Thursday, November 19, 2009

Watchin' and learnin'

I made 5 virtual offers yesterday here in California and there is one that I want to look at while I'm in Las Vegas.

When Scot and I were looking at places a few weeks ago, we cruised a burn out. All of the demo was done. It was in a gated community of million plus dollar homes that are currently going for about 375000 to 435000 latest comp is Jan 09. It was listed at 99000 we estimated about 75000 to finish it. It sold for 159000. probably would have taken 4 months maybe 5 to finish. I'm thinkin' that's right around 100k profit if we could sell it for the lower $375000. Oh, and it had a really nice pool and spa and a triple Grecian fountain thing in the middle of the lawn in back, nice private courtyard in the front, and only one neighbor. I think it would have fetched a premium. I will be watching to see. I think I will cruise by there to speak with the contractor to see what the repair estimates are. It might be owner occ ??? So we will see if I can spot deals!

I've been doubting myself lately.

Another one I am waiting for is wichita falls, comps at 227000, listed for 127900, missing cabinets, holes in the walls, somebody kept stealing the lockbox itself. The beauty of this we found later is that the bank had bought all new cabinets in boxes in the garage. So, carpet, paint, drywall repair, cabinet install and snazzy fixtures maybe 15k add 7k for tops so 22k and a week to finish. About 55k profit. It might have sold for more, I think it closes on the 20th.

There's a few I am watching in Las Vegas to see if my numbers are good.

I'm kinda pissed about the deal I had hijacked. I had it under contract for 147,000. I saw 3 homes that were going to close that would have bumped the price up. In other words 3 stupid comps to prove my numbers. It needed ZERO, nothin', nada, zip, zilch! If I had done an appraisal at acquisition the value would have been 190000. but since these other homes were pending, by the time I sold mine the comps would have shown the value at 213000 easily! Hindsight eh? And the REO agent that I had built rapport with won't speak to me....beautiful! I think if my money guy would have actually seen it, it would have been a slam dunk. Coulda, Shoulda, Woulda, that's piss poor thinkin' eh? What would Harv say??? Sometimes it's difficult not to be sore about something that would have changed the game for ya.

I'm trying to do more visualization so that all these trips to Vegas will be fruitful.

And a special Thank you to JP over at REItips for reprinting this ---->

And a reminder for everyone to say "Thank you" when needed, where needed. It goes a long way.


Scott Costello said...

I wonder why the REO agent stopped returning your phone calls. Stuff like that really gets me, even though I should just move on and forget it.

Kelly said...

Hi Scott!

Letting it go is challenging for me too.

Thanks for stickin' up for me over at JP's.

Shae said...

Hey Kelly, you're still movin' and groovin' over there I see!

I too was wondering why the REO agent stopped talking to you...but whatever. There are other agents.

Great work on the 5 offers - hopefully you'll get a counter on a couple of those!

Enjoy your weekend!

JustinMcClelland said...

Hey Kelly, I just read your post at REItips that features your MLS access tips. GOODNESS! The bureaucratic Realtors and naysayers came out the woodworks in that comments section! I was about to write something, but don't want no parts of that pie. Some folks just will never 'get' it.

To let everyone else know, Kelly's CraigsList tip got me in the game. I copy/pasted her advertisement, but made some edits to make it more stringent. After about 2 weeks I received a phone call and that's the Realtor I work with now. He 'gets' it.

Kelly said...

Hey Shae!
Thanks for stoppin by. I'm still waiting to hear about the offers.

Been a crazy weekend!

Justin {{{big hugs}}} to you!! Thank you for your kind words!! Can you believe that over there??!! What a loaded issue eh? I just made my reserved comment and then slowly backed away :) I'm glad it simmered down. I'm SO glad this worked for you, truly I am!

jp moses said...

Kelly - THANK YOU for letting me repost your article. Believe me, I'm not bothered by the controversy at all - I'M LOVING IT! That's the most comments I've ever had on a post! Clearly it brought some idiots to the surface (HAHAHA!) but seriously, controversy isn't a bad thing when it comes to blogging...not in my opinion anyways. Had I known it would get the kind of response it did, I would have posted it SOONER!

Justin -- YOU ROCK, DUDE! Way to take action and see results! If you have a change of mind and feel like walking a little on the wild side, feel free to reconsider and post your results at too! :-)

Lastly...Kelly...the REO agent who's suddenly not calling you back. He/she sucks. Just for the record.