Sunday, January 18, 2009

Signs, To Love or Not To Love

Okay, so I've been driving around all over town with bold, ugly, red, white and blue magnetic signs plastered all over my car. It certainly catches people's attention, judging from the sideways glances/outright stares I get when I stop. So, I get lots of attention, but have gotten absolutely zero calls.

So, I wrote the ablove comments on the 18th. Right after that, I got 2 calls from the signs - yeah! One was a lady's daughter and the other was someone's husband. The first needs to get rid of a non-performing rental. The 2nd is facing foreclosure.

I've talked to the lady with the rental and am conflicted. Her house is a duplex and brings in about $1500 a month in rent, when the renters are paying. She wants $170k for it, but owes less... Her payment is around $1100. Should I make an offer? The big problem for me is that the floor plan on the larger unit is difficult, to say the least. I think it would be hard to sell or rent. So, I probably should make a very low offer, just to get the practice...

I have been calling the person facing foreclosure, but she has not called back. Her husband called me about her house. Apparently, the house has been in the picture longer than he has, so he's not part of the mortgage or deed. The owner owes about what the house is worth and is about 3 months behind. They are planning on moving at the end of the month - not much time - and the house is in a good, solid area of town. I'll keep trying to call her - this would be an excellent test of the short sale systems.

Also, I started Michael Jake's platinum mentoring system last Thursday. Good class and the people in the class range from me and a few other newbies to some who own tons of rental units as well as commercial property. Interesting. I have to complete my assignments and make an appointment for a one-on-one with Mike this week.

Until next time...

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