We're 1/3 of the way through Q3.
I'm kinda crushing my business rocks.
Health & Fitness ones are TBD. š¤
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Livin' La Vida Luna y Luca
Brand new whip. got. no. keys.
Professional Problem Solver
A few months ago I changed my X bio to include, "Professional Problem Solver"
I'm not one to toot my own horn, but my talents were on full display this past week.
In more ways than one.
1: Fundraising For A Friend
My buddy, DG, presented me with an opportunity to lend him some money on his next flip.
Problem: I don't have spare cash lying around right now.
To further complicate things, DG has become a good friend and continuously proves himself as a competent & high-integrity investor.
I didn't want to leave him high and dry, so I threw a hailmary on X.
I tweeted about the raise and one of my followers (who I've never interacted with before) raised their hand to help.
We closed on Friday, 8/2/24. š š
Very much looking forward to seeing what DG does with this home in Toms River, NJ.
2: Trainer's Mom is in Critical Condition
My trainer's mom slipped & fell last week.
I don't know the full story, but it was a tragic accident. She hit her head on something and she's paralyzed from the neck down. š¢
To make matters worse:
- His dad is already in a long-term care facility with Alzheimer's
- He has no siblings to share this burden with
- He has two young kids at home (both under 5)
- He works ~50-60 hours a week
Before our workout last Saturday morning, he was venting to a few of us.
His biggest struggle is having to quickly sell his mother's house to be able to afford her ongoing care.
The following Monday, he took class with us and I waited until we were alone to present him with a potential solution.
I asked him to let my partner come see the house with the promise that we would make an offer by the end of the week and potentially close by the end of the month.
At worst, it's a data point for him to consider with his family. At best, it's an easy button he can press at any given moment and the money will hit his account 2 weeks later.
My trainer agreed.
So I connected him with DG on Monday morning. DG went to see the house on Tuesday afternoon. We sent a cash offer on Friday. I saw my trainer yesterday and he thanked me for being so quick about it.
Now the ball's in his court. Whether he accepts the offer or not is to be determined.
I just want to help him in any way I can.
3: First They're Sour, Then They're Sweet.
Back in January '24, I re-drove my entire market looking for houses that needed some TLC.
My buddy, MC, mailed that list in February.
In March, MC's phone started ringing. As you can imagine, most replies were some variant of "fuck off".
One particular seller said, "Show me the money. $1M".
A for effort. š
All parties knew that his asking price was out of line. Regardless, MC persisted by sending a follow-up text every 30 days or so.
It paid off. The seller invited us to come see his property this past week (2x).
On Tuesday we toured the exterior and basement only. We had such a good conversation with "the man of the house" that he invited us back on Thursday to meet his wife, "the boss", and sit at their dining table to "talk numbers".
We went back on Thursday and boy did we talk. The meeting lasted ~90 minutes. We talked about their kids, their hobbies, their careers (ending), their history with the town. I'd say we spent about 88 minutes building rapport and only 2 minutes talking about the actual terms of our offer.
When we finally made the offer the wife said, "That's a good number!"
To which I replied, "It is a good number. And I understand you only have one shot to sell this home for as much as possible, but this transaction is about more than the number.
If you decide to sell your home to us I can guarantee we will be the most accommodating buyers you could work with.
Here are some of the terms we included in our written offer:
- Flexible Closing Date:
The wife is recently retired. The husband retires at the end of December. They're starting their search for a new home (in FL) right after they finalize who they're selling their current home to. These things take time, and we're not in the business of hard-selling or pressure-tactics. They can close when they feel ready.
- As-Is Condition:
Let's just say they'll be leaving some stuff behind.
- No financing or inspection contingencies:
We risk losing our ($20,000) deposit if we go under contract and can't close for any reason.
- Use & Occupancy Agreement:
We'd be willing to buy the property and let them stay in the home for another 30-60 days. This will help fund their move and purchase their next property.
- We will NOT put a laundry room in the front of the house :-)
The wife was adamant about not letting us build a home with a laundry in the front of the house on the second floor. I told her to look up Project Washington and promised we'd use a similar floor plan.
- [Husband Name] can work with us post-retirement at his discretion, connecting us with potential sellers in town for a fee.
- If we close on any referrals - we'll pay [Seller Name] 1% of the purchase price or $10,000 - whichever is greater.
The husband has been in town his entire life and he's very sad to leave. He knows everyone. He mentioned he knew of a handful of people who might also be willing to sell soon. So we offered him a way to stay connected to his roots and make some money while doing so.
--
Obviously, the purchase price will play a substantial role in their decision. I'm sure they're going to shop our offer this week and try to get someone to beat it.
But will someone else spend 90 minutes getting to know the ins and outs of these soon-to-be retired, 60-something, empty-nesters?
We really listened to their story. We discovered a handful of pain points they wanted to avoid during the sales process and made sure to include specific solutions in our written offer.
It's really that simple, yet not everyone is willing to do it.
I can't wait to see how it shakes out. š«Ø
