How was everyone’s weekend? Mine was pretty busy with family stuff but I managed to work in a few REI activities as well. My father had back surgery to fix a herniated disc last week so I got a bit side tracked and did not realize I hadn’t updated my blog the entire week. Hopefully everyone else was too busy getting deals to noticed.
Last week I set three goals which are designed to get me closer to my first deal and over coming some fears that still exist inside my brain. Back when my blog was just starting, I used to write out my goals and review them every week and it really helped. I’m not sure why i stopped doing this but I did and I’m sure my progress suffered because of it.
First Goal: Call the Lady Back.
I want to thank Jason and Ingrid for sending me a text message encouraging me to call the lady. They both were very timely and with out a doubt helped me push past any reluctance I had in calling. I found out that the house, actually better described as a cottage, was a 2 bed 1 bath place with a very small lot and in need of a lot of updating. I’ll go after 2/1’s if they are on large enough lots to build something else on, but at .25 acres this didn’t really qualify. The asking price of 75K intrigued me though, I’ve never come across anything that low before.
I called Bruce and gave him the info and he took his buyer over to see the house. They talked with the lady and hit it off pretty well. The place was a dump and didn’t even have a foundation (not really sure how that works). In the end Bruce made an offer for 24k (his buyer said he’d pay 28k so that would leave a 4k wholesale fee) and wrote up a contract with the lady who is considering it at this moment. She had an offer from a neighbor for 25k, but we are hoping that our offer wins out for the 2 week closing and the relationship we built with the owner.
Side Note: After Bruce talked with the owner he told me that the lady was very impressed with the letter that I had sent her and that it made her feel comforted and good. For those people who don’t feel right about sending letters to people in the probate process, use this as proof that it’s not a low life, scummy act of ambulance chasing. Sure you will get your pissed off people, but there will be a fair share of greatfull ones who you may be able to help out.
Second Goal: Go to network meetings on Wednesday and Thursday.
I managed to make both of these meetings. My agenda for going to meetings is to network and keep my relationships strong with the investors who attend. To me, forming a relationship with other investors is not just about knowing who they are and them knowing who I am. I want to, in a sense, become friends with them. Not hang out on the weekend friends (all though if you make a friend like that is great), but someone you can sit down and have a relaxing chat about Real Estate Investing and other business items with out feeling the need to impress anyone. The best way to do this is to show up at the meetings consistently and speak up when you are there.
Third Goal: Find a house another investor is selling and ask to help sell it
I kept my ears open at the meetings for anyone who had a house to sell. There was one in the Poconos (if anyone knows of a buyer in that area send me an email and I’ll get the info) and a few others not in my area. I’m conflicted if I want to put effort into finding buyers in an area where I’m not focusing on though. What is everyone else’s opinion on that?
Keeping the momentum going from the past two weeks, here are my 3 goals for this week
- Come up with a property criteria to look for on the MLS
- Select 10 houses from the MLS that match my criteria
- Make 1 offer