From This Day Forward-Kareng's Journal

Just stopping by to say hello and to watch out for Bill and James! Whats happening in California? Got people out there that will work with you if you need. We have buyers, just need real wholesale deals!!

Michael Mangham
MD Home Acquisitions LLC

Michael I always know when someone knocks at Karen's door, just don't sit in my chair, or get caught eating Bills pies.

I'll take the sofa and some rest! If its a french silk pie I might try and take it!

Michael Mangham
MD Home Acquisitions LLC

I did not get my sticky notes out the other day because I was having some major misgivings about my contracts.

I had someone else whose opinion I value greatly, look at them, and I was right to be worried. I did some research and found a site www.ilrg.com that has some very good contracts and they are state specific. I ran these by my "trusted approver" and got a thumbs up! I will just have to make some minor tweaks-so that they can be assigned, me choosing Title Co, etc. Will probably have to make another call to just cover myself. Lucky for me, this is a very patient person.

During all this with the contracts, I started thinking using preforeclosures for Sellers for L/Os may not be the best idea either. (sigh) So I contacted another person who deals ONLY in L/Os and has been doing them for about eight years very successfully, as to their opinion on that. (I don't want to wear out my welcome with any one advisor, so I spread out my appeals for help)

Again, my fears were verified. I was told, in their opinion, to NEVER use pre F/Cs as sellers. Once someone pays a fee and moves in and gets a letter at his new residence regarding F/C they are going to call you quite upset. Plus, even paying off past delinquent amts, the timing on all of it has to be just right or you are opening a whole can of worms that you don't need. Agreed.

So, I am back to square one looking for my sellers. I am thinking the expired listings and 90+ days on MLS lists are good places to start. That, and of course, CL. I put two ads on there in the wee hours this morning.

I also came across a reference to www.searchtempest.com which works with CL, sorting out listings with keywords such as realtor, agent, broker, management company (whatever you want to enter) It also has an area to enter keywords you want, such as specific locations, motivated, etc. With this search tool, you are not sorting through the mountains of listings on CL. I haven't cked it out yet, but I intend to.

I know there are some other places that are supposed to be good for placing free ads. I will have to look back through my notes for them.

Certainly not giving up. Just another couple of hiccups.

Karen

I haven't had that in years. Cut me a large piece to eat while I'm playin'. Hey, dealer, I only need two cards.

The card game is at Jim's place!

It's getting very late back there on the East Coast, hunh?

Jim, I promise I didn't fart in it.

Great job on trusting your intuition with the contracts and especially the pre F/C source. I also, agree with 90+ days - MLS and expired listings....good places to start.

The "CL sorting" link looks like something that could be extremely useful. Thanks for posting it...I will have to check it out!

Hey Jim -

You KNOW that since Tammy said she didn't; that means she really did. The chair will NEVER be the same!!!

Well bring it over to the game tonight, I'm kinda cold will use it for fire wood.

Took awhile but I finally got it written and posted. Thanks.

7734 <(upside down) really froze over. Didn't make the auction. Nothing would start until the auction was in progress. Really wanted to check that one out. The min. bid was 1/12th FMV.

As alway I love reading your journal. Also, thank you for the 2 links.
I too am looking for sellers for LO's. I am curious were your friend that has been doing them for 8 years gets his sellers?

Best Wishes!

-Dan

Karen,,,you are on fire and have quite the following! Keep up your hard work. If you have a realtor, the can set it up so you get automatic e-mails when properties meet your criteria. I will check my notes, but Matt Larson gave me some tips for the criteria to use. I may have put them in my journal???

Try going from +125F and 92% humidity in July to -65 and 5% humidity six months later in January where the evening before it dropped 4-1/2 feet of snow. That is what the structures, machines and people have to endure here. Those are not frequent but do happen. The snow fall well that does happen in feet at a time.

Thanks for validating my thoughts on places to look for sellers. Next hiccup to overcome--find a gosh durn realtor to get those lists from.

Karen

helpme2 wrote:

Took awhile but I finally got it written and posted. Thanks.

7734 <(upside down) really froze over. Didn't make the auction. Nothing would start until the auction was in progress. Really wanted to check that one out. The min. bid was 1/12th FMV.

OK, that 7734 had me puzzled for a while but I figured it out!

Sorry you missed the auction. Maybe it was so cold that they didn't even have it. I'm sure you weren't the only one who had problems up there in Siberia!

Karen

I heard that!!! (I would have used caps but it's against the rules and I don't want to be chided)

Karen

He's big time like Bill. He does HUGE mailouts, too.

That's OK, Dan. We will be there one day, too. And it won't be that long. (Let's keep repeating that over and over and over and...)

Karen

Just call me "Social Butterfly" (among all my other titles)

Unfortunately, I don't have a realtor yet... Not from lack of trying. I have a call in to a realtor I used to work with back when I first got my RE license about 5 1/2 yrs ago. (I have since let it lapse) We used to put flyers on many, many doors together.

I think I do remember reading criteria on your journal. Somewhere. If you find it please let me know. I think it was like entry level houses, 3BR/2BA... I don't recall the rest of it.

Thanks for coming by. Come back soon.

Karen

Maybe you should be reversing when you are staying in each place. Just from the sound of it-like the chattering of teeth, etc.

Karen

Karen,

This is what Matt Larson recommends. Call either a Keller Williams or ReMax office in your area. Ask to speak to a investor friendly realtor. Once you speak with them, have them run you a list of all the cash sales in the last 90 days. From that you can do your research on the buyers, get in touch with them (you now know what they are buying from the info you got from the realtor). Tell them you are working with a group of investors (your not lying, you have all us investors here on DG.com) and would you like you to contact them if you come across a deal. Confirm their criteria....Now go shopping!

Karen Don't you have the SFL system if you do you then you already get that information on it. Updated daily.

I'd love to reverse the situation, believe me. It just never works out that way. You know the old saying; I was at the train station when my ship came in? Well that seems to be my timing. .
If I could switch it, it might be worth getting some new teeth. Don't have any left! Chattered to much. not. I know you don't, but I'll ask anyway. Know how I can do that reverse? Got to get a new place down there first, except I am not going back to the Gulf area! Loved it except the hurricaneseses. #^*@ things! Yes I have an address there and periodically go to maintain my residence there but.....that's it. Don't think I'd have problems with hurricanes in the Amarillo area. What do you think?

You had your RE-A license.
In that training by chance did they teach how to figure the FMV of a home, without guessing, in an area where the nearest home similar to it was up to 50 miles away?? Yes, guessing.
UPDATE:
(I finally got some agents to talk. ) That IS what the 6 of them said they have to do here. GUESS !! I don't like that answer. It makes all my numbers invalid essentially.
The facts in our books and tools count on being able to get comps within a very small distance,like 0.5 miles preferably, to be valid and this factor is correct. Did I miss something in the videos, books etc.?
If guessing is a good thing, GREAT!! (Not)

Daughter #1 (the newlywed) called me today. Her Mother-in-Love recently sold her house which was about 50 miles outside of LA. This was a great decision since she is a widow that doesn't drive and all three of her children live in LA.

She rented an apartment but has decided she thinks she wants to buy again. She hates giving her money to someone else every month. She has the cash to purchase whatever she wants. She came across a REO in a neighborhood she really likes. Needs quite a bit of work, etc.

My daughter, being the good daughter that she is, called me for advice. First, let me clarify that in helping the MIL I will not make one dollar. That would open a can of worms we do not want to address, but I don't mind. It will be a great learning experience.

I contacted the agent in the ad, but since we had noticed his name was not the one on the sign, I questioned his position in this and explained that I like to work with the listing agent so that they get the full commission, etc. He told me the one on the sign is the main broker and they work directly with many of the banks handling their REOs. Since they have so many of them, they assign them to different agents in their group to work as the "Buyer's Agent".

The house has an offer pending and they are lining up some backup offers right now. OK, fine. It is only open to OO right now which she would be. And I told him we have cash and can close in a week depending on the inspection results. He said if he had known I was interested he could have contacted me before it was listed. BINGO!!!!!

I asked if he worked with investors normally because I am looking for a new realtor. Since so many realtors don't work with investors, they just don't really "get" it.

I told him that I work with a group of investors that have really deep pockets. Some are in NY, some in Denver and various other areas. He said that is what he mainly does and he can help me work all the numbers and anything else that I need.

We are meeting on Tuesday at 1:00. I am going to go back and pull up the info Elix had posted that his people are wanting and Michael Mangham's. I am VERY excited!

I am still focusing on L/Os but if I can do some Wholesaling at the same time... YES! YES! YES!

@ MichaelMangham- I may have to figure out a way to get hooked up with Cameron. Somehow, a way always presents itself!

good score......BINGO!!

I'm praying for you on this one!!! Sounds like fate and hard work finally is going to happen/come through.

there ya go....if nothing else you may get some contacts out of the deal!

No, unfortunately I wasn't able to participate in that offer.

Thanks for the update re Matt's advice for finding a realtor.

If my meeting tomorrow with this new realtor doesn't pan out I will try that.

Karen

helpme2 wrote:

You had your RE-A license.
In that training by chance did they teach how to figure the FMV of a home, without guessing, in an area where the nearest home similar to it was up to 50 miles away?? Yes, guessing.
UPDATE:
(I finally got some agents to talk. ) That IS what the 6 of them said they have to do here. GUESS !! I don't like that answer. It makes all my numbers invalid essentially.
The facts in our books and tools count on being able to get comps within a very small distance,like 0.5 miles preferably, to be valid and this factor is correct. Did I miss something in the videos, books etc.?
If guessing is a good thing, GREAT!! (Not)

I don't know how you would have any other option but to guess! If there are no hard numbers to work with.

As far as my thoughts on hurricanes in Tx.... Sorry, THAT would be a guess!

Karen