| Real Estate Investing update |
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REI Houston
Moderator
Cash: $ 5.60
Posts: 23
Joined: 16 Mar 2004
Location: Houston, TX
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| Real Estate Investing update |
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Wow! I haven't had the opportunity to be on here in a while, and it's been an exciting week and 1/2.
I've been upgrading some of my marketing strategies, researching the the best way to spend each marketing dollar for the biggest bang. I decided to focus on signs, fliers and post card campaign in a few neighborhoods on the West side of Houston. I've also set up a dedicated voicemail number just to receive phone calls from motivated sellers. The vm number cost $40 to set up, and $17/mo for 99 vm messages (it is a local number, not 800, which is what I wanted).
I have also spent the time learning a new set of strategies for buying and selling houses called "subject to". There are several variations on this theme, but it breaks down to buying a house subject to existing financing. I successfully executed this kind of deal last night!
Here is how it broke down: The owner of a 3 bed 2 bath 2 car garage (3/2/2 for short) was trying to sell her house FSBO for $85k. The ARV would be between $90-95K. She bought the house about 2 1/2 yrs ago for $71K, so there isn't a great deal of equity for a standard new financing deal. After speaking with her for a few minutes, it turns out that she recently got divorced, her youngest child is about to graduate from high school, and over the last 10 years she has had 10 brain surgeries. She wanted to simplify her life and she wanted out of the house - yesterday. I asked her how much she wanted in her pocket after walking away from the closing table, and she said $5k. To shorten this up a bit, the deal on the table is that she is to get $5k at close, and we take over her note of $70k, monthly payment of $720/mo (PITI) @ 6% interest on a 30 yr note. The rents are $850-900/mo, and could lease option for around $1000-1100 per month. Repairs are paint and carpet (or around $3k if done right).
So, for about 10K (including all fees) you get a property with a 33-45% ROI the first 12 mo's of ownership, great financing, and the seller gets what she wants most, peace of mind.
Jerel
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Thu Apr 22, 2004 1:47 pm |
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TrustLender
New Member
Cash: $ 0.65
Posts: 8
Joined: 25 Dec 2003
Location: Michigan
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JEREL:
Nice strategy!
We (CMLA Pre-foreclosure Investors) also use Subj-2 to do our deals!
Here's some info we'll discuss on tonight's FREE Tele-Coaching Call!
All Are WELCOME!!!
Happy Investing,
Derrick Ali
Date: Thursday, April 22, 2004
Start Time: 7:00 p.m. Eastern Std Time
End Time: 8:55 p.m. Eastern Std Time
Dial-in Number: 1-702-851-3330 (Las Vegas, Nevada)
Access Code: 40020422
Subject: "CMLA Weekly Pre-FORECLOSURE Marketing Tele-Coaching CALL"
Comments/Agenda:
APRIL 22, 2004
7PM
INTRODUCTIONS by Derrick Ali
TOPICS:
I.
CMLA POWER TOOLS (Voice Broadcasting Using Soundbite.com)
Use this tools to Promtoe and confirm Appointments, Workshops, and Presentations
See Your: CMLA Workshop.doc and HLP TV.doc
Use this Mass-Market Self-Promotion and Lead Generation tools for FREE using Local Public Access Cable Programs_Get Interviewed and/or BECOME A PRODUCER.
II.
PART-TWO: Customizing Your Homeowner Loss-Prevention Kits for less than a $1 each and DOING HLP Analysis 's for Homeowners (Neighborhood Clubs/Condo Board Meetings, etc.) !!!
Using the “5 SECRETS” and “12 REASONS” Letters.
III.
CREATING PROFITABLE LENDER & REALTOR Referral Partnerships (CMLA Lender Mktg Kit is here!).
IV.
ARE YOU CLOSING DEALS YEY? Locking Down Your Deals as a CMLA to GUARANTEE That You'll PROFIT (whether You Buy the Home or Not)!!!
V.
DEALING with SUCCESS and How to RIDE IT For ALL It's WORTH!!!
8 PM (SECOND HOUR) OPEN SESSION
Q & A
Comments on Your Personal SUCCESS and/or CHALLENGES
REVIEW of:
"The pre-Foreclosure Marketing Outline.doc"
"AGoodPlace2Start.doc"
and
"What To Do When The Homeowner Calls You Back.doc"
(Ask the Moderator)
9 PM (CALL CONCLUSION)
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Thu Apr 22, 2004 10:39 pm |
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