A seller asks $12 million for a property worth $2 million, with cleanup alone costing $10 million. The speakers stress hard numbers, red flags like unrealistic appraisals, and physical inspections to avoid getting burned on deals.
look at that it's gonna cost $10 million to clean up that lot. The reality is, is what they were charging, $12 million, the lot's only worth $2 million, not $12 million.
And sorry to add, so the, he's probably trying to convince the seller to sell to him and the seller probably said, well, I want $15 million, right? I want $15 million. So now the seller's thinking it's worth $15 million. So he's probably coming in like, I can get you $12 million. The conversation he has to have with the seller from $12 million to $2 million is one of the hardest conversations because the seller is not going to see that. Even with the facts, they're going to fight it. They fight us all the time. So he's— he was probably just trying to secure a win here so he can later on secure another win here. And he did a disservice to a seller because— Yeah. Because now a seller— he told a seller it was worth more. Now he has to go back and tell his seller, hey, It's actually not worth that. I was wrong. I'm incompetent. It was— I'm wrong. It was worth this, which is even worse.
Again, this is why we do the numbers. Numbers tell us what to do. It's not personal. I was like, going, going, going. Uh, it's sometimes it's— I'm just a people pleaser, so I'm getting uncomfortable like with these conversations, but it's so good to know all these red flags and actually go to the buildings and see it in person because in the future it's just developing those skills where you can identify buy it super quick because now I know, like, appraisals, um, construction, dirt, remodel, like all these little things now they stick out. Well, you know, and here's the thing, Katya, as you, like, your personal development, the question to ask: would you rather be liked or would you rather be respected? I've been toying with that my whole life, and at first I always wanted to be liked, and I lost a lot of respect. And now I'm transitioning between, like, family, friends, classmates, like everybody around me. So now transitioning to being respected. It's a lot more of a lonely road, but it's more empowering for sure, and self-serving, and serving others as well.
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