Finally, someone calls, but ...
I got a call from a lady yesterday regarding my latest postcard mailout, and let the voicemail handle it. I had a very busy day yesterday, and wasn't able to call the lady back. I managed to call her at lunch today, but got her voicemail, so I left her a message. From her voicemail, she isn't interested in selling her house at all. What she was inquiring about was my $500 referral fee program. She said her mother is needing to sell her house quickly, and asked if she would get the $500 if her mother sold me her house. Through some digging, I believe I may have found her mother's property, but I'm only about 70% sure from the info she gave me. If so, I may have to pass. For one, it's located in an area well outside my farm area and in a place I know nothing about as far as the housing market. Also, the tax records show it was bought in 2003 and has an assessed value at that time of $92k. The records show the tax assessed value for 2006 is $90k, so it appears property rates have gone down - not a good sign. Of course, for all I know, the lady put $50k down and is willing to just get out without any consideration (hah! - wishful thinking). Additionally, the house was built in the early 1980's. I like sticking to more recently built houses as my time limits me from doing any time-consuming repairs.
I'll wait for the lady to call me back with more info.
Loan Broker
I called the loan broker my investor friend referred me to. He sounds nice (don't they all?), and he gave a good introduction of what service he can offer regarding the strategy my friend spoke of. I asked him about the lease/option part of the deal, and he said this strategy was different, although, his 5 minute explanation still didn't clear my mind any. Simply put, he said he uses a form of lease/purchase, which is different froma lease/option, to handle the transactions. Hmmmmm. I told him I was only interested in a certain area, to which he said he would probably have some leads in the near future. I guess once I see a possible deal, I'll go in person to talk to him more about this strategy he uses. He claims that he has many investors he works with and hasn't had any problems whatsoever with this strategy.
I'm thinking I may run the paperwork by a competent RE attorney first before signing any paperwork.
Update: I called the lady about her mother's house twice yesterday, but got her voicemail both times. I asked her to call me back as soon as possible, so that I could get the ball rolling, etc. I haven't received a return call yet.
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