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Week 11 – A dissapointment

By Sharad Mehta
22nd Jun, 2018


Week 11 was a disappointment for few reasons:

1) One of the houses we had under contract last week we found out today that the house has more liens on it than what the house is worth right now so that will is looking like a deal deal. We are going to try and negotiate with the lenders and see if we can make something happen but I am not being too optimistic about it.

2) Another house that Maria had been working with the seller for few weeks trying to set up an appointment to walk through the house fell through. The house is worth around $85,000 fixed up and the seller had mortgage of around $10,000 and she sounded like a tired landlord living out of town and just wanting to get out of the real estate business. So we were excited about it.

We saw the house yesterday and got hold of the seller today and she wants $95,000 on it and she is firm. Maria told her that $95,000 is more than what the house is even worth today and Maria said that the max we can do is $45,000. The house still needs some work done to it. The house is owned by husband and wife and Maria was speaking with the wife and when Maria told her about $45,000 offer, Maria could hear the husband in the background telling his wife “Just hang up on her and don’t waste your time.”

3) We had few other sellers call in about their houses but they were all stuck at a retail or in some cases above retail price.

We did have some positives this week to:

1) Closing is scheduled for next Friday for one of other deals from Direct Mail

2) We found a buyer for the house we closed on few days ago. We will be wholesaling that house as-is

3) Another house that we have been working on for months now should close next week.

So few closings scheduled but nothing new in the pipeline for this week.

Another house we looked at yesterday in Highland which is a very hot market; the seller wanted $250,000, which is ARV fixed up. The house is not in horrible condition. It’s very dated but has good bones. We offered $140,000 which the seller didn’t accept. But the seller called Maria after the appointment to see if she would be interested in listing the house so if we don’t get the house at least Maria will have a listing out of it.

Direct Mail can be a rollercoaster ride. You have some really good weeks and you feel super pumped at the end of the weeks and then you have some not so good weeks like this week and it feels a little frustrating.

Call volume was lower this week but people who called seemed motivated on the phone until we looked at the house.

Our big list was mailed out yesterday so hopefully, we will have some decent calls from it in the coming week.