Jump to content
The forums have been archived and are now read only. Years of great info saved for your reading pleasure. Thank you! Visit us on Facebook: https://www.facebook.com/NakedInvestor/ ×
The Naked Investor Forums
Doug Pretorius (ON)

Creative Challenge

Recommended Posts

So Doug, if this guy has made a fortune in your market simply by collecting a pool of investors, buying conventionally, and L/O out with the mark-up - what keeps you from doing the same thing? Especially in light of the fact that he is retiring and no longer filling that need! (Somebody will.....)

 

Gary

Share this post


Link to post
Share on other sites

Gary, that's exactly what I've done, as I've said many times. But the investors I had either can't qualify for any more mortgages or they don't want to take on more credit risk. Now I'm having trouble finding more investors.

 

Of course it doesn't help that I've gotten sidetracked on CAs and seller financing, but that's my own fault for not staying focused on what works.

Share this post


Link to post
Share on other sites

Actually I am moving to an area where I could afford a conventional mortgage without having to work extra jobs to pay my bills, and I really wanted to live in a beach community. It just so happens that this area is open to creative methods.

 

L/O's also worked as my exit strategy on the house as the rental market is greater then the mortgage will be.

 

Mike

Share this post


Link to post
Share on other sites

Doug,

 

I would love to help you out but I am too busy as it is doing my own deals. I barely have enough time as it is. My point is to keep grinding and you will accomplish whatever in your mind that you believe.

 

Pete

Share this post


Link to post
Share on other sites
Just out of curiosity....does anyone else here have a full time job and only does crei on "the side"?

Yes, I tried to put my two week notice in but, my boss laughed at me. I guess you can't do that in the Air Force......who'd a thunk.....

 

Doug,

the way I look at it is creative or not......$$.....put food on the table. If you are stuck on creative think of what you are trying to do as creative (no credit, cash or qual for you).

Share this post


Link to post
Share on other sites
Just out of curiosity....does anyone else here have a full time job and only does crei on "the side"?

Yes, I tried to put my two week notice in but, my boss laughed at me. I guess you can't do that in the Air Force......who'd a thunk.....

Tony, try the "Conscientious Objector" excuse. :P

Share this post


Link to post
Share on other sites
try the "Conscientious Objector" excuse.
Michael, how does that work once you're already in the military?!?

"Sorry sir, I thought I wanted to kill people for a living, but I've changed my mind."

Share this post


Link to post
Share on other sites
Tony, try the "Conscientious Objector" excuse

Then they will just stick me in the gym to hand out towels or make me a Chaplins aid :P

Share this post


Link to post
Share on other sites
try the "Conscientious Objector" excuse.
Michael, how does that work once you're already in the military?!?

"Sorry sir, I thought I wanted to kill people for a living, but I've changed my mind."

Actually, Doug, a case just like that went down recently here in south Florida. A young man from the Miami area decided that, after facing the realities of war in Iraq, he didn't like the military and declared himself a CO. It became a bit of a cause celebre down here, in large part because the media ran with the race card angle. The guy is a Nicaraguan native, and his father is a well known leftist down there. A brief story can be found here.

Share this post


Link to post
Share on other sites
Actually, Doug, a case just like that went down recently here in south Florida. A young man from the Miami area decided that, after facing the realities of war in Iraq, he didn't like the military and declared himself a CO. It became a bit of a cause celebre down here, in large part because the media ran with the race card angle. The guy is a Nicaraguan native, and his father is a well known leftist down there. A brief story can be found here.

You da thunk he would of realized that in Miami :P:lol:

Share this post


Link to post
Share on other sites
Guest Guest

Doug:

 

WHAT do you think is the REASON people (everyday sellers) don't want to do CA where you are? I admit it's strange you folks up there actually LIVE in the snow, but I'd always otherwise found Canadians to be much like us (the normal folk who avoid snow! :P )

 

Are houses moving so quickly no one needs any marketing help?

 

I looked at what seems to be only one section of ads in your area...on a weekday... and there were so many not listing realtors....I wept. This past Sunday there were zero FSBO ads online in the Sunday paper. Only realtor ads. I called the paper and was told by a clerk there were ads in the printed paper.

 

Looked at the printed newspaper. There were only 3 or 4, all of which I'd just called recently and who had said no, at least not now. There HAVE to be more ads somewhere! Anyway, your newpapers looked like heaven to me, so I wondered:

 

Q. Did you give Adam a list of a whole bunch of ads as described above?

Or just say around 10 or less names that you already had contact with or otherwise decided to give to Adam?

 

Because I think probably people watching this are watching it to see how the basic idea Pete is saying.... use the manual.... works out. I know I am, cause I find it hard to believe with all those sellers no one is interested, and I want to know what I am doing wrong, because I have fewer homesellers to screw up each week.

 

Alice

Share this post


Link to post
Share on other sites

And by the way:

 

I KNOW I am going to do this...

 

Even if I only pursued the 3 deals in the paper here each week, eventually the numbers would add up...during which I'd be getting better and better at calling. Even if it took a year, eventually I will have called as many (in that year) as Pete calls until he gets a deal, and I will have my deal. ONE decent deal will tremendously increase my ability to do them. NOT doing this will leave me poor.

 

Or someone far away will actually take me up on a deal, even though I can't physically get to them... and I will do a deal.

 

It simply isn't possible to keep doing this and never ever get a deal.

 

Alice

Share this post


Link to post
Share on other sites

Alice, first about the ads: If I remember correctly (I don't have the list anymore) I gave Adam ~45 ads, which was all of the ads on July 16th that I could find. I hadn't had contact with any of them, they were all 100% fresh. All but one were gone (no longer advertised) as of July 26.

 

Do I think they all sold? No, I doubt any more than 10% are sold. A couple may be attempting signs. The rest will be listed by now. People have absolutely no patience to sell privately around here. When I hear about calling FSBO ads that are many weeks or months old, I just laugh :P I tried that back when I read Peter Conti and David Finkel's book. I couldn't believe how pissed off people were! Like: "How dare you disturb me a whole month after my house sold!?"

 

What's the reason? Well I think it can be summed up with what one seller told Adam:

"I've lost my job, I can't afford the payments and I have no equity..."

 

Sounds like a prime motivated seller prospect, right?

 

"...I'm sure I'll get a buyer, I'm in no hurry."

 

Well, that's exactly the same response I've had to every one of my creative offers to sellers who were in every situation you can think of. And this is now approaching 8 years of marketing and making offers. That's why I issued this challenge, I want to see if anyone can do a creative deal with a seller here.

 

For years I've been saying that my creative offers are being rejected, and for years people have screamed back at me: "Take action! Market! Make offers! The deals are out there!" For some reason I keep thinking they're right and keep on keeping on. Like I said in another post a while ago, either I'm persistant, or I'm too stupid to know when to quit :lol:

Share this post


Link to post
Share on other sites

Doug as Michael said there are hot markets everywhere including mine. You are either not following his program to the letter or you are a weak closer and not convincing. Its that simple. Don't complain just get it done. As a former VP of Sales I never wanted to hear from my people why things were bad I wanted to hear that it will get done. The numbers they produced always showed me who was working the hardest and the smartest. Keep working hard.

 

Pete

Share this post


Link to post
Share on other sites

Hey all,

Here's an update and an opinion.

First off, I have to sadly admit that I have not given much time in helping Doug get a deal yet. (I haven't made more than the 15 initial calls where I have only talked to a handful of sellers. One was clearly interested and I will continue to try to make a deal out of it when I can get a little more time. I advocate that you close ASAP, but I just haven’t had the time to choreograph the deal yet. Plus, the longer I wait the more motivated he gets. Stupid theory, but it makes me look less of a schmuck.....I think?)

I have also had an incredibly busy last two weeks (Don’t forget the original challenge) and I'm trying to simply take care of the several deals I have going on right now. Challenge or not, the bills need to get paid.

 

So with that said, let me get to the point and my opinion on what Doug says he’s going through. (Doug and everyone else please keep an open mind with what you're about to read. I AM NOT siding with anyone, or here to put anyone down!)

 

1. I know that it seems obvious that Doug has some kind of anchor stopping him from achieving his goals. I agree and I believe that it must be removed before he gets another deal. I’m not here to say or judge what I think it is, but I will say that I believe it’s something we ALL go through.

 

2. I am still in awe that Doug has continued to argue his argument without bringing forward the most obvious reason that CAs and LOs don't work AS WELL in his market. This post has gotten so long with accusations and rebuttals that the truth hasn't even came close to coming out. And here is what I think it is....

Canadian's aren't different from Americans, but their MORTGAGES are! This DOES NOT mean that a LO or CA won't work, but it DOES mean that they MUST be done with a little bit of modification just like if I were doing my deals here in a different market. I know this because (Although Doug may have forgotten this) I negotiated a LO for Doug about a year and a half ago. He gave me the name and number to a young woman that called on one of his signs/website. I talked about taking her property on terms and we left the conversation that Doug was to meet her, explain a little more of how it all works and put the house under contract. If memory serves me, the deal didn’t happen because the numbers didn’t quite work. BUT IT WAS NEGOTIATED!

 

3. This challenge can only be met if Doug decides to grow with me while I conform to his market and get a deal. I could be doing deals right now with the contact he gave to me, but either way I believe this whole thing has gotten off course from its true intent. To prove that “A” deal can be done in his market. If it is going to continue to be a "CA only" challenge, then following MC's manual will be Doug's strongest tool. He'll simply have to change the way it is completed to conform to the incredibly short time frames of Canadian mortgages.

 

I still believe this is totally up to Doug though. I can negotiate anything and close anything if I have the proper people or team behind me. I have done deals out of state just like this where the seller was my only help in showing and closing the deal.

 

So with my conclusion to what I think this is all about:

 

Get your team together, or DO IT YOURSELF! If you say it can’t be done where you’re at then you just haven’t found what’s stopping you! Fail forward, or fail and give up. Those are the only two choices. (This is meant to be for all of us in general NOT towards Doug. I am simply stating an opinion.)

Regards,

Adam

PS I have modified this post about 10 times. Read it again after reading this.

Share this post


Link to post
Share on other sites

×
×
  • Create New...