Everything was going great! I had done my research, was moving forward in my deals, my people and was working on the money.
All I need was getting the final piece of the puzzle, the money.
What could go wrong.
see previous blog by clicking here.
Started up with a bang!
In the beginning of my week, I was pumped! Everything was going as planned. I was respecting the grind! respecting every step I needed to take according to BlackCardU.
I had found 2 General Contractors for a quote on my deal. Only one came back and provided me with a high level price which was actually reasonable, proving myself and to my investor that my estimate for repair was on target.
My lawyer wasn’t replying to my emails. We spoke on the phone and she concluded that the contract sample I had send to her in the beginning of week 5 was respecting the laws of the province.
I didn’t want to wait on her so I decided to type it up myself.
Under my investor’s request, I added a note in my contract stating that If I die during the operation of the deal, that my investor would be the beneficiary of the property.
I had purchase new dress pants and ordered a new blazer online in time for my second meeting.
Just can’t sit and wait.
While waiting on my second meeting with the investor, and even if I know I was gonna get this deal, I couldn’t allow myself to just sit and wait for things to happen.
I kept calling realtors and visiting new deals that was showing up on MLS.ca
I spotted 6 new properties that were listed. These 6 properties only had the one picture to the exterior property, no interior pictures.
I called the realtor for a showing on 2 of them.
Oddly enough I understood why the seller didn’t want interior pictures on the net. The houses were rentals. There was 6 rooms, each had at lease 3 sets of bunkbeds in them, some had 4 sets. 3 stoves & 4 fridges in the kitchen. most likely the electrical might be questionable, and probably not licensed to have so many stoves plugs.
It was an old farm house, I’d say form the 40’s or 50’s. Back in those days basement were digged by hand and the foundation walls were made with stones. Half of the the house was build on a huge boulder rock, while the other have was digged under with proper stone walls. Structure was fine, if you think about it, it was standing there without moving for decades! The girder beams and columns supporting house where the original tree trucks spanding form one end to the other of the house.
I was in love,sSparks where flying and I had found my second potential deal!
Getting the final piece of the puzzle
Finally the day had come where I was meeting with my investor for the 2nd time.
My proposal was ready, the GC’s quote was on the spot and my contract was properly typed, I was ready.
I ironed my new dress pants, steamed my blazer and got my shoes out of its box for the first time in over a year.
My hair looked great and my makeup was fashionable.
Regardless of the construction site on the way to his place, I made the 1 hour drive to he’s place just in time for our meeting.
As predicted, I made sure our meeting wasn’t going to be long. We quickly went over the GC’s quote and showed him the final contract.
That when everything went sideways.
My investor didn’t want to buy the property cash. He wanted a mortgage. My business plan does not work with mortgages. Having a mortgage will cut down our profits. And having a mortgage under HIS name would mean I wouldn’t have any control on when to sell the property. I would need he’s approval and he’s signature for everything we do.
He wanted a saying on the renovation that needed to be done. My contracts states that I would do all the work, I would assure all the scope of work that needs to be done to the property, the bookkeeping, the payments everything.
As an investor, I needed a silent Money Partner, and he wasn’t it.
I needed to make a decision fast. The more he talked the less I wanted him as an investor now. I could hear Stefan yelling “GET OUT, your gonna get yourself in complicated relationship with your investor.”
For a brief moment I leaned back in my chair, and only though of everything I’ve learned with my coach in the last month.
I sat back up, politely waited for my turn to talk, and casually told my investor.
“I don’t think we are ready to work on this deal together”
It felt like I had dropped a bomb on both of us. I then proceeded to explain why, and he understood my situation and ambitions.
We continued chatting for 5 to 10 minutes before we walked toward the door.
Before I left, he told me the best thing I needed to hear.
“You’re on the right path, you’re gonna make lots of money doing what your doing. I have not doubt, once you make your first deal, your gonna do awesome. I’m always here to help, if you have any issues or questions come see me, I’ll do my best to guide you through your journey.”
I thanked him and stepped out.
I pulled out of his driveway and cried in the car.