Everyone in the REI industry will tell you it's a numbers game with properties. My experience is no different. Before getting House #1, I had submitted a total of 15 offers, which most investors will tell you is an excellent ratio. Over the past week, I have been eye-balling a few HUD foreclosures in my area, which was one of the main reasons for my "ramping up" in the previous blog post. I found out this morning that all three of those properties were taken at the eleventh hour during the owner-occupied only period. One of those three was a really nice property listed at $103k with comps at around $125k. The winning bid, however, was $113k, so I wouldn't have won it anyway.
Also, I got a call this morning at work from a lady who saw one of my signs over the weekend and was wanting to sell her house. She left her address, and within 5 minutes, I had all the information I needed about the place (except her current loan amounts). Unless she has really paid down the loan(s), this house will be extrememly tight. The CF statement shows -$438 (yes, NEGATIVE). And for a retail flip, I would make a whopping $500 - and that's if all the planets were to line up correctly. Oh well, a couple step closer to House #2. ;-)
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