Feeling Dumb

Posted On 10:41 AM by Scott Costello |

One of the biggest obstacles I'm finding out now that I'm starting to be involved in the deals is feeling dumb. Nobody likes to feel dumb or feel like they don't have the answers. As a beginner I run into a lot of questions from other investors or even sellers that I can't answer.

The good thing is that I'm of the mind set now that I don't care about that, I know I'm new and have a lot to learn. That uncomfortable feeling though is a hard one to over come and has caused me to not do something in the past. All about stepping outside the box!

Ok, back to the fun stuff...

I was trying hard to stay in the middle of my buyer (lets call him Frank) and the seller of the house in whippany. When it came down to how Frank was going to get paid, I honestly didn't know. I could give him half of what I might get, but Frank was talking about tacking on $10k to the deal and selling it that way to his buyer. That is fine and all, but I told him we would have to assign the contract over to him first and then he could assign it to his end buyer.

I think that is how it would work?

He was throwing some other ideas at me that I didn't understand to well (definitely not enough to try and explain it here, we might have just been he was using terms I wasn't familiar with). At this point I told him he'd have to call my partner to handle how he was going to get paid.

Right there I might have just taken myself out of a paycheck and introduced a possible buyer to a seller and might get end a rounded with the next deal that comes up. But hey I'm trying to learn from all of this, soooo......


Lead

I tried calling that lead back yesterday to find out a few things I forgot to ask him like...

  • Why he hasn't used a realtor yet?
  • If he had a second mortgage
  • If he was behind in payments (I figure he's behind because of the Lis Penden filed against him, but I could be wrong)
...he didn't answer though even though he was expecting a call from me that evening. Oh well, I'll try again.


I will say all of this is kind of fun and exciting!!

I also bought a list of absentee owners from Listsource today. $53
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1 Response to 'Feeling Dumb'
  1. Shae
    http://sjcostello.blogspot.com/2009/04/feeling-dumb.html?showComment=1240007700000#c6743288630858305174'> April 17, 2009 at 3:35 PM

    You're absolutely right - glad to see you're overcoming it though!

    By the way, wouldn't worry too much about being cut out of the deal. If you get screwed, you know what type of people you're dealing with. If you don't and they value what you're bringing (which they should), its all good in the hood.

    Have a good weekend Scott and keep up the great work!