House #1
I talked to my wife about the lack of offers on House #1, and we decided to drop the price of both the sale and lease listings. I sent my RE agent an email earlier with the changes. The new sale amount is roughly $3k less than FMV and the lease amount is about $50 less. Hopefully this will start getting more buyers in the door as the market in the area seems to be slowed rather bit. I'll be taking a much needed vacation next week, and one of the things I plan to do is go to House #1 and remulch the tree and plant beds, mow, weed eat, water the greenery, and spot clean the inside. I'm also thinking of having an open house on the property to generate more traffic.
Marketing
Last week, I purchased William Tingle's The Ultimate Sub2 Guidebook. I've always been interested in doing Sub2's since they seem like one of the best models in this venture as far as out-of-pocket expenses. I spent last weekend and every night this week reading the book, and I have to say it's one of the best investments I made. With shipping it came to $242, and I think it was well worth the price. He gives a good, detailed, step-by-step approach to doing Sub2's - complete with all the forms you will ever need.
I've also decided to tweek my marketing - or should I say, I've decided to DO some marketing. My only stab at marketing thus far has been laying out a few bandit signs. I've gotten several calls, one lead, but no deals. The other day, I decided to start researching the county records more for out-of-state owners with vacant properties, recently or soon-to-be divorced homeowners, and people that are delinquent on taxes, but haven't had their properties auctioned yet by the county. My preliminary pass at this has already yielded a good prospect. I sent the homeowner a letter yesterday, and we'll see what happens. I realize direct mail only yeilds about 1-3%, so my chances at this ONE letter are slim to none, but it's a start.
When I'm off next week, I'll have more time to do more research. Two things I plan to do are: go to a local sherrif's (i.e., tax sale) auction and go to the courthouse and start digging for information.
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Hmmmm ... Interesting ... I originally had House #1 at $140k, which my agent objected to vehemently. I think dropped it down to $138,000 with a $1,000 buyer's agent bonus. My agent was still not pleased, saying the market will not support this particular house at that price. My wife and I decided last night to drop it down to $139,500 and remove the bonus. I sent the info to my agent, and she said I should raise it to $135,000 (this way I can get hits when people search with a hi range of 135000 and a low range of 135000). OW, I was expecting another "the price is too high" message, but instead got a "you should bump it up to the next 5k level". Maybe this is good news. ;-)
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