I’m actually a cold call kind of gal. I approach strangers all the time about things. My something-is-turning-in-my-stomach-and-I-can’t-breathe fear about doing REI cold calling is the thought that I might not know how to talk to them and answer their questions. That’s seriously frightening.
But today I called a guy about an ad on craigslist. It’s now under contract, but ta da! He has one last property he needs to unload (tired of being a landlord and opening another business). He hasn’t listed it yet! I went to see it, and I think the poor guy paid way too much ($115,500 in 2006). It’s a duplex with 2/1s, and a 3 car garage with a 1/1 apartment up top. Total monthly income is about $1500, so I don’t think anyone should pay more than $75k or so (using the 2% rule). He said he would take $105k cash. At least he’s willing to take a loss. I have a feeling he’ll need to take a bigger one. I told him I’d get back with him tomorrow.
But what did a cold call get me???? A lead that NO ONE ELSE HAD! Yay!
I also submitted two more offers on properties from the MLS through my agent. I decided to focus only on properties that are vacant. My agent got back to me and said that one has gone short sale pending (with no offer), so I wanted to jump on that (DEAL! EXPERIENCE!), but didn’t know what in the world to do! I knew it would involve at least a prequalify letter, which I don’t have yet. So I emailed an investor friend of mine who does lots of short sales and passed it on to him. I’m assuming that I’ll either get a) an education on how this is a bad deal or b) a referral fee. I’ll take either one!
My really nice buyer’s agent decided that we don’t have to sign an exclusive agreement until one of my offers is accepted (look how longsuffering she is!). I thought that was gracious of her, considering she originally asked for one. She’s been great so far.
I’m going to ask her to change my mls search criteria to: 180 dom (which it already is) and to also search for words that include: vacant, handyman’s special, tlc, fixer upper, etc. I’m not sure if she can put that in the automatic search, so I’ll be asking her to do actual manual work. We’ll see how she responds.
I’m feeling good today, because I made a call, and talked with a seller. I want more of that!