harsh lesson

150k, 10k in repairs, 220k ARV
This is a really tough one for me to take, but I admit that I screwed up royally. I faxed the seller a contract instead of sitting him down and making one up.
I should have got a contract from him when I made the appointment, and not hesitated for 1 second on the worth. I didn't do my homework.
So, in summary, here are the lessons I learned:
1. do your homework, and do it thoroughly. I need to know my values and what constitutes a deal or not.
2. get an appointment to get the contract. You can always rip up the contract later, but you can't get a contract when the seller disappears.
3. you can't steal in slow motion. this is self-explanatory.