Failing REI (by MessManager [IN]) Aug 4, 2022 9:14 AM|
Failing REI (by Busy [WI]) Aug 4, 2022 9:51 AM
Failing REI (by MC [PA]) Aug 4, 2022 10:06 AM
Failing REI (by Ken [NY]) Aug 4, 2022 11:49 AM
Failing REI (by MikeA [TX]) Aug 4, 2022 3:27 PM
Failing REI (by mapleaf18 [NY]) Aug 4, 2022 5:52 PM
Failing REI (by Robin [WI]) Aug 4, 2022 6:31 PM
Failing REI (by Oregon Woodsmoke [ID]) Aug 4, 2022 7:49 PM
Failing REI (by Ray-N-Pa [PA]) Aug 5, 2022 11:55 AM
Failing REI (by TenantWhisperer [MA]) Aug 5, 2022 6:50 PM
Failing REI (by MessManager [IN]) Posted on: Aug 4, 2022 9:14 AM
So I met with REI who is divorcing, moving to another state, and hates the REI business. I met with her yesterday. I want to buy her properties because she is selling them cheap. She is a talker and does not listen. My goal was to speak with her for one hour, it was 72 minutes. She repeatedly said to make it in the RE business you had to be shady. No, she needed to treat her Residents like adults and stay out of their business. I do not care if a Resident takes up the whole driveway and makes her husband park on the street. I do not care if current lovers come in late at night and leave early in the morning. I do not care if a Resident pays someone to mow the grass, Residents are responsible for damages. I need a one liner to let her know she is over the line. I still want to buy her properties she does high end repairs, has good Residents, and is selling them cheap. --208.72.xxx.xx
Failing REI (by Busy [WI]) Posted on: Aug 4, 2022 9:51 AM
I wouldn't tell her she is over the line. Might put her back up, she might decide to not sell to you. Just like tenant's complaints are often just rambling, your fellow REI is rambling. (Don't get her started on marriage- she'll have gloomy opinions on that too.)
As you noted , its not shady that an REI needs to be, its ability to set boundaries.
Make your offer, keep repeating your offer. Direct her back to your offer. Its all about your offer. Chronically redirect her to your offer. Did I mention you should turn her attention back to your offer? Gently, if possible.
Take my advice with grain of salt. Very smalltime investor here, never purchased from another investor.
Good luck. Sounds like a goid buy. Love your perspective on dealing with tenants! --70.92.xxx.xxx
Failing REI (by MC [PA]) Posted on: Aug 4, 2022 10:06 AM
We all run our business the way we want. Keep quiet about how you feel she is running it. --73.230.xxx.xx
Failing REI (by Ken [NY]) Posted on: Aug 4, 2022 11:49 AM
I buy lots of houses from people like this who want to complain to someone.Listen to her story,she needs to get it off her chest before she can listen to your solution,also psychologically if you listen to her for 72 minutes she then owes you 72 minutes so look her in the eye and smile and listen to the story,you may get info that will help with the purchase. Do not disagree with her,you dont have to agree with her but do not disagree,that does not help your case. --74.77.xx.xx
Failing REI (by MikeA [TX]) Posted on: Aug 4, 2022 3:27 PM
As Ken said, listen and nod along. Listen closely for the nuggets that may be buried in the conversation that can be used later in negotiating the price and terms. The idea is to build the relationship enough where she trusts you to solve her problem. It's all part of the negotiating skill-set.
Failing REI (by mapleaf18 [NY]) Posted on: Aug 4, 2022 5:52 PM
"That's very interesting; i will take that under consideration." --72.231.xxx.xx
Failing REI (by Robin [WI]) Posted on: Aug 4, 2022 6:31 PM
Sounds like if you listen enough, you'll find some good ideas to help you negotiate the price even lower! --172.58.xxx.xxx
Failing REI (by Oregon Woodsmoke [ID]) Posted on: Aug 4, 2022 7:49 PM
You don't have to adopt her, do you? Or sign a management contract with her?
Why should you care if she is over the line or a bad manager or an idiot? Buy the properties if you want them and wave goodbye to her when escrow closes and never have to speak to her again.
Failing REI (by Ray-N-Pa [PA]) Posted on: Aug 5, 2022 11:55 AM
Indeed real estate investing is a marathon - and like a marathon we need to continue to move forward - please tell me what we need to do to keep this moving forward --24.101.xxx.xxx
Failing REI (by TenantWhisperer [MA]) Posted on: Aug 5, 2022 6:50 PM
Listen patiently and close the deal. Her method of LLing has nothing to do with your method.
HER method drove her out.
Then just communicate with your new tenants"AS Bill Mahr says NEW RULES!". ...and you're on your way.
I was the president of a local Landlord Association. My biggest takeaway after a few years is there are many LEGITIMATE ways of being a successful landlord. Some of the landlords in the LL group were boneafide slumlords. But they charged below market rents and would say, "Hey, these lower level people have to live someplace!" I couldn't disargue.
But, I was totally uncomfortable landlording their way. So, to each new landlord I say, landlord within the context of your own personality and standard of honesty.