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Remember the house that we were waiting forever for the Title V (septic) inspection (the same house that the bank’s listing Agent was “insulted” by our low-ball offer)?  Well, we told our Agent that even though they lowered the price to $159k, we were not going to increase our offer by an amount that the bank would accept, so this won’t be a deal.  Interestingly, I noticed today that the listing is now inactive, so I’m curious what the offer turned out to be.

We also looked at a couple more REOs this week.  One was pretty lousy and we’re not intersted.  Another house was a 3 family where 2 of the units were in good shape but the top floor needed a full rehab.  The first 2 floors were basically move-in and the rents there would more than cover the property.  Rehabbing and renting the top floor would be pure gravy, as cash flow goes.  The listing of this house had special stipulations that they were taking offers from owner occupants or municipalities (for Section 8, I suppose?), then after a couple weeks, they would consider investor offers.  The house is listed for $90k, which is a great deal for a 3 family. We’re hoping that we can make an offer on this one.

With the news of Bank of America suspending foreclosures, I think we may need to alter our plans for getting leads bit, since we look at a ton of REOs.  We are going to mail out the rest of our inherited list mailers and will be buying a new list soon.  I decided to buy a new list with more focus of certain zip codes instead of the entire county.  The “whole county” approach didn’t work well since some parts of the county are 45 minutes or more away and the areas are really out of our target farm areas.  I also have realized, though, that I don’t like talking to sellers all that much.  I think I’m good at it, and I should be since I have tons of years of customer service experience, but I just don’t like it. I much prefer vacant/REOs, but there’s a lot of competition for those.  Plus, fielding motivated seller calls during calls during business hours is not possible and my calls go to voicemail.  Maybe I can outsource the call backs or something.  We also don’t do bandit signs.  I know they’re effective but we really don’t have the time or energy to so it…and we also don’t have the time or energy to get slapped with fees, either.  The signs get pulled down pretty fast around here. 

I’ve noticed that the hours/days/weeks slip away and I don’t have enough time to do all that I need to do for REI.  Even with my husband helping out, there are some things I cannot outsource to him, and some things that are more more my specialty (like number crunching the deals).  Thank goodness he’s been a contractor and is still a licensed plumber, so those are the skills I really need from him! 🙂   So, anyway, I think I gotta start using a virtual assitant or two to help us out.  For those of you that are outsourcing things or using virtual assistants, which companies do you recommend (elance.com, odesk.com or others)?  Because I deal with outsourcing at my 9-to-5, I have some very hands-on experience here (and I have some very strong opinions on the topic!), but I’d like some guidance here for REI businesses. 

Oh, and since none of our offers got accepted, I didn’t meet Steph’s 30 day challenge to get a house under contract in September.  Can I get a do-over on the do-over? 🙂

Unfortunately, I have to work Columbus Day (boo!), but to those of you that are not, happy rest of the long weekend! 🙂

Happy Investing!  Happy 10/10/10!

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Georgian Colonial home of the Rev. Benjamin Wa...

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Still no word on our previous REO offer we made at the beginning of September.  The listing Agent did alert us yesterday that the list price would be reduced soon, which is was today ($175k to $159k).  However, there’s still no word on the Title V (septic) inspection, so that’s still in limbo. 

We saw a short sale house last Tuesday. It was listed at a super cheap price of $79k, so that drew in a lot of interest, especially since the ARV is conservatively around $180k.  In fact, when we viewed the house, there were 2 other couples there. It is a cute, older colonial home, 3 beds/1 bath.  The house was in a bit of disarray (think: Hoarders), but not in too bad of shape. It needs windows and such, but mostly cosmetics.  We put in an offer of $84k the night we saw the property.  Then, our Agent emailed us saying they wanted our “highest and best” by Saturday at 4pm.  We put in an offer of $103k and removed the part about the bank paying the closings costs.  We got word last night that we were outbid.  I wonder by how much?? 

We’re still getting bites on our inherited property mailing.  Seems some people held the letter over the summer and waited until now to call.  Hopefully a deal will come out of one of those leads. 

Another exciting bit of news is that I won Shae’s contest.  She posted a survey last week and she picked me to receive a free copy of the new product she’s releasing soon.  I’m so excited.  I cannot wait to get it because I really gotta move forward if I want to be out of my company by next July. 

We just gotta get a deal going soon. I know many people say is that it can take 20 or more offers to get a house under contract…but we’re getting pretty impatient. I am trying so hard not to get discouraged and I don’t want to throw in the towel, I want to and need to keep moving.  I know my husband was really disappointed we didn’t get the short sale house! 

I had such a busy week, especially at work, so I didn’t have as much time to review my PMBP course as I would have liked. I’m hoping to do that later this week, since I’m taking a couple days off from work. 

Happy Investing! 

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