BiggerPockets

Up-date and Question

Saturday, July 11

Today was a very productive day.

(Played golf early) After that went to look at the house that called from my mailers. Decent duplex, needs up-dating. Especially heating situation. A gas on gas stove is the lowers heating source? The owner thought that was alright??? Basically all she's done to it is a new roof and 6 windows. It's a page right out of the 60's. Possible wholesale or lease-option are the exit stratagies. The house definitely has possibilites. She's owned it since 1968!! 

Came home and called a lead from my "I buy houses" ad ($5 a week paper...sweet!!). Have a definite appt. Monday at 10am. Seller is definitely motivated. He bought the house cash with some small settlement he got. I'll check, but I believe he's behind on the water bill, garbage tax etc...No mortgage that I know of. I made this guy a low ball offer last year, 5k, he baulked at it. Don't ya know he's calling my ad a year later?? I did it because he's a crack head, and I wanted him off the street. This could benefit everyone. Obviously myself, but also the people who live on the street. They all know and complain about him. I already have an idea of an offer.

After that wrote out mailers for 2 hours. They're already at the post office. Called 2 FSBO's. Might get to see one of them Monday. Plus possibly one more. Then I decided to send a few of my buyers an e-mail, going over their criteria, making small talk, and dropping a hint that something might be in the works. I also called and spoke with one of them. Nice guy, wants to have coffee sometime. Told him too something might be in the works. he said "let me know" (I guess a bit of customer relations).

That isn't even the best part. A guy I've been trying to get a hold of, finally answered his phone. Could be a nice deal. He's busy this week, but said we can get together next week to get a look at it. I tried to contact him last year about this house and failed. Could never get a hold of him. He said to a neighbor in the past, if he could get 70k for it he'd probably take it. I have comps of 139,134, and 125. The 125 was not in good shape. We had a very nice conversation.

So THEN, I called a friend of mine to see why he wasn't playing golf tomorrow. He made some excuses as to why, then it came out. He's letting his house go! Yes, into foreclosure! He's literally packing as we speak. Getting ready to move. He NEVER made mention of it before? My QUESTION is...He says he's hasn't paid his mortgage in 6-7 months. He said "he thinks" he seen something about a foreclosure noitce? Based on how many payments behind, can you tell approx. how far along in the process he is? I was thinking a short sale? I believe he's up-side down? Anyway I told him to call the bank and see how far along exactly in the foreclosure process they are. Any thoughts in handling this situation? Thank you.

Geeez, I've literally been "working" today since 12 noon, it's 9:38 pm as I'm writing this. It's been a busy Saturday. Time for a shower.

Norm

Progress is slow?

Thursday, July 09

Although I've gotten started, which is a good thing, it seems that progress has slowed a bit? Why? I think because when you start out making small steps, and achieve certain goals you set for your self, those small victories don't seem like enough anymore? You want bigger and bigger successes (no matter how small they REALLY are). It tends to feel like you accomplished nothing, instead patting yourself on the back for continued progress, no matter how small. Progress is still porgress, right?. I think the leasson learned is to keep going, not matter how slow you "think" your moving, your still moving. 

To up-date, I've added a few more "qualified" buyers to my list. While I'm still looking for buyers, I'm concentrating on looking for motivated sellers, and potential deals now.

My direct mail campaign has started. EVERY night, I get at least 20-25 done. I'm doing them myself to save on some cash. Addressing, stuffing, sealing, and stamping. Local and out of town owners of SFH and multi's, and vacants are getting letters. In 2-3 weeks I'll follow up with a post card. Haven't decided where to have them made, and what they shoulds look like yet, but I'll get there. I've read many good posts on this subject from the REAL investors on this very site, so thank you for that.

One thing I haven't done much of is build my team. Tomorrow I'm calling a referred RE attorney, and title companies. Not only for obvious reasons, but to see if I can't get my hands on a few lists. The cross referencing out of the tax assessors office is time comsuming. I've also placed an "we buy houses" ad in a little local paper ($5 a week). Cheap, and who knows, it's worth a shot for that money. I'm still considering bandit signs.

I like to think I'm prety good on the phone. Stockbroker for 5 years. Selling intangibles to someone 3000 miles away..that's difficult. Talking to prospective buyers and sellers, to me, that's easy. I could have conversation with a light post. But calling "for rent" signs has been pretty fruitless.

Just have to keep plugging. One of the biggest enemies in this game is frustration. Thinking your not doing enough? Weird huh?

Humbly,

Norm  

The list has begun

Saturday, June 20

After reading a bazillion blogs, forums, and articles on this site and others, along with trying to educate myself reading a number of books,  I figure my cash position was not nearly where it needed it to be, to really take advantage of all the opportunities RE provides.  I decided I would try to wholesale a few deals (or more, we'll see) to get me where I felt,  money- wise,  I needed to be.  Cash is king, and not something I have a lot of at this point. I have a duplex currently, and have bought and flipped a SFH, but the no money, or credit, "control the property", assign the contract thing has always baffled me a bit.

          The general opinion among wholesalers is (arguably) the first thing you need to do is build your buyers list. So instead of sitting around with my "finger inserted", I place an ad on Craig's List. I did this on Friday night, and low and behold,  Saturday morning I had 2 calls from investors looking for property. So they are the beginning of "my list" of buyers.

          I guess this might seem very insignificant to others. To me this is a small victory, and proof if action is taken, more than likely results will follow. It has certainly given me new life and inspiration. Especially after reading,  and reading, and reading,  and still scratching my head afterwards? But now I feel I'm getting a clue.

          I will be attending my local REI meeting this week, and look forward to networking and speaking with more investors and hopefully adding a few more to the list.

          I will be driving a few farm areas this week. I'll record/write down all the vacant houses and "for rent" signs. After that I will be making a trip my local tax office to do some research, and place a few more ads. I know it's not much, but it's a start, and better than the "finger inserted" option for sure.

          My one question would be, when you are talking to a prospective "buyers list attendee", would you tell them right out your wholesaling? Or just tell them your an investor, and if I have something where the numbers work, would you like a call?

          I hope this blog wasn't to scatter brain, I'm not Harrison, MikeOH, Will, Nick, or Rich, or all you other RE investors who are smarter than me...lol