Week 4 and 5 were just as intense as week 3. This time I had to find Money.
16- Review week 3- endless phone calls.
I had 2 offers on the table. no money. no contactor.
I had to give it my all to get the money and the people together.
I needed inspections, estimations and investors. So back on the phone I was.
“Deal A” had a large living surface area, the house needed some more serious repairs.
It had some foundation issues, all windows needed to be replace, water damaged and the furnace and the electrical box needed to be updated.
“Deal B” was in way better shape. Like by alot! The house is located in the heart of a little community not far from school and amenities.
It was a no brainer really.
My next step was to call realtor from “Deal A” and tell him I was stepping down from the deal.
When I made my offer, I had initially offered 175K. The realtor came back, stating the buyers wanted 200K minimum.
I accepted with conditions. Since conditions didn’t meet my requirements, I wanted no part of it. The deal was too thigh and the profit too low.
Heck, I wouldn’t probably not even made a profit and broke even.
Then the strangest thing happened. The realtor ask if I wanted to lower the price accepted.
I told them I wanted 175K, to begin with, but since they wanted 200K min, I will step down. If the house is still on the market in a month or two, I might reconsider placing the same offer.
That was the end of that.
“Deal B” won by elimination, and I was more than happy.
Money talk
The famous Jerry Maguire line was exactly what I wanted to yell out to the world.
“Show me the Money!”
There’s a lot more work to do than just asking for money. I needed to sell myself and the deal to investors.
Since the pandemic, I was the standard, dressy top, leggings or PJ’s and fluffy slippers on the bottom. Not only did my “dress code” changed so did my eating.
During this time, people went one road or the other.
One group worked one themselves , worked out and lost the weight. The other group seemed to gone the other direction.
I ended up in the last group mentioned above and gain weight.
“Dress for success” was an bit of an issue. None of my office clothes fitted me anymore.
I needed a new wardrobe of business clothing.
At the mall, I discovered, I wasn’t’ the only one looking for blazers and dress pants, all the stores were out, barely had any, or simply didn’t have my size.
And my first meeting with an investor was the day after.
I managed to find a fuchsia colored blazer that actually looked good and fitted me well.
I would have to settle with black tang top and jeans for pants.
The next thing, was to get the deal together and practice in front of the mirror.
Yes. Yes I did.
I went through the inspection a few times, calculated and estimate of the renos, went through the numbers over and over again, until I locked down the numbers in my head.
Then, I realized I dint’ have the most important thing required. That thing that is so important in all of this.
A contract ready to be signed.
Law and order
I couldn’t believe I concentrated on everything else but the contract!
Luckily, my coach had provided me with a sample contract that I could base mine off from. I looked into it rapidly and didn’t understood all of it. I figured it was good enough to show to my investor.
Since the sample was within another provinces laws, I had to get my lawyer to verify, if it made sense for my province.
I send it off to her by email requesting she give me a call back ASAP in the morning.
My lawyer works for a firm. I had picked a firm purposely so if my regular lawyer would be out on vacation or over worked, a colleague from the same firm could still proceed with my request.
The next day, I didn’t hear back from my lawyer. Not even an email back.
I pick up the phone, gave my situation to the receptionist. Understanding that my regular lawyer may be over booked, that I needed someone to review the contract and needed this asap.
No one called me back.
I had no choice to present a sample contract to my investor.
Turned out the contract wasn’t that great and it didn’t apply to my presentation.
My investor saw right through me. He gave me a second chance to get that part corrected. I have a second meeting with him next week!
If you build it, they will come.
Just like a Hollywood movie, get 2 out of 3 and the third one will come. Well it’s true!
I had found my deal, working on the money, and still no contractor to do the work.
During my meeting with my investor, he didn’t trust my reno estimation, and requested that I get a proper quote from a General Contractor.
My first thought was, there is no way I can get one in the beginning of summer, I have already called everyone on Google listing in the area.
Instead I confidently replied, ” No problem sir, I will get that done this week”
Once I got back home, I needed my dose of social media. As I’m going through my facebook feed, I see a sponsor ad of a GC in my area. I decided to message them and invite them for a quote. He gladly accepted.
Turns out he’s new in the area and is not known like all the others so he has time.
Within 24 hours, I received a lead for another GC through a friend. Now I have 2 general contractors to provide me with a quote.
Things were coming together.
Click here to see a testimonial of my coach. – Connie McIntosh
Click here regarding Blackcard’s Program