Business is Slow

Dealing with a bunch of personal issues as the month of September closes means my REI business has taken a back seat. My MIL said she was going to hang a bunch of my signs in the area she lives in before they move into our house this Friday. I don't really know her area as far as houses are concerned too much, but I'm thankful all the same.

I did manage to do some investigating with the county tax records. I've started doing research on owners in my farm area to see which ones may be targets for my direct mail campaign. Actually, I will be eventually doing three types of mailings, but I only have time for this one for now. So far, I managed to find two properties that may be potential candidates. One of these is a long shot, but if it comes through, it will be a huge payday. My research on this one property shows it was bought in early 2003. The Deed of Trust (DOT - also known as a mortgage in other states) shows an existing loan for $76k. However, the tax records show the house is worth $163k today. The DOT also says the loan was for 15 years. Doing some quick figuring, I estimate the loan balance to be about $68k. Imagine, a house worth roughly $160k with only a $68k loan balance. You bet I typed-up a letter to the homeowner ASAP. The reason I did this wasn't just because of the huge equity in the property, but primarily because the owner lives in California. I also checked the MLS and it isn't currently listed, so I'm keeping my fingers crossed this deal pans out. It's a long shot, I know, but you never know how things like this will unfold.

The other property has a DOT dated early 2001 for $130k. I estimate it's now got a balance of about $124k. Tax records show it with an appraised value of $139k. Seems like a good Sub2 deal. This owner also lives out-of-state, so I'm hoping I can prod him to unload it to me.