Things have been pretty hectic the last 3 week and I have not been able to update as much as I would have liked. I have been trying to get my tax information ready, and things are pretty busy at my real JOB as a software developer.

I did a little more work on the bathroom hole house. I changed out some light fixture on the advice of my agent. She noticed that the fixtures did not have a consistent finish. This never mattered on the rentals but she says it is important when selling a house.

Work has been progressing on the EON house and I expect to be finished within the next 3 weeks. I have replaced all the windows and plan on adding a metal roof.

Landlord Duties
All of my properties are now rented. I have one tenant who has not paid February rent and I have just sent her a late letter. We spoke in early February and agreed she was going to pay in the middle of the month. I forgot to check on it until today and I see she did not pay. I had another tenant give notice, but then her son wanted to rent the house. I just signed the lease with him at lunch today.

Leads
I followed up with lead #6 from last week. This was lead in which the house had been sold with the seller holding the mortgage. The mortgage is not being paid and the seller wants the house back. The numbers seem to work and I agreed to buy the house after they get it back, or buy the mortgage. The seller is still waiting on the buyer to sign the house back over to him. If this is not done next week, I will call back with some number.

Here are the leads I received this week:
1. Military person being transferred

Asking price: $245,000.
Amount Owed: $243,000
Repairs: none (they say)
After Repaired Value: $250,000
Max Offer: $162,000 – repairs
They owe too much – I can’t help.

2. Almost being foreclosed on

Asking price: $75,000.
Amount Owed: $61035
Repairs: roof, septic tank, bathroom floor
After Repaired Value: $60,000
Max Offer: $40,000 – repairs
They owe too much and the house is far away from where I live. I will have to pass.

3. Nice Log Home

Asking price: $430,000.
Amount Owed: $325,000
Repairs: none (they say)
After Repaired Value: $300,000
Max Offer: $195,000 – repairs
They owe too much and the house is out of my normal price range. It is a beautiful house and I wish I could buy it for myself. I will have to pass on it.

4. House in another town in a bad neighborhood

Asking price: $15,000.
Amount Owed: 0
Repairs: countertops, bathroom floor, kitchen sink
After Repaired Value: $35,000
Max Offer: $15,000 – repairs
I am not really interested in this area.

5. Mobile home owner leaving the state and wants to sell rental

Asking price: $75,000.
Amount Owed: $35,000
Repairs: none (they say)
After Repaired Value: $55,000
Max Offer: $35,000 – repairs
I don’t know a lot about mobile home. I am considering it as a rental. I drove by and it looks nice, but I would need to get it around the payoff amount. Looks doubtful but I will follow up.

6. Small house in OK neighborhood

Asking price: $40,000.
Amount Owed: $0
Repairs: none (they say)
After Repaired Value: $40,000
Max Offer: $20,000 – repairs
I don’t really like this area. I drove by and it needs work although they said no repairs. The house next door is a foreclosure for $13k.

I am now receiving about 2 leads a week on the website. So far, I have gotten 12 leads, and only 2 have had enough equity to even consider. Eventually I should be able to make a deal out of one of these.

  2 Responses to “Weeks 15, 16, and 17 accomplishments”

  1. Congrats on getting everything rented out.. If I remember right you had like 5 vacancies at once a few months ago. (My worst nightmare)

    BTW, How are you getting so much traffic to that website of yours? Sure is generating a lot of leads..

  2. I have put a lot of effort into SEO and I am ranking pretty good for a few keywords. I am also using AdWords to generate traffic. I get a lot of clicks from it but it looks like the leads are coming from organics search. Last week I reduced my AdWords budget considerably.

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