All Forum Posts by: Mark Rogers

I was the high bidder on xome.com on a short sale property.  The terms say:

Final offer subject to Seller’s approval, which shall be given or denied at Seller's sole and absolute discretion; Seller has fifteen (15) calendar days to make this determination.

We're now at day 25, the status on xome.com still says "Offer Under Review", and the agent has been unable to get any response from the bank.  

Has anyone had a similar experience on xome.com, and if so, how did it end up playing out?  About how long did it take you to hear back on a high bid in a short sale situation if it wasn't accepted immediately?  Thanks!  

The more I've read and listened, the more I've come around to the idea of that 1 - 2 punch. Not long ago, my wife overheard me listening to a wholesaling podcast and commented "we aren't planning on getting into wholesaling are we?" My response was very much along the lines of your 1 & 2. We'll flip or BRRRR what we can and try to monetize the rest by passing them along to other investors. Thanks again for sharing your experience!

Ha!  Unfortunately, I have to overcome both :)  

Thanks again for weighing in!  At this point, I'm still deciding which audience to target first (absentee, tax delinquent, probate, high equity, foreclosure, etc).   I've enjoyed the podcasts on direct mail and definitely plan on the multiple touch approach and will at least initially try a few of the above audiences to get a feel for what might work best given my location, abilities, and liabilities.  

Thanks @Rick H.!   I'm very new at this and am having difficulty understanding your suggestion about the filtering and opening up the funnel.   By opening up the funnel, are you suggesting mailing to the personal representatives to see what sort of responses it generates, or is your suggestion something broader than that?  

The probate information that I am able to find online for my county provides the name and address of the decedent and the name and address of the personal representative (usually an attorney).  I'm an attorney so can somewhat speak their language, but I don't practice in that area.  My initial thoughts are to mail to the personal representatives and to mail to most of the probate lawyers in my area in the hopes that there are work-arounds.  I plan on setting up a lunch with a probate lawyer (a co-worker at a large firm long ago) to get her input but am trying to do some homework beforehand so that I can ask intelligent questions and don't come across as a waste of her time.   Thanks again!

I'm looking into direct mail marketing for probate leads and ran across an Arkansas state statute (Ark Code 28-51-303) which states in part: 

(2) (A) If the sale is to be at public auction, the property shall be sold for not less than three-fourths (3/4) of its appraised value.

(B) A private sale shall be for not less than the appraised value thereof.

For those of you who market for probate leads, are there similar restrictions in your state laws?  I'm sure that the heirs can still sell inherited property for whatever amount they wish, but I'm wondering if provisions like these tie the Personal Representative's hands such that the PR couldn't really sell the property to an Investor who is using the 70% rule?  Thanks!

Welcome, Jonathan!  You're way ahead of the game getting an early start, finding the wealth of information available in the BP podcasts, and being able to learn from experienced property managers.  I agree with @Eric Metz and @J Smelser that CARREIA is also a good place to start meeting people.  I hope to meet you at one of the upcoming meetings. 

Welcome, Robert!  There is a ton of great content here and plenty of helpful folks too.  If you haven't checked out the podcasts, they are pretty addictive and very enlightening.  

@Alex Craig, Thanks for the excellent insight into the LR market. I'm from LR but just getting started, and your analysis contains several great nuggets of information. For example, one of the things on my to-do list has been to get a feel for typical yields in the area. Also, I had always viewed the Sanford rentals as a negative for the surrounding SFR's but had never considered it from the opposite point of view, that the surrounding SFR's are a positive to Sanford rentals.

Great information. My wife and I just got a heloc and loc in place and are within a few days of getting our small company 401(k) funded with IRA rollovers. We plan on taking much the same approach. Podcast 197 was excellent! Now to find those 70% deals. Our foreclosures are not as competitive as the large markets appear to be, so I'll be hanging out at the courthouse on Tuesday mornings for awhile waiting on the banks to let the next one go.

I have not used them yet, but a local Realtor and seasoned real estate investor recommended Goss to me.