How I Lost My First Deal

I attempted my first deal and this is what happened. I was bound and determined to get a property that I saw was abandoned and do my first deal and get a check for $5k. I researched the property and found the seller. I sent the seller a letter using a different color envelope suggested by Rachel Young of Big Cheese Marketing. I received a call from the seller. There were two sellers on the property. They were ready to sell. That was the first time I typed up a contract according to the examples I had seen and faxed it to their attorney. Then I didn’t hear anything. I called the seller and he told me that the price was too low. I needed a partner with more funds than I had. I found one. Turned out to be a wholesaler from Alabama who was interested in doing the deal. I spoke to him and he told me to ask the seller if we could do a title search. I called back the seller and asked for permission and then he told me that the property had a lien on it. I contacted my partner in Alabama and he became unsure. I then contacted a local attorney here in Atlantic City, NJ who told me to make sure I got the deed otherwise I would just be paying off their loan. So armed with that new information I called back my partner and was ready to move forward. He never called me back. I left many messages. Suddenly I realized he was backing out of the deal and I didn’t know what to do. I wasn’t prepared and had no idea what else to do so I contacted the attorney and let him know that my buyer backed out. Later my partner sent me an email saying, “next deal ok”. And that was it for me. I was devastated. I was numb and just sat there realizing that I was that close to do doing my first deal and it got away from me. The lesson I learned was to not stop when it looks darkest but to keep moving as if you’re going to complete the deal because if you don’t you’ll lose it for sure but if you keep moving, you’ll never know what is going to happen.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s