All Forum Posts by: Jacqueline Coombs

Thank you, @Ryan Dossey. That helps a lot! I am having my realtor friend/partner run a CMA for me so hopefully my ARV will become clearer. It seems to me that ARV is the hardest part of the formula to get right other than going over rehab budget! I really have a good feeling about this deal and I think the seller is motivated enough to come down. I will update this post with what happens! Thanks again!

Oh yeah, rents will be $1100/mo after repair.

Hi, everyone! I recently went to view a house in an up-and-coming neighborhood here in GR, MI. I am trying to determine a fair price to settle with the seller on. I gave her my conservative offer of 25k and she came back at 33k so we're not too far off. The seller answered my first batch of direct mail to tax-delinquent owners and wants to "move on and start fresh" from her childhood home she just inherited from her mother. Here are the stats on the home: Goal is BRRRR strategy 1910 American four square w original siding/woodwork 3/1 1200sq ft Repairs to rent out: 35k (house has had nothing done to it for 30 years except for an added garage) ARV approximately 70-90k (recently sold homes are all over the place but nicer ones are in this range) Distressed comps are anywhere from 15-40k Owes 2500 taxes due end of March MLS listed properties are seeing multiple offers no matter the condition! Seller and I have established excellent rapport. She was crying on the phone talking about her mother's passing and the attachment she's had with the home. I told her it was okay if she didn't want to make a decision yet and to call me if and when she was ready. She called me back a week later. Seller received another offer of 36k from another person's direct mailer but she told me flat-out she did not like the guy and prefers to sell to me. I have a meeting scheduled with her next Tuesday to sign a PA but the only issue is price! My #s say don't go over 30k but that can be accomplished if the taxes come out of her end. Or, do I try to negotiate closer to my target 25k? I get uncomfortable negotiating price!! Any help on this would be greatly appreciated!! Jackie Botham, GR, MI

Wendy Patton wrote a great book on Lease Options!

Tyler Blackburn , how did it go after getting the mailers out? Did u get any calls? I mailed a small batch of 52 soon after reading this post and I received one call/potential deal! I'm going to check it out tomorrow! Also, I have a phone script from a RE event I attended. It basically says to: Get seller's contact info Basic info on house including any repairs they're aware that it needs/ any repairs that have been done recently. Why are they interested in selling? How quickly? What are they looking to sell it for? ( explain you are buying as-is, offering all-cash and quick close which saves them a lot of headache) What is the best you can do? (Silence) Any mortgages? Liens? (If it sounds good at this point, make an appointment to see the house) I hope that helps!

Awesome! I can't make it the 25th but I would love to come out to the next one! I have been dying to play that game!

I am so glad I'm not the only one scared to send the letters and talk to sellers!! I have my first mail campaign, about 50 letters addressed to tax delinquent owners sitting on my kitchen table and I am terrified to send them!! Maybe I give myself a deadline? I dunno. Thank you for posting!

Thank you, David! That does help a lot. I really like the quote you used in your original post. That is such valuable wisdom! When I look back over my life, it is clear that anything worthwhile I've gained is because I did something uncomfortable first. I don't want to end up like most people I know; trading time for money, only looking forward to weekends off, missing out on my kids' lives to punch a clock or living a "comfortably miserable" life blaming someone or something else for my lack of ambition and success. My thinking has changed and I can never go back! I am either moving forward or sliding backward. Thank you again for your support! 😊

Haha, no cold showers for me if I can avoid it!! I am about done addressing my first yellow letter campaign and I am very scared!! I have had a case of telephone-phobia for as long as I can remember!! After a year of study, working with a mentor and buying two rentals, you would think this wouldn't be an issue but my guts are tied up in knots thinking about the calls coming in and the logistics of putting an actual off-market deal together!! However, i know if I do not step out of my introverted cocoon and take some serious action, I will not be making any progress OR money!! My mantra right now is " When they call, try to solve their RE problem. You can do this!!"

Thanks for the great summary, James! I am about 3/4 of the way through the book and it has been very inspiring!!! I think the part about getting your subconscious on board is extremely helpful as most fear and subsequent lack of ambition comes from there. I would love to put together a mastermind group of RE investors implementing the principles discussed in the book!