Private Money, Here We Come!

I got an email today regarding a 1/2 price sale  on the Private Money Blueprint course from Patrick Riddle and Trevor Mauch.  I read the sales page and decided to bite the bullet and purchase the course.  It was an offer I couldn’t refuse!   Part of the reason,  besides the price, that I purchased it was because when submitting our REO offers lately, we seem to be getting some issues from banks about our pre-approval letters.  I’m hoping that if we have some private lenders set up, it may make the offer process a bit easier (like making all CASH offers).  I know many people are already PMBP members,  so I’d love your feedback on the program, if you wish to comment.  Oh, and one of the reasons they were holding a sale is because Trevor and his wife had a brand new baby girl – so congratulations to them!  I’m a sucker for a cute baby story!

Also, just a quick update on our latest REO offer.  We’ll, it’s still in limbo.  Partly because they’re doing a Title V (septic) inspection on the property. Once we get the details on that, we will adjust our offer accordingly.  Also, it’s pending because we offered way low (like 80k under asking), based on our estimated repairs.  The house has been on the market over a year.  The bank’s Agent told our Agent that the bank wouldn’t consider our offer and that we should make a “reasonable” offer.  Really?  You’ve been sitting on this house more than a year…isn’t any offer at this point reasonable?  He gave our Agent this song and dance about the bank needs to satisfy their stockholders and such.  Also, he told her that we were just wasting her time and that because we had a pre-approval from a hard money lender, that these types of buyers “never work out.”  What a jerk.  I am sure he’s been burned by other investors before but come on…he doesn’t know me or my husband or what our situation is. He doesn’t know that we’ve done a couple rehabs in the past (our own residences), that my husband has been a contractor, etc.  He can go pound sand, as my dad used to say!  So, who knows if that deal will work out either.

I’m still getting some nibbles from our inherited property mailing, too. The guy I mentioned last time basically wanted retail price, so I told him he’s best to re-list the house with the new Agent.  Another guy called me from out of state, so if he’s the sole owner of a house he inherited here in New England, maybe that’d be a deal.  I also got a lead (via Craigslist) from a landlord on a rental property in town that’s in excellent condition.  He’s asking more than what it’s worth (in my opinion), but I still need to research more. Maybe he’ll do owner financing, who knows?

That’s it for now.

Happy Investing!

Tags: direct mail, mailing lists, mustknowinvesting.com, private money blueprint, Real estate owned, REO