Sooo, it’s Tuesday evening and I’ve been working hard the past week to meet my “guaranteed” goal of 40 offers from last weeks’ Accountability Monday.? Let’s just say, I won’t give any more “guarantees”.? That 40 offer business is kicking my ass, I’m not going to lie to you.? That’s a lot!? I don’t give excuses, however I will say that I had some hindrances outside of my control which held me back a bit.
These hindrances were primarily related to only making offers on MLS properties and using an agent.? The agent I was using became reluctant to represent me as a buyer due to my wholesale strategies, he feared that he would become stigmatized due to the low nature of my offers.? Honestly, I can’t blame him and if I was strictly a retail-Realtor, I’d probably feel the same way.? I’m sure black-balling occurs amongst Realtors when one goes against the grain. I actually heard that this happens to Realtors that offer flat-fee MLS listings in town.? But it looks like using an agent isn’t going to be the best route for me and what I’m doing, so from now on I’m going to make offers directly to the listing-Realtor.
I did get in 15 offers over the past week, so I wasn’t a complete failure.? However, I just couldn’t come up with another 35 worth offering on and I was sort of road-blocked by my Realtor.? Now that I’ve cleared that hurdle, this shouldn’t be an issue any longer.? And I literally just came-up with a new idea that will help me dramatically in my quantity of offers.? And that is….drum roll….the submission of offers on expired MLS listings.? I already have it figured out in my head, how I can make this happen with a MS-Word mail-merge and a MS-Excel spreadsheet.? Since the properties aren’t listed, no need for complete contracts, I’ll just send a detailed “Letter of Intent”.? This will save beaucoup time by allowing for some automization.? I’ll hand-address the envelopes, send them off, and it’s a done-deallie.? I should get some interesting results from this approach.? Just the other day I was scouring CraigsList for some old ads to make offers on.? I saw that another local investor picked up a property for 16K when it was listed and expired just a month earlier at 35K.? So the proof is in the puddin’.
So I say all of that to say, “I’m keeping the goal of 40 offers/week”.? No more guarantee’s, no more roadblocks that won’t get demolished in a matter of minutes.? I’m getting to that goal and once I do, I’m going to double it.
On another front, the wholesale deal is back in the ICU.? I informed the heirs that they’re not going to receive any proceeds from this house due to all of the liens that were on it, yesterday.? I have a feeling that they won’t want to sell it now, despite being contractually bound.? The phone conversation didn’t go so well.? However, since the property is in pre-probate and they’re not the owners on title, I’m not certain that they don’t have an “out” of this contract.? I’ve brainstormed for a while and put myself in their shoes, either way they look at it (sell to me, or keep it) there is absolutely no money in this house for them (I may go into details later when the deal is officially closed or dead).? I plan on having a meeting with them as soon as we can schedule one, at that time I’ll make the numbers really clear and at that time they better trash any slick ideas that they’re brewing.
On yet another front, I received a short-sale lead today.? An extremely hot one at that!? Long-story short, this guy is a retiree and is extremely frustrated with being a landlord.? He has a property that he initially put Section-8 tenants in and they “tore it up”.? He then put non-Section-8 tenants in it and they “tore it up” too.? But not only that, they also aren’t making their rent payments and instead of ‘eating’ the mortgage costs for the last 5 months, this landlord is now in pre-foreclosure.? Since he’s a landlord, he knows the rules of the short-sale game, so this should make things easier for me.? We meet this Saturday, I plan on getting the entire short-sale package completed on-the-spot, so hopefully John Michailidis and I can have a go at a JV again.
Damn, this was a long-ass post.
- Peace Out