The hard part is I was in therapy trying to figure out if I should share. It wasn't an easy decision. However, what I'm learning is to share my wins and losses, even if it makes me look bad on camera. So, here's the truth. I'm hoping my Roundup Fam will understand I'm human.👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
The transparency, authenticity, and accountability without any posturing or "cap" from Kris has always stood out from other real estate investors /coaches in this space. Thank you for sharing your lesson.
Yo yo, I appreciate you for recognizing the transparency. I Ask for your forgiveness on this deal as I could have acted better. I look forward to growing and being a better human.👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Well, I deeply appreciate your post. It's an honor to let my hair down(if I had some) and show the true person that's flawed. We do better on the next one....👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Kris, thanks for sharing and being transparent. Often times, we see real estate investors talk about their wins but not about their failures or losses. The good thing here is you can get back up dust yourself off and get back it. I know you look at it as a loss however, every setback is a set up for come back. Let me repeat that !!! every setback is a set up for a comeback. I wouldn't consider it a loss but rather another bump in the road we call life. You have an asset that is worth more than what you paid. I think you will have another renter soon, the house is in decent condition. Keep doing what you are doing !!! JF
I truly appreciate those kind words, I needed it. My gut is still in a knot from this entire situation when I think about it. I know, I cannot be all things to all people. But it is a switch inside of me that has to treat all people like God’s children. And when I think about harming or doing anything with disrespect to one, it does not sit well with me. And no, I am not trying to get Gospel gangsta as I am an amateur with the good Book. But there are some rules and natural order that must be followed. So yes, we must pick ourselves up. I appreciate you.
Kris, you did nothing wrong. Your character is good with me. They had 3 years to get their credit straight enough to finance $73k. That's plenty of time. Those $18k in repairs were probably put on their credit card which further damaged their credit. My question is why did they think they could remove any repairs in the first place? It's your property. At least, wouldn't they have to put it back how they found it?
Good point, you know, being a high "I" on the DISC analysis, means I'm high emotional. when I was thinking about this whole situation, i was imagining them busting out my walls, which I could probably sue them for the repairs, then I'd have to spend more energy and time. SO, could I have probably fought the $18k?? Most def, but I just wanted this thing to be over. SO, I guess I punked out and further, when I look at how much God and the universe has blessed me with, I really want others to win along with me. It's hard to see things fall apart with other people....
I have no idea why you would be disappointed to take this house back.They did some awesome renovations to this house.I personally would be jumping for joy.Even though its a small house,it would definitely sell for a lot more than what you paid for it.They left it in excellent condition,all it needs now is a for sale sign in the front yard,it will probably sell in about a month.
I’m no doubt sure it’ll sell, I just like all parties to win when I am doing real estate. Now does that mean people don’t have to abide by the paperwork, no! However, we try to help people the best we can. It is not my intent to hold people back from becoming homeowners.
Yep, and thx for not bashing me too hard, can you believe the hate comments I'm getting. You boy really tried to be upfront about not doing right by these people. I could've just made a video about taking the house back and now I have to resell it. But, we do our best and take the public hits, even when it hurts. I appreciate you
It’s been a little tough to swallow esp when God and the universe gives us so much to be a good steward of, I’ve learned if u can’t be a good steward of something small, you’ll never get more to take care of. It’s really an amazing truth
The learning process is part of real estate or any other profession as long as you had the right intentions then you shouldn’t feel bad about it. It’s a learning experience and you move on and it will benefit the next buyer you encounter. With experience and knowledge you can always get out of these types of situations. Can’t wait to be an experienced investor I will follow you and your honesty. Thanks Kris for always trying to do the best job you can possibly do! Love your channel
Yes, I feel you. It's a part of growing and being responsible for our actions. When I think back on it, I should have just raised the price and told them the current market value. BUT, we all have our own issues to deal w/ including me. I appreciate your support.. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
I think they did more than 18k in reno. The reno actually played a big part in bringing the property up to today's valuation. They are the real losers here.
This is why if your a buyer you don’t do a lease to own wit a balloon, short terms or a refi clause etc.70% of these contracts end like this with the deed holder getting the property back. Had they done contract for deed/land contract they would have had the right to sell it if they weren’t able to refi and get out of a bum deal.
That is happening to us. We are getting 20,000 in the upgrades that we did because the landlord is incapacitated and the lawyer son let the home go into default 6 months ago. I feel like suing for all the payments we made. But he agreed to the $20,000 after the house sales. So we are ok with that.
Ok, that's not a bad deal. If you lived there, then the payments went to that. But we're all trying to do what's best. Sounds like you may want to just get out of that deal and move on with that $20k👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Being a person of integrity isn't instant. One has to work at it like anything else of value. Keep working at it, Brother. The entire situation sounds painful --both for you AND the prospective buyers. I'm glad that you are aware enough of the mental and emotional strain it caused you to seek support. Even in this time of medical advancement and knowledge, many equate therapy and other good mental health practices with weakness. IT'S THE EXACT OPPOSITE. Congratulations on taking good care of yourself. I look forward to following your "adventures" in real estate investing. It's a real education for me. Thank you, also, for being transparent, informative and clear with sharing your journey, your work, and the ups and downs it entails. My best to you 👊🏽. (It occurs to me that your children are learning a fine lesson from you about integrity, handling personal regrets in a positive way, and willingness to adjust and grow in this crazy thing called LIFE. Kudos!)
yes, I'm grateful for your comment. We all 2nd guess ourselves when it comes to our decisions. Analyzing things way too much. It's hard living w/ misteps and still keeping our character in good light. So, we do our best and move on. I learned it's best to prevent divorce or suicide BEFORE things get so bad it can't be helped....
Firstly I just found you, and really appreciate your videos. So they wanted to buy a home from you for almost $100k under value. Your therapist can’t say what we are all thinking. They were going to flip that house immediately.
Very good video, you always try to do what's right in the sight of God and tried to make it right so glad you was able to do right by them, We need more people like you.
Was there a clause stating if you fail to get financing, decide to not move forward with the deal or just move out, your forfeit all upgrades or any work done to the real property. You are not entitled to any funds if the property is sold or you can not file a lien of any sort. No class action, you waive a trail by jury, the matter will be mediated in arbitration.
That’s what I’m wondering. All my lease with option to purchase i make sure that no matter what kind of upgrades is done it’s lost if they don’t perform on the option. Now i will give them another lease with option to purchase but that’s about it and i think that’s fair.
No doubt. I could have went back in and extracted all of the equity on this deal. Perhaps I should have just went with whatever the market price was. But from our conversation, it did not seem like they were willing to go that high, especially when the original price was 72,000. I feel like it would have been a beast move to absorb all of the equity, but it would’ve been completely legal and legit. I just couldn’t do it. Perhaps that’s why my wealth isn’t as high as it could be!
Being a High “I” in the DISC analysis, it’s hard for me to so “oh well” it’s your fault. Yes, that was an option and perhaps I should’ve taken that route…
Thx for not crucifying me. My therapist convinced me to share the TRUE story, instead of being like MOST social media gurus and always have the best life ever. Portraying lives that are simply untrue. It feels good to just be a damn human sometimes and say hey "I messed this one up". I'm hoping for the best for you and my Roundup fam so you can learn from my mistakes. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Kris, your credibility has increased exponentially by being completely transparent with the community regarding this deal. Technically you could have evicted them and sued them for any damage they did to the property including the leasehold improvements. Normally the improvements revert to the leasor at the expiration of the lease. If removing anything would cause damage to the property then legally it can't be removed by the tenant. Of course it is possible to go to court and win but get an uncollectible judgement. It is clear that you practice servant leadership. The tenants were completely wrong when they threatened to tear up your house. Yet, you shown them grace and mercy by paying them $18k for their time and materials. I am sure a professional contractor would have charged more than $18k for the rehab. In Christ, Jonathan Hutchins
Sweet, I deeply appreciate u w the points here. Yes I could’ve done all of the things u mentioned. But with in the spirit of servitude, it wouldn’t be right. I’ve been bashed severely for this deal. Even new applicants calling screaming at me because they saw this video and think I actually screwed these tenants. Talk about WOW! So, people like u can see straight through the strictly business aspects of this deal and connect w the personal and integrity piece. Thank u
I’m sorry…. I’m on their side 😅 I wish you could’ve met them at $100 or $120. It still would’ve been OVER what you were originally expecting ($75K) But money-wise, you’re going to come out on top in the end. Tough lesson, but lesson learned ❤ LOOOOOOVE your content!
Hell I feel bad for them too, that’s why I made this video. I don’t want them popping up talking about how I did not give them an opportunity to buy the property, even though it was past there three years.
18k doesn't even cover the material... and they gave you payments I hope they got a good interest rate on the remaining balance.. business is business and its never personal ..
well, this sounds like a true business person right here. They actually didn't charge me interest. What would you do I you couldn't get the full $18k up front when you moved out?? It's a stretch to, IMO, to request $18k from anybody to come up w/ in 3 weeks, especially if they're not planning on the expense... But further, we all have our own spirit in business, and what's on paper usually goes, I don't always go by the exact docs based on personal circumstances...
So the tenant had an option to buy at 75k when the value was 150k, instantly locking in a 100% profit, and they didn’t follow through. Wow! I don’t understand how you feel this was a bad deal for you. Your property doubled in value and you only paid 18k for the very nice renovations. And you still own the property and can do another lease option for much more money. I just don’t understand your anxiety over this. It’s a phenomenal situation for you.
lol Kris...that appraisal is what had you in a bind.....I understand what you were thinkin, and i understand how the tenants was feelin they wanted that equity,
I am missing something ‼️ Did they ask you to do all these renovations, upgrades in writing❓❓❓ I feel that there is some kind of "blackmail" on their part 🤔.
Thx so much for your input. And yes, this was a kinda black mail on their part. Perhaps they played on my sincerity knowing they gave me a down payment. I could've said "just take whatever you want out of the house", But I really didn't have the energy to put up with it. SO, I paid but I got a new tenant buyer which I'll show that video later. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
You know, I tried not to think too deep into it. From the looks of it they did fix their credit however, it was not in the agreed-upon timeframe. So this is how the cards fall as of today.
i defiantly understand your position, however, sounds like the guy started to strong arm you or take yr kindness for weakness.? surely in your lease option it would state that any repairs or upgrades are at their risk? non- refundable?
Brother.....I'm calling BS!! This is a "great opportunity" and you don't have to feel bad about it. I don't know how you acquired this house or what your basis is in the house, but now that this house has been improved physically by the former Tenant Buyers, and financially by the market, you have so many options on what to do next. You can lease option it back out, you can rent it (I wouldn't), you can owner finance it, or you can sell it retail and recoup the $18K plus the profit. BTW, that was 100% gangster that you actually financed part of the $18K with the former TBs. Your integrity is intact on this deal Brother. You went beyond the option period for them, so raising the price was not necessarily out of bounds either because they had a duty to perform within the 3 year option period. Maybe, you should've "locked-in" the new option price when you went beyond the 3 year period, but other than that, this is a winner. Are you doing this to teach a lesson in the follow-on video?
Wow, good points here. I don’t think I give myself any credit for the first extension I gave them. Frankly, I guess you are right, I did not even have to do that. I believe my mental roadblock is not giving them a new option price after the three years, which is what I should have done. it’s challenging as Ron Legrand says there will come a time when the golden goose must die, and I am struggling with that as well.
@@krishaskins Considering how the pandemic threw a wrench into EVERYTHING, I would say you and your tenants walked away with sore win-wins. Not quite got what you all wanted, but it was a fair deal overall at the end of the day. And you all are still ALIVE to see another day! STAY BLESSED!!!!
Some of these responders are haters. He blesses us with content that some of us learn tips from that help your own businesses. It’s nothing wrong with him winning. Landlords win and lose. His time effort and energy should be rewarded.
Yeah no doubt, I appreciate this comment. Perhaps I’m being too hard on myself regarding providing value to the market. Either way I have to move on mentally. Thx
Im missing what you did wrong... If they had a mortgage and needed to bring money to the table and couldn't, the outcome is the same. They didnt get financing in the agreed upon timeframe.
True, however when they did eventually get their financing together, we did give them one extension. They missed that one as well so we decided to hold off for a while. SO, we could've closed the deal it just didn't come together, more on our end. YES, they were outside of their time frame, but that doesn't mean we couldn't have at least given them a shot.
I’ve done a few properties in the past before Covid hit, now I’m interested in getting back in the game. I’ve ordered bandit signs to grab the motivator seller attention. Are you willing to do a 50/50 partnership
Yes, that's what I was thinking. I could have done ANYTHING but what I actually did. I think $120k would be fair, kinda splitting the equity right??!?!! This one stings my friend.
YES, absolutely. However, I want to caution you as using some cards will have a high principal payment so you may want to check what the principal will be... But, great idea. I've done it. Further, i've use those courtesy checks from the CC company as well. It's a great play, if you're sharp...
They agreed to lease the property with an option to buy it at $75k within 3 years. They didn't do that but still wanted to buy the property. By then, the property value went up and they couldn't come to a new agreement. And decided to move out! Kris, had to pay them for the repairs they did while leasing the property.
I love the content and I can relate to what you are doing. But you're still trying to atone for your guilt and sell it here. Facts as you laid it out are the value went up, and now you see the dollar signs. Fact is they missed the option period and now you are winning big. Fact is you took on the risk, and you're feeling guilty about the rewards. This is not criticism it's observations based on the info shared. I know I too would have issue coming to terms with this. But you and them set the terms, this is business.
Yes u r correct. The guilt is high. We can all make better decisions. I guess we could have just changed the price to reflect but the emotion didn’t allow me to even attack it. Thx for ur observation and not ripping me down
Another fact is that they threaten you in writing! They didn't take responsibility for the fact that they signed a contract and didn't bring it to the term. I still don't understand why they paid for all these improvements as lessee without an agreement to do so.
wow, to be honest, that's almost the going rate across the country. But, I want you to know that even though it's common, for most it's more than 30-40% of their income, probably like 70% which is not good.
Yes I hear u, it’s hard to make all the right decisions AND portray high integrity AND take care of people AND keep it all together AND pay my bills AND keep my name good in the streets AND try to have some style will doing it. I’m just bound to crack some day and I did. My apologies
@@krishaskins forgiveness granted. I enjoy your content. However, had not this property increased in value sooo... exponentially, we wouldn't be having this conversation! #You are better than that
Please see the comment I publicly posted this morning. Kris did take the high ground. If I buy a January call on Microsoft and don't exercise my option because it is not on the money and then 6 months later the option is selling for twice the premium I paid, I can't go to the option writer and insist they extend my option. The only way to extend an option is to roll the option out by selling the option for anything you can and buying a new option at the current price at your chosen expiration and strike price. Kris extended the tenant mercy and grace even though he was not legally required to. Kris definitely has a heart and this is part of his ministry. Perhaps Kris and I will have the opportunity to joint venture on a deal sometime in the future. Kris could have legally evicted and sued for any damages. Instead he worked hard to come up with a win-win solution for him and his client. Praying for you Kris. Don't let the haters discourage you. You are providing homes for people that may not get a chance at home ownership from others. I'm in Texas, our laws make doing lease options extremely risky. Therefore most of us REI don't do them. Instead we are more like to sell with owner financing.
