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Posted about 7 years ago

2 Great Deals, but no buyers...

RE Report for 1-11-2017

It's been 3 months since my last report. The two leads I had didn't amount to anything because I failed to follow up.  Yeah, I know.  Seriously it's just a matter of picking up the damn phone.  Moving on...

I've got 2 houses under contract in Memphis right now.  I intended to keep them for myself but without cash to put down, and no room for hard-money, my best bet is to assign them. to someone who can close.  Both are on paper for $38,000.  I've been told that in their current condition (which is pretty darn good) an investor would likely pay $55,000 or more for them, especially given that both are already rented out for $725/mo each and under professional management.  Honestly, I'd be satisfied if I could $45-47,000 each.  Still searching for a buyer.

Meanwhile, I was contacted by an investor through BP. I had offered to do any leg work he needed in Memphis.  I've probably scoped out a couple dozen properties for him.  He's teaching me quite a bit about how he acquires properties and manages them from out of state.  I'd love to be doing what he's doing but I need some cash in the bank to make that happen.

I'd like to start mailing yellow letters again. I got a pretty good response rate, and some promising leads, just screwed up on the follow through.  As soon as one of these sells I'll mail out some more.  Hopefully I'll earn enough off of these two to be able to market regularly.  Seems like that would be the key to keep cash coming in.

I'll let you know how it all goes.



Comments (2)

  1. @Anore' Allen I've got them up on Zillow, the BP Marketplace, ads on Craigslist, and I've emailed or contacted about a dozen different investors / friends in the business.  I actually had a buyer in California. He's bought from me in the past, and we agreed on a price within hours of me getting the contracts back.  Unfortunately it looks like he may not be able to close right now, so the search continues.  My buyers list is very small but they've always come through for me.  Of course, these are also the most expensive properties that I've had, so it may be that they're just busting the budget.  I'm not entirely sure.


  2. Just out of curiosity how are you marketing those 2 properties you have under contract?