darned slow real estate market - Posted by Matt B

Real Estate Investing
#1

Posted by AnnNC on December 22, 2000 at 20:10:12:

Take her with you, dummy! You already know what happens when you are not around, not available, and you drift apart, as you shared with us.

Reins? Maybe attitude adjustment might be the thing for you. I say this in all kindness to you and appreciation for your posts of your past personal struggles, and
and your continuing willingness to help others on this board with well thought-out replies.
You now have the opportunity to have a lifestyle that
does not distance you from your spouse as did your former, all-hours tension -filled career. Don’t blow it.

Otherwise, you have an interesting idea, sort of a mini
creonline convention. Interesting! (Except for the
age restrictions!)

Peace and love.
Ann

#2

darned slow real estate market - Posted by Matt B

Posted by Matt B on December 22, 2000 at 09:26:20:

I have come to the conclusion that any excuse that I can think of, or anyone else can think of not to be doing deals is just that. An excuse.

I walked away from a meeting with a rehabber last night with a $2,000 cashier’s check for assigning a contract. I got a call generated by the signs that I’ve been putting up from a seller with an old junker that they were “trying to unload”. They were willing to sell it to me for the amount of the tax liens, but they weren’t sure how much they were. Since I happen to work right beside the courthouse, and learned about 2 years ago how to do title searches, I went over during lunch and found that there was $4,197 in tax liens on the property.

I set up an appointment with the seller and found that the house needed some serious rehab. Far more than I would personally consider taking on. I then went and got comps and found that the place would go for about $50,000 in good condition. So I met with the seller the next day and signed a purchase agreement for $4,197.

I then called the same rehabber that I had flipped a property to just a couple of weeks ago. I asked if he would be interested in taking on another project in this area. He said that he would and also wanted to know how the heck I was doing deals so fast in “such a slow market”.

Since I have no experience rehabbing, I could only guess what the cost of repairs on this place would have been because they seemed to be pretty extensive. However, the rehabber seemed to be very happy with the deal. I was a little upset though. He made me wait half an hour out in the freezing cold for him because he was running late! Sheesh, is a half hour of waiting in the freezing cold really worth a mere $2,000??? I need to find a new line of work!!!

P.S. For those of you counting, that’s number 3 towards my goal of 10 deals by convention time.

#3

Well, its about time! - Posted by Jim IL

Posted by Jim IL on December 22, 2000 at 11:37:44:

Matt,
Good to see you are back.
In such a “slow” market.
Don’t ya just love that??!?
Then again, it is slow here as well.
What on earth are you doing to market these days anyway buddy?
Don’t get me wrong, we are still getting sellers to call here, but the motivated ones seem to be rather illusive the last few weeks or so.
Maybe the -40 degrees below and all the snow is effecting the market?
Anyway, congrats, and nice going.
If things are not better here soon, I’ll be looking for a better market as well.
Need a partner?

Take care Matt, and again, Congrats,
Jim IL

#4

Re: darned slow real estate market - Posted by Carlos

Posted by Carlos on December 22, 2000 at 09:50:16:

Matt, you have definitely got my attention… :o)
Thanks for the continued motivation…

Carlos

#5

Re: Well, its about time! - Posted by Matt B

Posted by Matt B on December 22, 2000 at 14:28:46:

Well, believe it or not, I am just using old responses to earlier advertising and some signs for marketing. The first deal I got was from a months old response to a piece of direct mail. The next 2 were from the signs that I just put out.

The cold actually helped me get the last one. The seller called on my sign and told me that he just wanted to unload the property before it went through another cold winter!

Sure! Come on over, Jim! I don’t know how my competitors are doing here in Pittsburgh, but I’m starting to feel pretty good about the “slow” market. Actually, what I’ve noticed is that hardly any “we buy houses” guys are advertising right now. Since my signs are the ONLY ones I see up (I do see a few classified ads) maybe that’s why I’m starting to get some good leads. Hey, since I’m still working this job, I could use a partner with the ability to run around during the day! Whenever you’re ready, Jim!

#6

hmmmmm…got me thinking - Posted by Jim IL

Posted by Jim IL on December 22, 2000 at 16:47:54:

Matt,
I’ve had this somewhat far fetched idea for some time.
I had thought about getting a bunch of us from here on CRE, the younger crowd (Sure, you can come too Piper?!?!), and meet in a city and just cut loose.
Sounds like I need to talk to my new bride and tell her I may be leaving on a roadtrip.
We shall see just how tight the new reins are?

Then again, this may have to wait until the snow breaks here, getting the HAWG out now could be dangerous. (Snow is slippery on two wheels ya know.)

Anyway, thanks Matt, Guess I’d better get some more bandit signs out, snow or not.
I figured out my own little slump just now. Rather than worry about the homes I have for sale now, I need to go buy some more!!

Take care my friend, it is good to see you back,
Jim IL