I got a lead!

...but that is about as far as I could take it. The owner purchased the house at 100k as an investment property in 2008, refinanced it and now owes 185k. Right now the FMV of homes in the neighborhood that the property is in is about 100k to 150k. The house needs a little bit of work and has a bad smell(says the owner). Since he is current on his mortgage the bank will not do a short sale. There is probably a "option" opportunity here but im not exactly sure how to structure it. I think I am going to post it on a forum tonight and see what kind of responses I get.

In other news my marketing this week sucked...yet again..BUT the good news is that I am now a subscriber to the news paper so instead of sending out 5-10 letters a week I will probably sending out more like 20-30 letters a week. That should pick up my leads just a bit ;). I will also be structuring a little better of a campaign. This week my focus will be on designing a series of letters to send to homeowners that I can send over the course of a month or a month and a half. On top of that I am looking into doing something with probate. Since it is suggested that probate mailings be done more spread apart that shortsales I may be able to work it into my monthly budget for marketing...more to come on that.

I did get in touch with an investor agent today who is a rehabber...score one for the buyers list! I want to see if I can work some arrangment with him and use him as an agent.

All in all it wasn't a bad week..I think im just a work-a-holic and if I don't work for 80% of the day I feel like I didn't get anything accomplished. I am definitely making progress but my deadline is approaching very quickly and I need to get something under contract soon. Right now I am really feeling backed into a corner. My health insurance is going up this year, I have a baby on the way, Im already buying diapers and my family is very quickly not fitting in this 2 bedroom appartment anymore. The pressure keeps building as more and more reasons to make this work keep piling on so my motivation is going through the roof.

This week I want to stay a little more focused on one or two things rather than splitting my week up into a bunch of tasks and see if I get better results. So again I am focusing on designing my new letters/postcards then if I get that done I will focus on shortsales in the second half of the week.

The last thing I want to mention tonight is that Becky(wife) has signed up for a class to get her real estate license. This is going to be HUGE for us! I couldn't be more excited about it. Classes start the week of the 18th!

I may post again mid week but until then I wish you all luck!

HubCap