OfflineOk...Here goes. I'm not a blogger or REI. Or rather i wasn't. Guess I'm both now or trying to be. Started reading BARM a while ago with my father. It was supposed to be a partnership, I had time to research, he had the contacts, credit, some money and know how. He's since backed out and joined all the other naysayers that I'm surrounded by (hubby included). So I'm on my own. I can't afford Dean's academy, I had to buy his new book in secret! So I NEED to make this work!
SO. So far I've been looking around for properties and deals. Found a few possibilities. But they require a pre-approval letter to submit offer. So I took my first real step. Called my dad and told him I'm still doing this and all I need from him is still a partnership and a letter to use. After explaining my plan to find deals and assign (to start), to build up funds and eventual buy, sell, and hold my own homes, He said OK, I'll call your brother, (who's a mortgage broker). and he'll also talk to him about if he wants to be involved with my investments. (He just bought a gym franchise with a partner and that is taking most of his time right now.) I've also emailed a agent to talk AND emailed someone about a house on craigslist. Turns out to be another investor, wants someone to takeover pymt on house where the owner lives in TX and house in CT. Behind on 2 pymts and wants OUT. Still....baby steps.
It's only been a week since last update...not bad. I'm currently working on my grandpa's house. I've been given a verbal 2 weeks, which in reality is a week. To find a buyer. I've been going since Sunday to find one. Sunday and monday, I sent out about 20 emails to any buyers that I have. Both mine, some of Marcs...(thanks marc!) and some that expressed interest in the house the 1st time I listed it on CL. It was listed in MLS for 199,900. Unofficially I tried selling on CL for 169,900 and got a few hits but were mostly homebuyers that turned out not to want to bother with foundation. Some were investors so I emailed them with new price of 135K. Mom says she'll take 130K so that leaves me some room. I'll take 2500-5000 (even less)profit on this.
Just trying to get it done! To show it can be and that I'm SERIOUS about this. Being involved in this has definately given me inside experience in the probate process and I'm SO looking foward to Dean's email on thurs to further explain that tease he sent out last week on probates. I think that'll be my niche. It goes along my thing for vacants. I know I dont want to deal with short sales at this point. (Hits a little too close to home for me. No pun intended!) The emotional drama there. Most are "forced" out--they have no other choice. Finacial difficulties that may or maynot be within their control have changed things for them. For some the change is good, others. devestating. Depends on how they view where they live. Is it their HOME or just where they are currently residing. Some roots are deeper than others.
Whoo-hoo...finally got a page 2...LOL
Rachael email me with the address of the property in CT 135000 thanks
Hello Rachel
I am a Realtor/Investor in CT. Maybe we can help each other out. PM me....
Teena
Teena
Well, The situation with my grandfather's house is over...well, out of my hands anyhow. I was given a shot and gave it my best. I had a few buyers interested. One blew me off completely, a couple couldnt get financing. And the last one...my best chance basically confirmed what I had suspected...They waited too long and now the house's CMV has dropped because of its condition. By the time anyone buys it...say a builder or investor,...fixes it and gets it back on the market... it'll be into the dead season aka winter. Also...any investor worth their salt is going to offer WAY less than the FMV to make it worthwhile. And I know that the only buyer that will give them the asking price would be a regular buyer...and that's out because of financing issues. No bank will give a loan with the house being in the condition that its in. SO...it's catch 22 for them. And over for me. ::sigh:: Moving on.