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 #00636943
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.

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

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Rainer
276,566
Steven Cook
- Pierce, King, Kitsap, Thurston, Mason Counties

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
639,555
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
1,116,044
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
1,395,019
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
1,116,044
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
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Rainmaker
1,116,044

Richie Alan Naggar Author PEARLS SERIES of books

on LIFE and LOVE plus Real Estate too!
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