She doesn’t know me, but I’m inspired by Eileen Meyer, a mom of three, working a full-time job and successful investor. I read her blog, and thought the whole idea was great.
Right now, I’m thinking we want to stick to flipping (wholesaling) but pick up long-term rentals or owner finance cash flow later. I’m wanting to do probates and absentee owners, using direct mail. But I’m also itching to put offers in on the mls, especially FNMA reo’s. It would be so great to not have to actually negotiate with the “motivated seller”! (maybe I should get over that, huh?)
Today, I called 2 realtors, posted a craigslist ad, and emailed two more realtors I know, about possibly buying my probate leads (for marketing cash). No one has responded.
I also researched 2 probate cases and got them ready in their excel document (I really need to get a better format).
I emailed the two realtors who have sent me properties and asked for more information on a few, and wanted to submit an offer on 1! This is a house that is basically rent-ready in a good rental area, that would need cosmetic work (and a roof , possibly a furnace, and updated electrical) if it was rehabbed. I think the ARV would come in at $117,000, so following the 70% – repairs – profit, I told our realtor to offer $42,500. I would expect a laugh in the face or maybe even a rude hand gesture, but apparently some people out there accept these deals. This is the homeowner and has lived there a long time, so we’ll see.