TheMaestro

Cancelling Contracts Is Un-Freaking-Acceptable

Jul 7th 2010 at 2:06 PM
I can't tell you how freaking irritated I get when I speak to an investor, or student, and they tell me they've just had to cancel a contract on a property.    What?  Why?   Shouldn't happen.  I don't care what the economy is like.   And these days, I hear that more than I ever thought I would...   Bottom line, it mostly comes down to attitude.  Yes, I know that the numbers need to be right.  If you're offering a wholesale property at 85% of retail, you're going to end up cancelling...   However, If you do your homework on the deal, crunch the numbers, effectively evaluate the opportunity, contract at the right price... it should sell.  And anything less is unacceptable.  No sense beating around the bush...   "But Maestro, the economy is in the tank.  There aren't as many buyers out there.  I can't get the property cheap enough.  Blah, blah, blah..."   Stop it.  Those are just excuses.  And excuses are for losers.  Sorry, but it's true.   Here's the problem.  One of the reasons we get into wholesaling in the first place, is because there is no risk.  We find a deal, make an offer and get a contract signed.  And if we don't find someone to flip it to, no big deal.  We can always cancel it and move on to the next one.   That's true.   However, it also creates a lazy mindset.  Look, a contract on a property is money.  Real money.  Nasty, stinky, hot, filthy money.  It has real value.  And it goes a long, long way to creating the financial freedom you so desperately desire.   SO TREAT IT THAT WAY!!!   Here is what I want you to do.  Take your next signed contract, hold it in your hand... and smell it.    Money has a certain smell, that for some (subliminal message - ME - subliminal message), acts as an aphrodisiac.  Sick, I know.  But you have to love money before you can ever expect to make any.   After you smell it, imagine it's a roll of cash.  If you're going to flip that contract for 10 G's, then imagine you have $10,000 in your hand.  Because, really, that's what it is.   You can't spend it before you flip it, though.  And if you fail to do so, you have to give it back.   That sucks.  Really, really, bad.    So make sure you act with a sense of urgency.  And lose the mindset that you can always cancel at no penalty.  And to be honest, that's not 100% accurate anyway, unless you consider wasting TONS of time, effort and money... no penalty.   Signed contracts are money.  They are gold.  They're going to make you rich.    So make sure you close the deal.
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