Camille Caldwell
Novato, CA Active 5 years, 1 month agoForum Replies Created
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A follow up to my email a few weeks back…I took Jackie’s advice and put 3 CL ads saying “Reward for information on the ugliest house on your street.”
The response was huge! I got over 15 replies within hours and a huge list of homes to go after. It was like turning on a ‘light switch”. Thank you again Jackie and to all who replied with ideas. Keep you posted on my results! -CHi Jackie,
Thanks for your response. I’m definitely going to take your advice. I need to branch out way more to find those vacant homes. The Bay Area is like you said, “looking for a needle in a haystack.” I’m currently doing flyers and now door hangers. My message on my car magnet reads: “I BUY HOUSES 4 FULL PRICE & IN ANY CONDITION”. The letters to the houses I send say: “I would like to buy your house at 123 Main St., Please call me at xxx-xxxx. I have been doing ads on Craig’s list too. But, I think the turn-around is that I need to search in better targeted and cheaper areas. Most of the houses I’ve been targeting are not vacant.
Keep you posted and thank you again!
-CHi Don,
Thanks for your reply. I live in the Bay Area and I am targeting N. Cal areas that are less expensive than where I live. I thought of targeting people who were 2+ years late on property taxes then I know they are in trouble. But, good to know that targeting properties in probate are even better. I know vacant houses are ideal- those apparently are found through driving around and bird-dogs- are those the only ways? I know I can contact houses that are sold at a tax sale through the county and online. Thanks again for the tip and advice.
Hi Jackie,
I followed your advice and told him if he wanted my help he would need his realtors contract / listing to expire. He told me it expires next Friday (2/23), which is great! Once I get the ‘green light’, I will send him my contract and proceed from there. Keep you in the loop and thanks again for your feedback!
Hi Jackie!
I agree, I don’t want to share commissions at all, especially with all the work I’ll put in it. The seller wasn’t sure exactly when it expired and will get back to me tomorrow after reviewing his contract. He’s almost 80 so he was a little confused with his contract expiration date. I’ll keep you posted this week and thank you for the quick reply! I’m learning so much as I go with this process…. 🙂
Hi Chuck,
Very nice to hear from you and sorry for the delay in response. I just returned from Spain, visiting family and had a great month there with the holidays & New Year. But, glad to be back! Thank you for your feedback on the SF home I’ve been working on. You have some great tips and suggestions (as Jackie did too). So far working with the seller has been arduous. I informed the seller that she needs to have inspections done as the house has major issues and needs a lot of work. I also made a very easy to read / simple list of what work she likely needed and totaled all the costs. But, she then insisted on holding off until February, as she thought it may be a better time of year. Despite my suggestions, she has a mind of her own. She also feels she can still get top dollar ($900k) despite the condition of the house. Ironically, I did have an investor I know who was looking to buy quickly and made an offer to buy “as is” for $850,000, in December (after my fee of 10K – total offer $860k). This was huge, as the comps were lower in her area and it was more than what Zillow and Redfin listed for her house. Houses in her condition are going for $475-$650K. When I told her the offer and she said she would still take nothing less than $900,000- and was adamant. It surprised me and I’m not sure she’ll get offer again. So, here we are in mid January, she’s still paying the mortgage and property taxes and missed a great opportunity. Her home still needs to be inspected and cleaned. But, all I can do now is wait and move ahead when she’s ready again. So we shall see…hope it pays off in the end! I think once the inspection is finally done, she will be more realistic with what she can get.
I will most definitely keep your name & number and contact you with questions! Thank you. AnneHi- Thanks so much for your response! Yes, once the inspection is done we can proceed with offers – due to Thanksgiving the inspection is next week. I have investors that I know are excited to see the house and make an offer. But, yes my client is wanting a ‘retail’ price for a fixer upper! I need to manage her expectations and once the offers start coming in maybe she’ll get more excited and determined to take it and disconnect from her past.
Keep you posted and have a great week!
AnneHi Nikia,
Great questions, I believe you still have to draw a contract when charging a flat fee. I will let Jackie or the others answer your remaining questions as they are more experienced and will give you better feedback…
But to update everyone with this house, the seller who inherited this house has certain requests. She was adamant about NOT having an open house / highest bidders sale, as she feels the house is unsafe since it’s very dilapidated and doesn’t want a lot of people in the house. Despite my many efforts in telling her that this was the BEST & most IDEAL way to get the HIGHEST amount for her house she’s not interested in this strategy. My guess is that she may be emotional since her mom passed in the home, which is playing on her decisions. But anyway, she wants me to reach out to investors individually. She is having an inspection done on the house next week. The least amount she wants is $900,000. Not sure if it’s realistic, but that’s where she is insisting on starting. I will reach out to my investors and any feedback would be great. I’m at least grateful to still be in 30 day contract and so far this has been a good learning experience.
ACHi Jackie!
I’m so happy and relieved to hear from you! This is my very first transaction with your technique and I’m excited and nervous at the same time! I read your book 2x and still review it often to make sure I understand everything, since I’m so new (it’s like learning a second language). Dee was helpful and great with advice too. So, I went through the home yesterday. Here’s what I found out:1. It is in bad shape. The prior owner was kind of a hoarder and the floors need to be re-done, roof, deck, tons of stuff in the house…I was stunned as I walked through.
2. There is $220,000 still owed on the house, but the property taxes are all paid off.
3. The owner DIED IN the house from black MOLD (yikes). Does that need to be disclosed?
4. The house has a basement that is turned into a fully working apartment…looks in good shape with a nice kitchen. Owner got $3k a month from rent in the past.
5. The daughter who is selling it is 22 years old, and seems to be in a rush to get $$ and disconnect from the past.
Highest bidder sale seems the best route – I will need much help if you can guide me with tips, etc.Thanks!
Anne
PS: I will email you more info and pics per your request. 🙂
