find the nearest one (which was about 10 minutes away). We pulled up and went in, they both ordered some of the specialty coffee (which wasn't cheap) and then we went up to the counter to pay, but they expected me to buy their drinks! I obliged even though it shouldn't be the case, but we got in the car and went on our way. About 5 minutes to the house, the husband told me to stop at an upcoming resturaunt for lunch. I told him we didn't have the time, but both of them automatically started whining like children, so I stopped. I though they would probably pay for their own lunch, but when the bill came, they both "forgot" to bring an type of currency except a credit card which he refused to use.

I was getting angry by now, but we needed to pay somehow, so I just decided to pay to get out of there. The house wasn't too far down the line, but as soon as we pulled up, they both didn't like the neighborhood (which is VERY nice), so they both declined to go inside! I was really fed up by now, I was busting my hump for them and they were both unappreciative and rude! I now just politely said, "I think we better go back to the office and try this tomorrow". They agreed, but after getting down the road about 15 minutes, they wanted me to go back to the home I wanted to show them! They "changed their minds" and now wanted to see it! I then was really sick of all this crap and angrily said, "NO, You better find yourself a new realtor, I'm sick of this sh*t". They both then went off about how powerful and wealthy they are, and that I better "Shut up or they'll file a lawsuit" (on what grounds)!

We arrived back at the office and they both got out of my Eldorado and the husband SLAMMED my door shut! I then noticed that he actually chipped my paint, and I was really ready to just smack him across the face! Now I'm mad, and really feel like dirt. I'm glad it's the weekend!

First off, you should file the lawsuit, and if they are buying a $1.4 million house, they should drive in thier own car and stop to buy their own lunch and coffee!!! You should have stood up and said "we are not leaving until this is paid for!" That is just plain bullshit what they did!!! I feel how angry you got, especially when he slammed your door on your 2002!!!! Eldorado! How is that old for that idiot!?!?! Sorry, but not everyone is stupid enough to spend 120,000$ on a car if that is what he drives. A couple similar cases happened to my dad; one was when he was selling his 98" mustang GT, the moron wanted my dad to go pick him up (45min drive), then he also wanted to stop for lunch (I was also there during the entire situation) and then he was "test driving" and drove the living sh*t out of it and told my dad that it had suspension problems!?!? Wasted a half a tank of gas and then expected us to drop him off again!!! We were askin $16,500 (was 3 yrs old at the time) and he said that he could get a 2002 for $12,000!! The car had approx 7,000(miles) i think, 15,000 kilometers. Anyway, those people are *****s.

Playdrv4me
03-13-06, 10:47 AM
This is kind of a dumb question, but if you have to drive people around for a living why do you have TWO coupes? Wouldnt it be a whole lot easier to cart clients around in a 4 door something or other? Not that I dont think they are a royal *******s, but I dont think they were insulting your car, rather the fact they had to "climb in" to the back of your coupe most certainly. They probably would have said the same thing in the 325Ci when you had that.

SpeedyArizona
03-13-06, 10:13 PM
I admit that it's weird for a real estate agent to have a coupe, but I've never particularly found a 4-door car that meets my criteria (and is under $50,000). I have looked at different sedans including the CTS, CTS-V, and the Lexus ES330. If I could find a sedan that was sporty, refined, and fast; I'd probably lease it, but this hasn't happened yet. I mentioned that I looked at the CTS-V, but I believe that it is overpriced (even though I like it). I might give the Lexus IS350 a look at, but I won't be able to afford one for a LONG time!

As for the Porsche, this is my fun car. I drive this on weekends whenever the sun is shining and I feel like shifting:). I truly like the Eldorado but when I purchased it, I shouldn't have jumped in so quickly. It was my mistake to not give some sedans a test-drive, but I don't like to forsee myself in a 4-door vehicle. Anyway, I've had different customers tell me that I should look into a sedan, but I can't really afford it at this moment.

FredMaxwell
03-14-06, 02:24 AM
Exactly right man. Sorry to hear of your credit problems, it really is key to have good credit in this game but you can and will fix this. Keep at it with the realtor thing, make connections.....network. Join local investor groups, etc.. Yes this is the slow way but you never know who you will meet and how you can help each other.

I've pretty much done it all. I own and have owned apartment buildings but like you said" that isn't going to make sense right now in alot of over valued areas", and Florida is one of those areas. I've been "flipping", rehabbing, buying foreclosures and so forth. Made a lot of money this past year but things are slowing down. Its getting risky now because the market here in FL is shaky. Prices are starting to drop and the current inventory of homes is obscene, in other words it has become a buyers market. I have two closings coming up that I'm pretty sure will cash out but I'm a little nervous about it.

I'm heading over to Tennessee in 2 weeks. Looks like there is a "movement" to that state and prices are still dirt cheap. If all looks good, I will buy like there is no tomorrow when I get there. Houses, buildings, land, I'm stocking up and when the time is right I'll sell.

You have a good head on your shoulders, and I do believe once you straighten a few things out that you will make a ton of money. Real Estate is an incredible field. I dont even have a college degree yet I make much more than anyone I know that does and I have all the free time in the world. Good luck to you!.


Someone said I was right.... :bouncy:
I am not use to that, being surrounded by a state full of ignorant hostile *******s and all :rolleyes:


Sounds like you know what you're doing there,
Another thing you will notice - not alot of people have the gut and stomach for the business you're in and alot of them who do are TOO DAMNED BALLSY.


Again, it sure sounds like you've found a perfect middle ground there.
If you don't mind my asking - how are you handling taxes there?



PS: I use to live in that Orlando when it was a smaller church town type of appearance.

FredMaxwell
03-14-06, 02:26 AM
Ahh...you're one of the "flippers"! I appraised a few different homes that have been "flipped", and it's funny to see the reactions when I say what the homes are worth (some good....some not so good). I once had a man who bought a $295,000 home in C. Scottsdale, flipped it by investing nearly $112,000 in some unneccesary items such as HEATED FLOORS (by the way, this place was in ARIZONA!), marble countertop for the kitchen (good in a bathroom, but granite in the kitchen), and ugly, brown interior paint. He was expecting to get $650,000, but I appraised him at only $420,000! He spent too much money, it came back to bite him in the butt, and now he's mad at me! It wa quite comical at the time, but I still feel sorry for all him hard work and he accepted the ONLY offer at $405,000!



When the greater fool theory and the overimproved for the area syndrom boil up together to form a huge cloud of horrible black smoke - stupid moves thay can backfire:rolleyes: :)

FredMaxwell
03-14-06, 02:29 AM
Sorry, but not everyone is stupid enough to spend 120,000$ on a car if that is what he drives.



You hit the nail dead square in the center of his head there.
I know of alot of wealthy people driving toyotas,
And also I know of alot of people driving 5 or 6 brand new automobiles living in $500,000 interest only financed homes who have a net worth of about -$750,000

I tell them, look here man I have $750,000 more than you even though I am broke, stupid :thumbsup:
A famous quote by me: "I'd rather be broke and homeless than dumb"

FredMaxwell
03-14-06, 02:31 AM
I admit that it's weird for a real estate agent to have a coupe, but I've never particularly found a 4-door car that meets my criteria (and is under $50,000). I have looked at different sedans including the CTS, CTS-V, and the Lexus ES330. If I could find a sedan that was sporty, refined, and fast; I'd probably lease it, but this hasn't happened yet. I mentioned that I looked at the CTS-V, but I believe that it is overpriced (even though I like it). I might give the Lexus IS350 a look at, but I won't be able to afford one for a LONG time!

As for the Porsche, this is my fun car. I drive this on weekends whenever the sun is shining and I feel like shifting:). I truly like the Eldorado but when I purchased it, I shouldn't have jumped in so quickly. It was my mistake to not give some sedans a test-drive, but I don't like to forsee myself in a 4-door vehicle. Anyway, I've had different customers tell me that I should look into a sedan, but I can't really afford it at this moment.




For every one customer who said something - 20 more were thinking it.
Try this for the size,
Used they can be priced as low as $12,000
http://www.justinfiniti.com/~nealsuzuki/3LF52460-1sm.jpg


Reliability.. *shrug*
I think they got alot better starting early 90s
Got a dealer friend, get one for around 7500

Jesda
03-14-06, 02:42 AM
'95 and later with the 4.0L I6 is what you want. Some minor electrical issues with the accessories (especially the radio and mirrors), but rock solid otherwise.

mccombie_5
03-14-06, 03:50 AM
Agreed these things are relaible as any luxury car.

The '91 XJ12 we had however :bouncy: ......

"ok kids get out and push, daddys car is *ucked again"