susangoates's blog

To date I have submitted 8 offers. Most of them are bank owned properties so there have been multiple offers on them. I have raised my offer today to 87,500 with comps around 135 - 140K. Hoping it will work out for me.

My REA has been a bit more responsive after we talked about what I need from him.

Each day I search for homes and talk with me REA - it feels like I am getting close to closing a deal! Pray for me!

My real estate agent has not been as available as I would like. So I am not getting the quick action that I had last week. Wondering if I should seek out another agent.

I attended my first REI club meeting last night. It was way cool....I learned so much from the speakers and networked a bit. I am more determined than ever to make this work now that I got to meet some folks locally who do this for a living!

I am making another offer today - an REO. Hoping the bank want's it off the books...it's a low offer so send me positive thoughts.

To date that will be 5 offers this week. I am a bit selective. In addition I learned a new angle today....I can get the notice of defaults from the county, just have to take a class and pay a monthly fee. Will definately look into that on Monday!

My REA and I have decided to take action on a new strategy for landing that flip....We are making offers based on numbers only. I tend to be a bit emotional because I believe my flip will be someone else's new home and I want it to be perfect. And this thinking can get in the way of a great deal. So, numbers only please.

We found three homes today listed on the MLS that meet our criteria and submitted offers on them. Of course they are not for the asking price but I am hopeful one of them will accept.

I will keep you posted on the outcome. Oh, and one more thing. I was able to make all the deals contigent on the "buyers" due diligence clause - how awesome is that!

Wish me luck and offer prayers....

SG

I went looking at 6 properties today with my REA - narrowed it down to two. The first one went under contract while I was walking through it and the 2nd went under contract the night before. This seems to be a trend for me. I am thinking a new strategy is in order...

Since I am a cash buyer I am thinking to make offers on new listings without viewing the property. Of course my REA will need to contact the selling agent to get info on conditions of the property such as roof, plumbing, windows and such. I will go with the assumption that it will need 25 - 20K in rehab.

The offer will be contingent on an inspection so that I can back out if it's too much or not enough profit margin.

Although I have not yet completed the entire book I did take action. it took my four tries to find the right realtor. We looked at properties last Friday and there was one home that was a good opportunity. But....I wanted my husband to look at it as we will be doing some of the work ourselves. Now my realtor told me that it would take about 25K in fix up but I could make a tidy profit. I didn't tell my husband this as I wanted to get a real feel for is (I don't know my realtor very well yet). My husband works the numbers and says it will take 25K to fix up!

So. I tell my realtor I will most likely put in an offer the following monday...the property went under contract that afternoon....I am bummed that I didn't pull the trigger! But, I will continue to look.