Probate Monday: Mid Month Slow Down

Scott CostelloAll, Probate Investing 3 Comments

Probate Investing MondayBefore I get started, I want to wish my beautiful bride a very happy 30th birthday today.  She is the love of my life and with out a doubt my best friend as well.  Can’t beat that combo!  In our family we like to celebrate birthdays over a week period, not just on the date itself. We get together with family, have a party with friends and do things throughout the week to make it a really special time. With that being the case, this week is going to be light on Real Estate Investing.

Last Week Goal Review

I had three goals last week and I only managed to complete 2 of them.  One of which I just finished up today.

Goal #1: Setup an automated email from the mls to send myself new properties that meet my criteria.   This wasn’t as straight forward as I thought it might have been.  I wasn’t really sure how to make it so that i’d only get houses that have changed status or are new.   Other wise the list of houses would just grow and grow and grow.  My temporary solution for this was to only include houses that had DOMs (Days on the Market) of 1 day.   I’m sure I am missing out on many properties though.

I did find another solution, but it requires me to log into the mls everyday.  It’s called the hotsheet.  You setup your search criteria and then it will only show you properties that have changed since the last time you viewed it.    Email would be better because then the list would be put right in my face instead of having to remember to log into the mls, but this will do for now.

Goal #2: Call up my new broker and get my license hung with them. I don’t know why this took me so long to do, but it did.  I guess I was afraid of what they would say because I had not spoken with them in 4 months.  After initially contacting Donna to get my license transferred I ran into some road blocks.  It took me 3 weeks to get deactivated from my old broker and get my license.  This needed to be done before Donna could proceed.   I then, if you remember, had thoughts of just giving up my license and saving money.  Well it took me forever to decide and call back Donna.  Please don’t ask me why I was nervous about this, I really don’t know.

With this new broker I’m going to be joining them as a referral agent, which should save me some money on Agent fees.  I’m still not completely sure what the restrictions of a referral agent are but I’ll find them out.

Goal #3: Make an offer on another MLS property.  I’ve got the house identified and my offer about set and hopefully today I’ll get a chance to put the offer in.  One obstacle that I need to get over is finding a solid proof of funds.  I always feel funny sending in the POFs from a transactional brokerage.   I’m going to have to do some research on what can be used.

Property and Lead Updates

This months mailing only yielded 3 phone calls and 2 return to sender mail pieces.  I’m going to give the new letter one more shot and if the response rate doesn’t increase I’m gonna try a combination of the old and new letters next.

One new thing I added to this past letter was the webpage address of my sellers squeeze page.   Normally that site gets 1 hit a day, but the few days after I sent the letter out the site received 15 to 20 visits.   That tells me that at least 20% of the people are slightly interested.  If I can come up with a way to track exactly which person is visiting my webpage I can hit them up with a different, more direct mail piece in the future.    This might be a great use of the PURLS idea that Pat Flynn wrote about in his guest article Improve Your Marketing Conversions with Personalized Urls.

Goals for This Week

  1. Make Sure My Wife Has A Incredible Birthday Week!
Scott Costello
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Comments 3

  1. Scott,
    Have you asked your local rei meeting folks who they use for hard money? Might be worth a shot.
    Good job getting another bid out. Before long you’ll have 3-5 bids per week out. That will turn into properties very quickly. Good Luck.


  2. Hi,

    If you find out about solid POF/pre-approvals for submitting MLS/REO offers, please post to let us know. I’ve had a hard time with this in this past week. The bank selling the REO had a real problem with my lender’s pre-approval letter…it’s a long story, but a frustrating one.

    Hope your wife has a great birthday!

  3. If you have someone you trust (and who trusts you) who has an adequate line of credit or cash in the bank, you can get a letter from them.

    Not all agents and banks are that picky about the POF letters from my experience…and the ones that were, I just moved on to the next one. I don’t know whether that dynamic has changed in the past year that I’ve stopped doing MLS/REO offers to focus on direct mail.

    Hope your wife has a great bday week!

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