Case Study – The Tale of 2 Wholesale Deals
properties “as is” and take the cash. I’m pretty sure he got some well needed advice that rehabbing
wasn’t one of his strengths.
Always Put Everything in the Contract! No Handshakes.
It was written into the contract that all of these items in the
house would be removed prior to closing. The seller lived
out of town about an hour away from the 2 wholesale
houses. He drove his box truck in and removed one load
of items a few days into the contract.
There was only about a week left to get it all done, but at
that point I wasn’t too worried. Since he was unemployed
he had the time. The seller was scheduled to come back
to the house that weekend, and he thought he could get most of it in one truckload. He said he would take
care of anything that remained the following week prior to the closing so we had a plan.
When he didn’t show up that weekend, I tried to call him several times without success. He seemed to
vanish.
Counting Your Chickens Before the Eggs Have Hatched
He finally called me the next week a few days before closing.
It seems that my motivated seller decided to go to Hilton
Head that weekend instead or finishing the job. I suspect he
was spending his money in anticipation of the closing that
would net him a nice sum of cash.
When I mentioned that I had called him several times over
the weekend, he told me that he didn’t answer his phone
when he was at the beach. Well, OK.
For anyone a little rusty on geography, Hilton Head is probably 8 or 10hours from Louisville, KY so I am
guessing that there was at least a little upfront planning that went into this trip. I’m pretty sure he knew he
wouldn’t be coming for the parking meters that weekend!
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