Steve Shaw Victory

 

Steve Shaw Victory

C S Shaw Properties LLC in Poulsbo, WA
Steve Shaw with Carolyn Shaw, Michele Shaw

Type(s) of Victory: It was just awesome


I am closing my second wholesale deal on October 21. However my victory was the rapport and trust I had built up with the sellers. They have a problem property with many issues and all they wanted to do was walk away and not do any repairs. We agreed on a price and signed a contract with a 30 day inspection and a 60 day close. I brought in some rehabbers on my buyers list and also a developer who was under contract to buy land down the street from the property. However, no one wanted it. I told the sellers we may have to renegotiate and include terms where they would hold the note on the property for a period of time and we arrived at four years with with no payments(excluding down payment, they did want cash at closing) for two years. This deal became more attractive and I found a buyer, an active wholesaler and rehabber, who I have known through my REIA for two years. However, he wanted his contract put in place, which included cross-collateralization for the full four years and the stipulation their note would be in second position to either a hard money lender or bank. They took the document to a lawyer who told them they were getting screwed. This is what my seller told me. They really wanted their money if the house sold before the 4 year term expired. My buyer told me that those terms were what he wanted, "I'm not going to make much money off this property when I sell it because of all that is needed, being able to use the money for another deal makes this attractive". On Friday the sellers and I agreed to speak on Monday, right before I hung up the phone, I said, "I trust (this buyer), I've known him for two years and he is well-respected in real estate investing circles. The seller said "thank you, I appreciate that." I spent the weekend going over what I was going to say, lining all my ducks up in a row. The buyer and I talked at length going over how to approach this, but he wasn't going to relent on the cross-collateralization clause. On Monday I called, nervous and full of everything I was going to say. I didn't have to say much, she told me she and her husband were ready to leave and they would accept the cross-collateralization clause. She then told me something that floored me, 'When you said you trusted this guy, that was what I needed to hear." Wow, that meant she trusted me, it was truly an awesome thing to hear. Fortune Builders preaches the mantra of trust and rapport and now I see the power it produces. I didn't actively go out and say I want to make these people trust me, but I did everything I said I would, and I was always on time and I truly wanted to help them out. I guess it showed. Thank you Fortune Builders!



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