Busy Weekend and Now a Busy Week

Past Weekend
My wife decided to use this past weekend to get caught-up on household chores, so my time spent with REI was minimal, at best. I did manage to do a few things to keep the wheels moving, but certainly not enough to produce any deals.

We've been getting a free monthly "magazine" in the mail the last 6-7 months that talks briefly about happenings in the area. It's actually a good source of information on what things are coming up in the future in the area. The whole 2nd half of the "magazine" is devoted to ads. I was looking through it quickly yesterday and noticed an ad for "Private Capital Funding", so I thought I'd send the guy an email asking more about his services. To my surprise, I got a reply back in just a few hours. Basically, he's a hard money lender that acts as a liason between RE investors and private investors. From what I gather from his email and web site, he lends hard money to RE investors, but gets his funding through private investors. He pockets the difference in interest rates paid by the RE investor and paid to the private investors as well as the points paid by the RE investor. Not a bad way to make additional income. The only issue I had was his terms. I know most HML's have outrageous terms, so I wasn't too surprised: 4-5 points, 14% int rate, 6-12 mo. IO payments. Ouch! He said he can close in 7-10 days, and quicker if need be. I guess if I really, REALLY need the funding I can give him a call.

I found another property that seems to be an REO. I called the listing agent's phone #, but only got his VM. I also sent him an email, but haven't gotten a response back from either. It isn't a fantastic deal, but certainly doable.

I sent an email to my old CPA just to keep in touch. I haven't received a response back from her, either. I guess since last week was a short one due to Memorial Day, a lot of people may have been on vacation. We'll see.

Upcoming Week
I have a busy week ahead both at work and with REI. I was referred by another local REI to an attorney in town that specializes in closing owner financed deals. Whoo-hoo! Now I won't have to worry once I go down that route. I still need to contact him about Sub2 deals to see if he can help me with the front end.

Another thing I need to do is get in touch with a good mortgage broker. The attorney I just mentioned has a web site in which he recommends a certain broker. I need to contact them to see how they can help me (and my future buyers).

I didn't realize it until this past weekend, but I need to get the ball moving on my next postcard mailout. The last one was sent on May 12th, and I want to keep them about a month apart. Since the USPS takes about 4 days to process the order (ok, not USPS's fault, but their processor who takes their time), I need to submit the order NLT tomorrow to get the things out by the weekend. I still need to go through my database and review the candidates for the next mailout. Late last week, I realized I was skipping an entire nieghborhood in my farm area, so I had to add them those homeowners to my DB. That increased the size by 130 entries.

BTW, when I was coming home from work last Friday, I saw "We Buy Houses" bandit signs staples on just about every telephone pole for a mile stretch near my house. I've seen this guy's bandit signs before, so he isn't new. What irritated me was his approach. He just goes hog wild with the signs and staples them willy-nilly on every pole he can. I realize he probably gets a deal or two doing it, but it really is an eyesore and makes the rest of us who use stakes - sparingly - look bad, too. On Sunday, my wife and I had to go out and buy a few things. We passed by that same stretch of road, and not a single sign was hanging, which put a smile on my face.