Entry by Deb Orth

More success with investors

Hi folks,

I've been a litle quiet lately because I've had a lot going on but wanted to take a quick minute to give you an idea of how I've recently been working with investors.

An investor whom I had not worked with was referred to my by my accountant. He was WAY upside down on a renovation project and hoped I'd be able to help him either as a FSBO or with a la carte services.

I agreed to meet with him at the property at my hourly rate. Boy, was this guy in trouble! First, he paid way too much for the property 2 years ago (inexperienced agent, a family friend, helped? him). Secondly, his comps for what the place could sell for AFTER renovation were incorrect. He thought he could get about $100K more than what the reality is. Then, he had a jerk contractor whom he had to fire in the middle of the project. Long story short - he is only 65% finished on the project and owes the bank $25K more than what he could sell this for when it's finished!

I was sympathethetically but brutally honest with him about his position. He said he wished he'd known me two years ago when he bought the place. Me too! Anyway, I'm working with him on a consulting basis trying to be a matchmaker between him and other investors I know who might either partner with him or buy the project from him, even at a loss, but

I'm also helping him to prepare some FSBO flyers and marketing materials as well as create a property specific website for him as he also tries to sell this on his own.

So, you see, folks, there are so many ways to use consulting to help others and to help ourselves get paid for what we do. Be creative. It works.

Oh, one other thing, if you haven't been telling your sphere of influence about your ACRE business, you;re missing the boat. My accountant has referred 3 investors to me and my favorite lender has also referred people to me. In fact, later I'll post another story about that fellow.

This page contains a single entry by Deb Orth published on April 12, 2007 8:46 AM.

Bundling Services was the previous entry in this blog.

The Tale of The User-Type Client or Prospect is the next entry in this blog.

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