Yo, so I’m checking in once again.  I have a few updates in this wacky world of Real Estate.  But first, I have to burn a few bridges first.  Yep that’s right…I said it.  I burn bridges…whomever said “one should never burn bridges because you don’t know when you’ll have to cross them” was a sissy.

So apparently, I’ve pissed off all of the Champaign County Realtors over the last two weeks due to the practice of blind offers.  I don’t see what the problem is.  Basically, if I know a property has been listed over 150-200 days…I’ll make an offer on it.  Most times this offer is substantially less than what the seller is asking.  BFD!  If there’s seller motivation, then cool, if not, then reject it…this shit isn’t that complicated.

However, a few Realtors that I’ve come across have found it very complicated.  They have balked at my offers and latched onto anything that they could logically object to.  The main question being, “Where did you find the Champaign County Realtor contract”?  My answer being “Google that sh!t”.  See, most Realtors in Champaign, object to any buyer, sans Realtor, using their MLS contract.  Apparently, it’s copy-written and only to be used by members of the Board of Realtors.  The real truth is that Realtors in Champaign object to any buyer, sans Realtor, using their MLS contract for offers substantially less than list price.  I was doing them a favor by completing the contract prior to offer submission.  I guarantee that if my “blind” offers where for 100% of list price, no Realtor would say a word.  They’d just collect their dual-agency commission check and STFU (Google that if necessary and get your acronym game up).

I’ve already psychoanalyzed these folks and came to this conclusion.  Realtors have the legal/ethical obligation to present ‘all’ offers to their client, the seller (in this case).  I took the same classes they did, so I know this.  Therefore, when a guy like me comes around and offers substantially less than the list price, the Realtor hates it!  The main reason being that their client, the seller, is looking at them in the face while they regurgitate my low number. They probably get cursed out. HA!  Sucks to be a Realtor!  I wouldn’t want to do that either.  One of the many reasons I’m not a Realtor.  The seller is going to blame the Realtor, not me, some guy they’ve never met.  But oh well, this comes with the territory and is part of what they signed-up for.  If they want to change their career path, Wal-Mart is always hiring for 3rd shift.

I talked to my lawyer about this issue and it was agreed that this town is just to small for my strategy in this regard.  Everyone knows too much about each other and it hinders business in some cases.  But it’s all good.  I’m still going to make it do what it do, in Champaign and beyond!

“I thought I told you that we won’t stop, I thought I told you that we won’t stop”

*Disclaimer*
All Realtors aren’t lame, just the ones that read this and take offense.

Sign-Up for access to the JustinMcClelland.com exclusive content

Real Estate, offers Contract, Google, Multiple Listing Service, Real estate broker, Wal-Mart

Time is flying…unfortunately.  I still have three deals pending.  Two are tied-up in a bankruptcy and will most likely close sometime this autumn (although the Realtors involved think mid-May).  I think September-ish is a realistic outlook (I’m learning that many Realtors are dumb as rocks, by the way. Well at least the one I work with is pretty sharp).

The bank that holds the notes on the two properties has already filed for an “Automatic Stay” and the Bankruptcy Trustee has filed for an extension to review the assets included in the Bankruptcy.  Who knows how long this will take…I ain’t holding my breath.

Also, two days after I quit my J-O-B I found and assigned a duplex.  This closing was scheduled for this Monday 4/19, however it was originally contingent upon the closing of another property of the sellers.  Turns out the property which the contingency was based on isn’t going to close.  Go figure.  But the good news is that I may be able to get that contingency waived.  It’s really more complex than what I’m explaining, but I don’t feel like writing a book on it right now.  Anyway, hopefully this deal will close sometime next week and I’ll give all of the details.

I was thinking the other day of providing some case-studies for absolutely every deal that does and does not close.  What ya’ll think?  I mean I’ve been running into absolutely every obstacle that could be presented (liens, bankruptcy, pre-probate, etc.), I think case-studies may be beneficial to even the experienced.

On the short-sale front, I’m at the stage with one property where I met the appraiser at the property, supplied comps, pointed out the issues with the house, etc.  And the appraisal came in too high.  I plan on ordering another BPO from the bank next week and see if I can get a more realistic value.  With short-sale number two, I’m still playing the fax and re-fax and wait game.  So we’ll see about this short-sale stuff.

Oh, and I almost forgot.  Today, I may have found three more deals.  They’re of marginal spread, but I got to do what I gotta do.  I’m thinking about putting an Option contract on these houses as I’m not certain that I can unload these like I did the others.  So I don’t want to be locked in.  But I’m sure going to try.  I’ll give more details as things unfold.

I’m surely running out of time and money.  Something needs to close soon.  Honestly, I have no idea where I’ll stand in two weeks…and it feels kind of good.

- Peace Out

Sign-Up for access to the JustinMcClelland.com exclusive content

Real Estate, offers Contract, Google, Multiple Listing Service, Real estate broker, Wal-Mart

Another week has passed and I spent about 15 hours working on my offer-making machine.  Good news; I’ve got it done and it’s ready to kick-out offers (on expired MLS listings).  Bad news; the Option-Contract that I was planning to enclose as part of my offer is garbage.

Originally, I was thinking of just mailing a short letter with a complete standard MLS contract.  Then I had a change of heart and felt the Keep-It-Simple-Stupid principle would be best.  So, I’m opting to send a short letter with an option-contract, perhaps the simplified approach will be better.  I had found this very simple Option-Contract on a forum about two weeks ago and I made some tweaks to it to fit my preferences.  I setup the mail-merge with it and my cover letter, I was feeling like the best thing that ever happened to real estate.  The best that ever did it.  So my gut told me just to shoot over the option-contract to my lawyer just to cover my bases…and I’m glad I did.  I received an email response that was about 5 paragraphs long, the cliff-notes basically explaining that the document was trash.  So…I’ll be stalled on the 40 offers until I get my shiny new option contract back from my lawyer.

The beautiful thing is that I have about 500 expireds to choose from.  I could just pace the offers at 40 each week or maybe just push out more per week to make up for lost time.  This has been a weekly goal for about a month now.

Once I have my new option-contract, perhaps I’ll post in detail of how I created this automated system I now have.  Surely at least one person may learn from it or get an idea for something better.

P.S.
I’m going to step-up my fitness regimen a bit.  I was looking at a measurement that I made back in January of 2009, and back then I had a weight of 210 lbs and percent body fat of 19%.  I then measured myself again about a week ago and now have a weight of 200 lbs and a percent body fat of 17.2%.  Not much of a change.  However, I haven’t really been pushing that hard with workouts.  It’s kind of hard to do so when you’re not specifically training for something.  Very hard.  I can’t wait until I have time for triathlons and such.

- Peace Out

Sign-Up for access to the JustinMcClelland.com exclusive content

Real Estate, offers Contract, Google, Multiple Listing Service, Real estate broker, Wal-Mart

Welp, I spoke with the lady landlord today.  I told her that I could’nt go with the price that we had discussed about her property due to the high-tension lines that she has in the backyard.  She sounded like she was frustrated with me when she said that it was okay, she’s just going to sell it herself.

Oh well, hopefully everything works out for her.  Perhaps she can get a retail owner-occupant in the house, if they either pay cash or obtain a non-FHA loan from a lender that doesn’t mind the power lines in the backyard.  Either way, I’m still going to mail her the offer so that when it’s February and she’s still trying to sell it, that contract with the quick sell will look more appealing.

On another front, I’m finding myself with less and less time to get stuff done.  And I think I know why after I’ve done the math.  I spend 9 hours daily at the 9-5, I sleep at least 6 hours nightly, 2 hours in the gym each evening, 3 combined hours are daily spent on eating, showering, commuting.  That’s 9+6+2+3=20 hours, this leaves me with 4 hours to spare on week nights to look at properties, perform research, blog, and etcetera.  WTF! I try to manage my time as best I can and there still isn’t enough of it!  Weekends are when I’ll really have to compensate for the lack of time on weeknights.  I think the workouts are the major time robbers, especially now since I workout 5 days a week.  But that regimen isn’t going anywhere.  After about a month of consistent workouts and a good diet, I’m about the shape I was in back in college 5 years ago.  By the spring, I should be in the shape of my life.  That’s the goal.

- Peace Out

P.S.
And Tiger in case you’re reading…seriously….I mean seriously?  I don’t condone philandering, but dude if you’re going to do it at least be good at it.  You’ve got to get the pre-paid cell phone and stash it away from wifey, then delete the outgoing/incoming/missed call logs daily.  If she ever finds it, say it’s for emergencies.  Not that I would know anything about how folks cheat…I’m just saying.  Welp, the media is going to have their fun with you for the next few months…Kobe all over again…it will all be back to normal in about a year and a half.

Sign-Up for access to the JustinMcClelland.com exclusive content

Real Estate, offers Contract, Google, Multiple Listing Service, Real estate broker, Wal-Mart