Homeowners aren't the only whiners

[Terrel L. Shields]

The owner was being coy with me about his Car Wash. Too busy to talk about it, ask the employee - who did not know beans, but owner faxed me the income statement via the bank client. Owned it about 18 mo., had installed a new automatic car wash when he bought it. Did not like the figure I came up with. Say 200K. Well, so and so appraised these other two car washes in town for $300K!! So? Neither have sold and been on market for 2 years. Then to top it off, another car wash he knew about sold for $195K BUT he argued it was APPRAISED for $225K. SO WHAT!

He then argued my RCN of Car Wash was WAY off, but refused to say what he spent, saying only that it cost $100,000 for a bay. Finally he said the income statement (which he submitted to the bank) was wrong. Income was too low and the labor cost included the capital labor in redoing the wash bays and the auto wash bay. I said, fine-send me a new signed income statement - and I will research the bay costs.

It is amazing the creative ways people lie. I have no doubt he expected me to appraise it WAY high like the other 2 carwashes, then when it was low, he is shelling down the corn about the "real" numbers. I don't trust his numbers now regardless what he would tell me.

 

[George Hatch]

All-cash business. You got the wrong set of numbers. He meant to send you the real numbers, which may very well be higher than what you got. Instead, he accidentally sent you the other numbers that he uses for his taxes. He blew it this time. But hey, after a few more tries, he will have learned enough about the appraisal process to pull this scam off.


George Hatch

 

[Terrel L. Shields]

He argued with me that he had installed a NEW autowash bay last year. I found out from service man that it was a REBUILT unit costing $25,000 and labor to install. He said it cost $95,000.

Right on the "real" books. Now claims only $3,000 labor yet has a lady detailing cars from 9am to 5pm 5 days a week. Really cheap labor, eh? Gave me the "real" income but left the old "expenses" in.

Did I mention since he bought it a brand spanking new car wash went in from in front of new Supercenter? And his carwash is now 2 miles away from Wal-Mart instead of two blocks?

I told him to send me a sworn statement thru the loan officer with that officers request to redo it; a copy of the invoice for the new equipment; and, otherwise don't waste my time. This is the banks call, not his. and they have already said they are comfortable with it.

ter