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

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Real Estate, Short Sale, Wholesale Bankruptcy, Contract, National Association of Realtors

This past weekend, I spent alot of time behind the computer.  I mentioned a while back that I was going to create another tutorial/video about how to use Mozenda with CraigsList (at least I think I did).  I took a few hours on Sunday and came up with a screen-scrape for CraigsList.  I would’ve created the video then, except I was having an issue with my account.  Stay tuned for this as it might just be something that can replace a virtual assistant of yours.  You know I’m all about that.  I’m a firm believer in the adage, “if you want something done right, you do it yourself”.  Yeah, I know about delegation, time-maximization, blah blah blah.  But if you can get a computer to do what you’d normally have to hire a person to do, you’ve just eliminated a liability from your operation.

Marketing: I’m still working on calling people back who originally responded to my last mailing.  The game of phone tag is on.  I feel like this may be a waste of time as I’m following-up with luke-warm leads.  The Realtor that I had answering my phone calls didn’t have any lead sheets that were fully completed.  Part of this is probably because I just didn’t have any motivated sellers and the other part is that as a Realtor he is pre-occupied with what Realtors do on a daily basis.

Last week, I mentioned an investor who has about 60 properties in town and whom also invests in tax liens.  Well check this out.  He said that he was looking for someone to do some busy work for him to aid in preparation for the Tax Sale next week.  He was offering to pay $15 an hour for someone to manually go through the tax delinquent list and check to see if the tax delinquent parcel numbers have a building attached (he accidentally bought a lien on a pond before).  It’s 2am and I’m too lazy/sleepy to break down the exact detail.  So I’ll just say that I will be able to do exactly what he is looking for with a screen-scrape of the tax assessors website.  Perhaps, I’ll make a video about that too.  So instead of sifting through 2,000 records at a one minute/record pace of 2,000 minutes (33 hours * $15) or $495.  I’ll be able to get him squared away with everything he needs with about 18 hours of labor using Mozenda.  Uhmmmm….yeah, I’ll just have to post again about it when I complete it.  I’m not sure this paragraph makes sense in it’s brief form.  Anyway, my eyelids are heavy. Peace Out.

P.S.
I’m posting this just cuz. One of the funniest comedies of all time.

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Real Estate, Short Sale, Wholesale Bankruptcy, Contract, National Association of Realtors