CHIPPED IN TO MAKE IT HAPPEN GOT MY MONEY BACK NO PROBLEM

By
Real Estate Broker/Owner with People first then business! Ran Right Realty Riverside, Ca BRE LIC #636943
http://actvra.in/zXt

Many years ago, I was partnered with two very creative people who were good at buying land, developing it and then selling the product. It was lucrative and my two partners were seasoned and one was second generation. We became aware of a potential six home site in a prime area that was just sitting. We inquired and went to work to see what we could be done

LITIGATION WOULDN'T YOU KNOW IT

The current owner was in litigation with three (3) other attorneys and that is why this property just sat and sat. I contacted the current owner and he was anxious to sell but didn't know how to deliver the title because of the litigation. I was anxious to buy because the product and area was good for our business model.

I WILL TAKE IT SUBJECT TO....

Once I locked in a fair price and made the purchase subject to me remedying the problem,  I proceeded to do my diligence. I found out that a court hearing was scheduled and all the parties would be in court on a certain date. I planned to attend and dive deeper into this subject.

CLASH OF THE TITANS ATTORNEYS

I go there and the hearing commences with all three attorneys making claims from different points of view that when added up, comes to about $50,000.00 divided amongst them all. I listened very carefully and then waited until the hearing was over. Nothing was resolved and another hearing was scheduled.

EXCUSE ME FELLAS...YOU GOTTA MOMENT?

I stopped all three attorneys before leaving and said, I want to buy this property and I want to develop it. What will it take to settle all this? Everyone laughed and took me for a fool. I insisted on an answer and everyone started arguing their case right there. I cut through all the arguments, distractions, threats, intimidation's and discouragement and said to each one of them..

LET ME SEE IF I UNDERSTAND YOU

If you get x amount of money to settle this right now, would you take it? A question and answer period took place and I posed the question point blank to each one summing everything up. So, if I give you XX, you will settle. Attorney 1, 2 and 3 all said yes. I said fine, draw up the paperwork and I will deposit the additional funds when documents are signed and delivered.

I DON'T LIKE MATH BUT DON'T LEAVE HOME WITHOUT IT

You see I did my homework. I knew what product was selling for in the area. I knew what it cost to build and I knew where we would end up eventually bottom line figure. If you took the $50k and divided by 6 homes, you get roughly $8500 a house. QUESTION: Could I recapture that $8500 on each home. YES the math said and we went forward with the deal

MULTIPLE CONCLUSIONS

Know the product. Never give up. Tenacity can do things you never imagined. Knowledge is power. You cant make a gain unless you take a risk. If you are in the business and any good at it, the world is yours until you say different. Every problem comes with one or more solutions that are begging to be found. Claim your success. No means more effort is required etc. etc.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tree to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Real Estate Best Practices
Tags:
money
results
solving
gain
risking
tenacity
math
offers
attorneys
litigation
court
selling
building
development
naggar
solutions
problems

Comments 48 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the man to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
791,063
Al Raymondi
Ormond By The Sea Florida - Home and Condo Sales a
Ocean View Realty Group in Ormond By The Sea Florida

Terrific story Richie, and kudos to you for getting the problem solved.  Congrats on the feature, it is well deserved.

May 11, 2012 05:29 AM
Rainmaker
891,596
Michael Setunsky
Your Commercial Real Estate Link to Northern VA
Michael's Commercial LLC

Richie, doing your homework has paid off in this case. Good luck with the development.

May 11, 2012 05:46 AM
Rainmaker
572,328
Phil Leng
Phil Leng Team - Residential Real Estate Experts &
Keller Williams Eastside Market Center

Hi Richie,

Good story

From the title, I thought you got your money back when you backed out of the deal!

Phil

May 11, 2012 06:08 AM
Rainmaker
1,203,294
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Ms Debbie...you grace the post dear lady...thank you for visiting with me

 

Dale...your comment reveals quite a bit about you....thank you Dale

 

 

Bob....you make a good support person and I like your thinking too...thank you Bob

May 11, 2012 07:23 AM
Rainmaker
1,203,294
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Jeffrey....another fellow pea in the pod who recognizes out of the box adventuring...thank you Jeffrey

 

Marc...your comment reveals you to be the "go to" to make it happen....thank you Marc CPA who knows his stuff

 

Kevin...when you add tenacity to anything you are doing, stand back because a HUGE return will come booming its way in

 

 

May 11, 2012 07:28 AM
Rainmaker
1,203,294
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Mike...I have learned that everyone wants the same things in life that I do...So, we have to find HAPPY...that place where everyone says....I AM....When we get there, it makes everything up to that point very well worth it...thank you MM

 

Kevin S...I do my part and the other dynamics has to do theirs...My secret...People smell persistence, focus, and like seeing someone moving with a purpose. It makes all come alive. Then, success is formally put on notice to get ready cause here WE come...thank you Kevin

 

Hello Joan....I never cared for homework back in the days...but it did represent something that we must acknowledge. Whatever we take on, must be brought full circle...our research has to conclude. Our time is valuable. Spend it wisely...YES?

 

May 11, 2012 07:36 AM
Rainmaker
1,203,294
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Mac...you are very welcome...I like your style...thank you MM

 

Denise...my fellow pea in the pod....NO is a noise that needs more investigation than YES would....

 

Endre...if I got your attention and held it, well that makes my day too...thank you for sharing that Endre

May 11, 2012 07:40 AM
Rainmaker
1,368,882
Donna Harris
Realtor, CDPE & ASP - Hill Country Lakeway Austin
Regent Property Group

It sounds like you figured out the win/win that most people would just walk away from. Good for you!

May 11, 2012 07:47 AM
Rainer
137,546
Raymond Denton - Casta del Sol Realtor®
Casta del Sol is all I do
Your Casta del Sol Agent

Way to go, Richie.  There aren't any problems - only soutions.

May 11, 2012 07:50 AM
Rainmaker
1,203,294
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Eric...your comment reminds us all the importance of a team and a second set of eyes...We often do not see the macro or the micro of life...yet it is all there to be seen and enjoyed....thank you Eric

 

Jeff...right you are my friend and I was those people until I woke up and looked around and saw the abundance of things just waiting to be claimed. Think: All those people overseas that once said...if I can just get to America. They knew their dreams would come true..How did they know this? The nick name..land of opportunity was not a myth...thank you Jeff

 

Valerie....you wont catch neither one of US...napping my dear lady. I remember contacting all my professors in college before the class began asking for their syllabus and reading materials. I wanted to literally do my home work in advance. Good night Valerie and sleep tight

May 11, 2012 07:50 AM
Rainmaker
1,203,294
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Hello Richard Weisser...with attorneys: Walk softly and carry lots of SHARK REPELLENT...? I did take a licking during the extra mile...but we all came out ticking..thanks R

 

Hello Richard Witt.....you help to bring out my best which makes me want to thank you......Your picture demonstrates the cliche......Behind every good man is a good woman.

 

Gin Gin.....thank you. Take one Real Estate agent, mix with one transaction..add a pinch of tenacity and enjoy the relaxing drink of Real Estate on the rocks...to be sipped like mint julep......

 

May 11, 2012 08:06 AM
Rainmaker
1,203,294
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Al...THE PAL...thank you Al

 

Michael...your wishing me well has a way of coming back on you...May it be so

 

Phil...if the title is what landed you in my net.....well mission accomplished ...YES? This is ACTIVERAIN 101 at work

May 11, 2012 08:09 AM
Rainmaker
1,203,294
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Little Donna....it is the old, tried and true statement of: If I give you x, will you give me x? It works every time. The opportunities to play are without end...None of us will be back this way again..Let's suck marrow...and less bone

 

 

Raymond...right you are. Life is a puzzle to be solved as you go...There are some tough puzzles out there, but then it makes for some pretty resilient puzzle solvers too...YES?

 

May 11, 2012 08:14 AM
Rainmaker
313,510
Sandy Acevedo
RE/MAX Masters, Inland Empire Homes for Sale
951-290-8588

Hi Richie, great negotiating! When youcan drill down to the core, what people really want, you can do great things. Well done!

May 11, 2012 08:56 AM
Rainmaker
1,203,294
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Hello Sandy...you described accurately some of your own skills bank...attractive I might add..best to you always Sandy

May 11, 2012 09:02 AM
Rainer
277,079
Steven Cook
- Pierce, King, Kitsap, Thurston, Mason Counties
No Longer Processing Mortgages.

Richie -- Math is nothing to be afraid of, it is just some adding and subtracting, and it helps pay the bills.

May 11, 2012 11:18 AM
Rainmaker
673,826
Gene Mundt
Mortgage Lender - Chicago/Chicagoland Mortgages
www.genemundt.com

Richie:  What I see you doing .. in a nutshell ... is forcing people that get paid to argue for a living, cut the bull and go beyond their arguments and petty differences.  Absolutely brilliant, my friend.  I think sometimes, there are those that LOVE to bicker.  The thrill for them is in the bickering.  You made them go beyond that, talk real solutions .. even tho it went against their nature.  As I said ... BRILLIANT and well done!  Hope this investment does well for you ...

Gene

May 11, 2012 11:23 AM
Rainmaker
1,203,294
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Hello Steven...your handling my next deal...(your right my friend)

 

Gene...you have demonstrated via your commenting ...that you are a man that someone can count on, a coveted to have team member and a good business counselor...Ladies and gentleman, here is a prime "go to" source for any mortgage lending need....ActiveRain's own Gene..the "mortgage machine" Mundt.  Gene, I could have taken the day off and sent you and got the same or better results...thank you Gene

May 11, 2012 05:10 PM
Ambassador
1,482,296
Tammy Lankford
Your Lake Sinclair Expert (706-485-9668)
Lane Realty

Forest? Trees?  guess they couldn't tell.  Loved the way you told this and handled it.

May 18, 2012 10:07 AM
Rainmaker
1,203,294
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Thank you Tam Tam

May 18, 2012 12:38 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the computer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
1,203,294

Richie Alan Naggar Author PEARLS SERIES of books

on LIFE and LOVE plus Real Estate too!
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the car to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: