susangoates's blog

I just missed the deadline of my 90 day loan and it's going to cost me 16K - this lender was new to me so I took it for granted that he was a good guy - well, he's not. I didn't understand the default fee and when he gave me my payoff it was 16K higher. His reponse, too bad - you should have managed your note better. I tried to talk to him and he was having none of it. So, I guess I will have to pay the fee and never, ever do hard money again. So bummed.....My profit is cut down to about 8K now......

It was weird....I got a call from a woman on Saturday while i was in the shower. I didn't know that I had missed a call for 3 hours. When I called her back she was rude and said forget it. WOW....
Then, the very next day, Sunday, I get a call from a guy in another part of town. He was just tire kicking but I was very excited. Ok, I am going to try them again.....

Yikes!! All but one of my signs that I put out on Friday were taken down by Saturday afternoon! I am a bit frustrated! So I am thinking that maybe direct mail would be the way to go....Anyone doing that???? Any advise?????

I have been doing the rehab and selling to the retail market. but, I think I am ready to go the wholesale route. Now taking the steps to find the motivated sellers. I have about 5 cash buyers in my pocket.

I took a training class research houses in default. I plan and calling and sending out mailers. In addition, I have a RE agent that will pull the expired listings every 2 weeks so I can market to them as well. It is my hope to have a property locked up within the next two weeks.

I am also using social media to get the word out that I buy houses.

I did try the bandit signs but they are illegal here and all but one was taken down within 48 hours. So I am thinking mailers and phone calls are the way to go...what do you think????

I attended a local REI meeting and did a bit of networking. On top of that one of the speakers talked about how to stack the odds in your favor when it's time for the appraisal. Thought I would share with you....

1) Once the house is under contract remove the key box. That way, when the inspector and appraiser need to do a site inspection they have to have your or your agent there. Face time is valuable.
2) Have your agent make a copy of the comps you used to establish the price. You want to be able to give this information to the appraiser.
3) Have a list of all improvements you have done to the home including the approximate costs. That way you have a way of justifying what you did.

I have two houses on the MLS listed with a realtor. I had them both under contract for like a minute. I was so excited. But then, one of the appraisals came in 30K under askiing price. Apparently this appraiser was too busy to do a goo djob so he took my purchase price, added my estimated rehab costs and stated that was my value for the house. I am thinking he didn't use the same comps that me and my agent used...most likely used short sales and bank owned.

The lender refused to tell me the name of the appraisal company they used. The buyer offered that information to me at the cost of the appraisal (450). So, it's back on the market. I am thinking that I may not use a realtor in my next sale - what do you think????