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You are here: Home / How I Lost Money in Real Estate before it was Fashionable / How I lost money in real estate before it was fashionable, Part II: The Limits of the Law.

How I lost money in real estate before it was fashionable, Part II: The Limits of the Law.

by jlcollinsnh 13 Comments

Part I:  Impossibly Naive

Part II:  The Limits of the Law

Here’s what YP had been doing.

sales office

He had acquired the building with bank financing and gutted it.  Maybe at this point he really planned a real project. Attractive literature had been prepared showing floor plans and images of the finished units.  He carved out a sales office on the first floor and within a month had sold all 58 apartments.  They were due for completion and closing beginning in April and running thru August.  The market was red-hot.

Now I’ll never know if this was by design or incompetence, but when the first few units were due for delivery they weren’t ready.  Buyers were pissed.  They demanded their money back.  YP cheerfully refunded it, and then he promptly resold the apartments for 15% more than before.  Prices were rising that fast.

The bank was still happy and he must have been thrilled.  The cash was rolling in and he didn’t have to actually sell the places, or do the work of finishing them.

Planned or not, it became his standard operating procedure (SOP).  This is why he was so willing, eager even, to offer me my money back right into September.  But what he didn’t know then, none of us did, was that the Chicago condo market was starting to tank.  Big time and fast.  Just as he was refunding deposit after deposit to buyers smarter than I.

it was about to go off a cliff

Suddenly these repossessed condos were no longer selling.  Suddenly his fully sold-out building was half empty. Suddenly there were no more buyers.  Suddenly the cash flow dried up.  Suddenly the bank was very nervous.  Suddenly he was faced with actually doing the work and finishing the building.  Suddenly I was saying, “OK, give me my money back.”  But by then, there was no money to give.  Suddenly he was forced to say no.

So a few days later, in Wayne’s office, I was raving and I was in for a harsh lesson in legal realities.

“I want to sue this miserable, smug little bastard,” I said.

Wayne said nothing.

“I want to crush him.  I want to leave him penniless.  I want his future children sold into slavery.”

Wayne waited and watched me slowly get a grip.

“I want justice.”

Wayne was my lawyer and a couple of decades my senior.  Considerably wiser.  So he just listened patiently without comment.  He waited till my venting was done and I settled back into my chair.  He had his secretary bring me a nice cup of soothing tea.  Then he calmly spoke.

a nice soothing cup of tea

“Jim,” he said, “you are my client and as such I will do whatever you tell me to do.  However, before you decide there are a couple of things I feel compelled to share with you.

“As justified as you think…,” he caught my glare, “…as you clearly are, if this goes to court there are no guarantees.  YP will present his case and we will present ours.  Both will seem reasonable to the judge and he’s not going to spend much time on a $5000 issue.  In all likelihood, he’ll decide to split the difference and award you $2500.

“Now please understand, winning this award is not the same as collecting it.  If this YP is as sleazy as you say, you’ll never see a dime.

“Then, too, the ruling could go against us.  You’d get nothing.

“Oh, and you should know my fee to take it down this uncertain path will be $2500.  Win or lose.  So, if you win and collect you’ll have just enough to pay me.  If not…

“As I said before, you are the client and if you so instruct me I’ll begin the suit.  But I can’t, in good conscious, recommend this course of action.”

“I guess,” I said, indignant and self righteous, “there really is no justice in the law.”

“Of course not,” he said.  “What ever gave you that idea?”

Silly me.

Wayne advised me to keep pushing to get the apartment finished and he wrote a nicely threatening legal letter to YP to encourage his cooperation.

YP’s cooperation certainly improved but our letter had little to do with it.  He had payments due to the bank.  With the new flow of deposits dried up he now needed to close on these apartments to get the balance due.  He desperately needed cash.   He needed my remaining 40k, and that lead him to his first major mistake.

He agreed to let me move in before we had actually closed.

Think about that for a moment.  I’m not paying on a mortgage, since I don’t yet own it.  I’m not paying rent since I don’t have a lease.  But now I had possession.  I was living there and it wasn’t costing me a single dime.  Mmmm.  This is a situation with potential.

The power had shifted.  The apartment by now was substantially done.  There were a couple dozen or so minor things that need finishing but nothing that made it unlivable, or even uncomfortable.   I produced a detailed check list of  remaining jobs.  We set a closing date.

me and my checklist

The day before closing, I reviewed my list.  Crossed off the things they’d gotten done and canceled the closing.

YP was in a panic.  His lawyer was in a tizzy.   Wayne asked me why I’d cancelled.  “As much as I would like to,” I said, “we can’t close.  The work is not yet complete.”

We set another closing date. More things on my list got done.  But more remained.  I canceled again the day before.  “Nobody wants to close more than me,” I’d say, perhaps lacking in sincerity, ” but the work is not yet complete.”

This went on for weeks as my apartment grew ever closer to perfection, and I continued living rent and mortgage free.

Now it’s important to understand, I never refused to close.  That would have been unreasonable and might have gotten me evicted.  In fact, I agreed readily to every proposed closing date YP suggested.  With, of course, the caveat that the items on my now infamous list be completed to my satisfaction. Each time, his crew would get a couple done and each time I’d cancel the closing because the list wasn’t finished.

Even Wayne, my lawyer, started to pester me.  “Jim,” he said, “you can’t keep canceling these closings.  The law says when the place is substantially finished, and clearly it is, you are required to close.”

Can you guess what I told him?  That’s right.

“Let him sue me,” I said.  Payback’s a bitch.

Mine was the most complete and best finished joint in the place by the time we signed the papers.  But still, there was more misery yet to come.  I had made Major Mistake #3.  I had signed the papers.

Part III:  The Battle is Joined

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Filed Under: How I Lost Money in Real Estate before it was Fashionable

« How I lost money in real estate before it was fashionable, Part I: Impossibly Naive.
How I lost money in real estate before it was fashionable, Part III: The Battle is Joined. »

Comments

  1. Fritz Hahn says

    March 18, 2012 at 10:29 am

    What an amazing and educational story!
    Will forward to my reluctantly house hunting son and his young family.
    Fritz

    Reply
    • jlcollinsnh says

      March 18, 2012 at 11:26 am

      glad you are enjoying it. three more parts to come

      Please be sure your son also reads:

      https://jlcollinsnh.com/2012/02/23/rent-v-owning-your-home-opportunity-cost-and-running-some-numbers/

      Home ownership is almost always a poor investment, even if it is not a disaster like I’m describing here. But not always. Right now could be a uniquely good time to be a buyer. But only running the numbers will tell.

      Of course, there are other reasons besides finances to own a home, such as raising a family. Good luck to you son!!

      Reply
  2. femmefrugality says

    March 19, 2012 at 1:13 pm

    I take great joy in your revenge.

    And there truly is no justice in the law. Even though I feel like we have a great system, one of the best ever, there’s still MAJOR flaws. Money talks most of all. Not justice.

    Reply
    • jlcollinsnh says

      March 19, 2012 at 3:03 pm

      as did I. but as you’ll see in parts 3, 4 & 5 it was a victory short-lived. 😉

      Reply
  3. Dollar D says

    March 19, 2012 at 2:12 pm

    This is getting funnier as the story progresses! At this point, it seems like you actually made out pretty well so I’m eager to hear the rest.

    Reply
    • jlcollinsnh says

      March 19, 2012 at 3:04 pm

      It is pretty funny. I’m crying thru my tears as I write.

      At that point I thought I’d made out as well. That’s why I made the big mistake and signed the papers. 🙂

      Reply
  4. Shilpan says

    March 20, 2012 at 6:09 pm

    Jim, You are a creative writer for sure. You keep us thinking about what next? I enjoy this story. I actually thought that you’d never sign, and walk away after several months to recoup your 5K.

    Reply
    • jlcollinsnh says

      March 20, 2012 at 6:28 pm

      Thank you, Shilpan….

      …that is high praise indeed! Writing is very hard work for me and takes lots of time. I enjoy it, but the real reward comes when somebody reads it and benefits/enjoys it.

      Sometimes blogging feels like talking to myself, so comments like yours are much appreciated.

      As for the 5k, walking away is what I should have done even if I’d had to leave the money behind. unfortunately, I wasn’t that smart. as you’ll see.

      Reply
  5. Kari (@SmallBudgetBigD) says

    March 23, 2012 at 1:29 pm

    Oh boy, I’m still not sure exactly where this is going, but from your responses to comments it sounds like a train wreck is about to happen 🙁

    Reply
    • jlcollinsnh says

      March 23, 2012 at 6:43 pm

      Indeed it is, Kari….

      …indeed it is. 🙂

      Reply
  6. jeffreyangley says

    September 27, 2012 at 5:54 am

    Nice post…i really enjoy this story….keep posting..
    Phillips & Angley

    Reply
    • jlcollinsnh says

      September 27, 2012 at 9:59 am

      Thanks Jeffrey….

      I’m guessing in your business you’ve seen stories like this up close…. 😉

      Reply

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      • VITA, income taxes and the IRS
      • How to be a stock market guru and get on MSNBC
  • ► 2012 (53)
    • ► December (6)
      • See you next year....until then: The Origin of Life, Life on Other Worlds, Mechanical Graveyards, Great Art, Alternative Lifestyles and Finding Freedom
      • Stocks -- Part XV: Target Retirement Funds, the simplest path to wealth of all
      • Stocks -- Part XIV: Deflation, the ugly escort of Depressions.
      • Stocks Part XIV: Deflation, the ugly escort of Depressions.
      • Stocks -- Part XIII: The 4% rule, withdrawal rates and how much can I spend anyway?
      • How I learned to stop worrying about the Fiscal Cliff and you can too.
    • ► November (2)
      • Rent v. owning: A couple of case studies in Ecuador
      • So, what does a month in Ecuador cost anyway?
    • ► October (4)
      • See you in December....
      • Meet me in Ecuador?
      • The Podcast: You can hear me now.
      • Stocks -- Part XII: Bonds
    • ► September (6)
      • Stocks -- Part XI: International Funds
      • The Smoother Path to Wealth
      • Case Study #I: Putting the Simple Path to Wealth into Action
      • Tales of Bolivia: Calle de las Brujas
      • Stocks -- Part X: What if Vanguard gets Nuked?
      • Travels in South America: It was the best of times....
    • ► August (1)
      • Home again
    • ► June (4)
      • Yellow Fever, closing up shop for the summer and heading to Peru y Bolivia
      • I could not have said it better myself...
      • Stocks -- Part IX: Why I don't like investment advisors
      • Happy Birthday, jlcollinsnh; and thanks for the gift Mr. MM!
    • ► May (6)
      • Stocks -- Part VIII: The 401K, 403b, TSP, IRA & Roth Buckets
      • Mr. Money Mustache
      • The College Conundrum
      • Stocks -- Part VII: Can everyone really retire a millionaire?
      • Stocks -- Part VI: Portfolio ideas to build and keep your wealth
      • Stocks -- Part V: Keeping it simple, considerations and tools
    • ► April (6)
      • Stocks -- Part IV: The Big Ugly Event, Deflation and a bit on Inflation
      • Stocks -- Part III: Most people lose money in the market.
      • Stocks -- Part II: The Market Always Goes Up
      • Stocks -- Part 1: There's a major market crash coming!!!! and Dr. Lo can't save you.
      • You can eat my Vindaloo, mega lottery, Blondie, Noa, Israel Kamakawiwo 'Ole, art, film and a ride on the Space Shuttle
      • Where in the world are you?
    • ► March (7)
      • How I lost money in real estate before it was fashionable, Part V: Sold! and the taxman cometh.
      • How I lost money in real estate before it was fashionable, Part IV: I become a Landlord.
      • How I lost money in real estate before it was fashionable, Part III: The Battle is Joined.
      • How I lost money in real estate before it was fashionable, Part II: The Limits of the Law.
      • How I lost money in real estate before it was fashionable, Part I: Impossibly Naive.
      • You, too, can be conned
      • Armageddon and the value of practical skills
    • ► February (6)
      • Rent v. Owning Your Home, opportunity cost and running some numbers
      • The Casanova Kid, a Shit Knife, a Good Book, Having No Regrets, Dark Matter and a bit of Magic
      • What Poker, Basketball and Mike Whitaker taught me about Luck
      • How to Give like a Billionaire
      • Go ahead, make my day
      • Muk Finds Success in Tahiti
    • ► January (5)
      • Travels with "Esperando un Camino"
      • Beanie Babies, Naked Barbie, American Pickers and Old Coots
      • Selling the House and Adventures in Staging
      • The bashing of Index Funds, Jack Bogle and a Jedi dog trick
      • Magic Beans
  • ► 2011 (22)
    • ► December (1)
      • Dividend Growth Investing
    • ► November (2)
      • The Mummy's head, Particle Physics and "Knocking on Heaven's Door"
      • "It's Better in the Wind" or why I ride a motorcycle
    • ► October (1)
      • Lazy Days and School Days
    • ► July (2)
      • The road to Zanzibar sometimes goes thru Ecuador...
      • Johnny wins the lotto and heads to Paris
    • ► June (16)
      • Chainsaws, Elm Trees and paying for College
      • Stuff I’ve failed at: the early years
      • Snatching Victory from the Jaws of Defeat
      • The. Worst. Used. Car. Ever.
      • Top Ten reasons your future is so bright it hurts my eyes to look at it
      • The Most Dangerous Words Your Customer Can Say
      • How not to drown in The Sea of Assholes
      • What we own and why we own it
      • The Ten Sales Commandments
      • My ever so formal and oh so dry CV
      • How I failed my daughter and a simple path to wealth
      • The Myth of Motivation
      • Why you need F-you money
      • My short attention span
      • Why I can’t pick winning stocks, and you can’t either
      • The Monk and the Minister

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