Chasing Financial Freedom

Ep 274 | Crafting a Success Map in the Maze of Real Estate Transactions

April 03, 2024 Ryan DeMent Episode 274
Chasing Financial Freedom
Ep 274 | Crafting a Success Map in the Maze of Real Estate Transactions
Show Notes Transcript Chapter Markers

Navigating the treacherous waters of real estate can feel like being lost at sea, but I've charted a course through the choppiest of transactions and come out on the other side with a map for success. Join me as I recount the trials and triumphs of back-to-back property deals that tested my mettle as an entrepreneur. From the quagmire of lender demands and inspection surprises to the nuances of cross-state communication, I lay bare the raw complexities of this industry. This isn't just a tale of contracts and clauses—it's an odyssey of persistence, learning to dance with bureaucracy, and coming out ahead. 

This episode isn't just about real estate—it's about the universal struggle against the odds and emerging stronger. We'll dissect the anatomy of roadblocks, looking beyond the immediate frustrations to understand their cause and craft a game plan. It's a candid conversation about the resilience needed in the face of obstacles and the mindset shift that transforms hindrances into stepping stones. Whether you're an entrepreneur yourself or simply someone who takes life's hurdles in stride, this candid reflection on professional hurdles and personal growth is sure to resonate with your own path toward achievement.

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Speaker 1:

Have you ever had one of those weeks that are just a roller coaster ride and you continue to go up and down and you're like, why is this all happening to me, guys, that has been my last two weeks. We are on the final leg, we're closing, we got clear to close on the loan for the first property and we're under con, going to be under contract on the second property, and, can you say, there are things stopping me on a daily basis that I just don't understand why this is happening. The struggle is real. So this week, guys, I want to talk about the struggle of trying to get all these nuances taken care of on this first house. Is the inspector and the lender asking too much of us? On some things, yes, on other things we could have been more detail-oriented, so I own that. But the beautiful thing that's going to come out of this is this one thing this inspector that's doing this inspection for us says that he'll do a pre-inspection for 300 bucks, 350, whatever. If we can get that done and let him kick the tires and make sure that we get everything squared up, we are golden and we'll do that on every single house going forward.

Speaker 1:

But the thing that I'm struggling with is this lender. I've never worked with this lender. This is not me closing the deal, it's the buyer's lender. They keep on asking for these nuances that just don't make sense. And then, when you do send them the information, they ask for it again, and it's like over and over again. I'm on that hamster wheel. We just keep on going back and forth. It really irks me, but it also really puts me in a place of like how the hell can we get this done If you continue to ask for the same stuff over and over again? You can't, it doesn't work. Over and over again, you can't, it doesn't work. And so I want to apply this to life and I'm going to make this week's episode short but sweet. That old adage, the definition of insanity is doing the same thing over and over again. That's where we're at.

Speaker 1:

But also it feels like they just don't listen. They want to talk but don't want to listen. So in life they always say get in a room that's bigger than you and actually listen to what everybody's doing. Listen to these people talking about their experiences or things that they've done, or failures, failure, guys. Failure is a beautiful thing. It gets us to the other side that allows us to succeed and truly cherish the good times. And that's where I'm at. I really want to cherish the good times and get there.

Speaker 1:

I just want to get this house loosed because it's keeping me up at night, it's making my mind race all single night and I don't know what else to do other than support my guys that are local on the ground. Else to do other than support my guys that are local on the ground, because this is in Indiana, I'm in Arizona and be able to work with them through exactly what's going on, support them, give them the resources they need and go forward. The best way to describe this and I've said this several times it's frustrating. I'm frustrated because we can't seem to get off the schneid on certain things with this lender. And then it's an ask after ask and it's like why are you asking for the same thing when the inspector is doing the exact same thing? Why are you both doing the same thing? So when you ask those questions, they get a little upset and it's okay, I got it. But also you're doing, you're making us do double the work.

Speaker 1:

So communication, the other piece, guys. Communication is key in all this, making sure all the parties involved are in one place, whether it be a group text, a phone call, an email that you all can actually see the requests that are coming from whoever. It doesn't have to be a real estate transaction, just clear and concise messaging. So if you're a leader of a business, an entrepreneur, make sure your message is clear and concise, because you don't want confusion in the ranks, because it ultimately will drive you bonkers, like it's driving me bonkers, which ultimately leads to failure. It just doesn't, there's no way around it.

Speaker 1:

And the last little piece on this and then I'm going to move on to one other thing and we'll wrap this sucker up is the realtors involved are solid, they're good, but they don't know how to manage up to the lender. That's the last one in this Know how to manage up. You always have a boss. Even if you're an entrepreneur, you've got a boss somewhere. It could be your spouse, it could be your boyfriend or girlfriend, it could be your family. Whatever the case is, even though you're the CEO of your business, you're still managing and being. You need to manage up, whether it be to the time, to your family, to your significant other, whatever.

Speaker 1:

But these realtors are not pushing back on the request. We're getting the same requests over and over again, which is causing inefficiency, which is causing issues when it comes to getting things done. It's causing a delay in the closing. We're supposed to close tomorrow. I don't think we're going to close tomorrow. They've already disclosed. So let's see where it goes. But I can tell you this deal is going to put us over the top because we're going to be so much more prepared for our other deals that we go down the block. We are going to have everything lined up I'm already thinking this through as I'm shooting this video that we are going to have a checklist and we're going to put that checklist on a shared drive or in the Google drive, whatever, of everything that we ran across on this deal and we're going to make sure we check that off before we go into an inspection. And a little more, we're going to make sure this inspector gives us a pre-inspection and then we're going to go through that checklist and make sure how we match up against that inspector. If that's done, that should pretty much lock us up for all our houses going forward and make a clean transition from inspection to appraisal to close and not have all these chunks in between that are causing me heartburn and headaches. Guys, that was it on that.

Speaker 1:

I just wanted to tie in some entrepreneur stuff, some leadership communication. For me personally this week, the personal aspect is the rollercoaster ride has been a royal pain in the butt. It's been stressful, but I'm learning along the way. But I'm also counting my blessings and thanking God that I've got an opportunity to sell a property in this market. I've got opportunity to sell other properties in this market, but the one thing I won't lose focus on is our vision and our why is to create affordable housing that people could otherwise not afford.

Speaker 1:

These houses are being sold for $189,000, brand new build, three bedroom, two bath. I don't know of anywhere else that you can buy a brand new home for less than $200,000. I know this is in Indiana, guys, I get it. It's not in my backyard of Arizona, but when you're creating a quality product and you're putting it out there, people will find you. We already have a second buyer lined up. I'm working on getting them pre-approved. I am doing the loan. I'm working on getting them pre-approved. I am doing the loan, I'm working on the deal. So I will get that one out and we'll get that person pre-approved, and then we'll get an offer in on the second house. That's where we start cooking with Crisco. Third house is going up and then we're going to go down the street and we are going to start pre-selling lots and we're going to continue to pound this sucker out and not give up.

Speaker 1:

We hit a roadblock, we figure out why. Don't just keep on hitting your head against the roadblock. Figure out the why behind it and then fix it going forward. And that's one piece that I don't think we're doing enough on this. First one is finding out why we're hitting the roadblocks and then determine do we go around it, do we go over it? Do we go under it or do we bulldoze it and knock it down? There's other ways to go around it. So until we actually do that, I want to say effectively, we're not going to be successful in this space. So this is a great learning experience. It's been a royal pain in the butt, but I wouldn't give it up because I'm truly learning what we have and how these guys operate under constraints and pressure. Guys, have a good one. I'll talk to you guys next week. I know it's two weeks in a row that you guys have me, but these personal stories mean a lot to me, but I also I hope it helps you guys grow in your business and on your journey. Have a good one.

Struggle and Growth in Real Estate
Overcoming Roadblocks for Success