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Posts Tagged ‘quitting my job’

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Hello There,

Thought I’d post an update regarding our first direct mail campaign.  I bought that list of inherited property owners last week.  We haven’t mailed out all the letters yet, but mailed out over 100 in the past week.  So far, we’ve received 4 calls – not too bad!  I would expect more calls after we sent the rest of the letters. It’s been taking time to stuff, stamp and hand address all the letters, but it’s been a family effort (my daughter loves helping!), so that’s cut down on the time it takes to complete.

Here’s a rundown of the calls so far:

  • The first person who called was a nice guy who has a property inherited from his parents.   His brother lives in the upstairs (it’s a non-legal 2 family). The family just put a sign in the window, trying to sell on their own. I am calling him back today and we’re hoping to see that house this week.
  • The second caller left a message and I’ve left messages for him, so I hope we can stop playing phone tag and talk.
  • The third caller was a very elderly man who was extremely hard of hearing.  He just kept saying “do you want to buy my house?”  Not sure if that’s gonna work, since it was hard to have any sort of phone conversation with him and he hung up abruptly.  Even so, I will be calling him back, too.
  • The fourth caller left a message that just said “hello.”  It was an out of state phone #, so if this person lives out of state, that may be a good lead.  I called the phone # back and left a message to call him. I hope to speak to him/her soon. 

I have been able to run comps on all the properties, since I have been able to get the name and addresses of all these houses (even the last one, I got the person’s last name from the outgoing voicemail message, so I’m pretty sure which property they got the letter about).  There may be some good deals here.  For the house owned the elderly man, I searched public records and it looked like he remortgaged his house in 2006 for well over what it’s worth now. So, that may not be a deal, simply for that reason.

We’re also still looking at REOs to rehab or wholesale.  We really wanted to see that HUD property last week, but the HUD Broker blew us off.  I got in touch with another Broker and she was going to show us the house on Friday, but we cancelled since there was an accepted bid on the house the day before!  UGH!   So, we are going to have her show us a few other houses (mostly REOs) tomorrow since I have the day off from work.

Oh, one more thing – yesterday was July 17th.  What is July 17th, you ask?  Well it was my 19 year anniversary at my company.   Anyway, I talked to my husband and we thought if we can make this REI stuff work for real, I would suck it up and quit on my 20th anniversary, July 17, 2011.  (I’ve even done pension calculations to see what the totals would be if I quit next year.)  I’m so “done” at work I barely think I can make it another month, much less a year.  So, can I make that happen?  Stay tuned…

Happy Investing!

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