Update

So, the 4th of July is upon us, meaning summer is just blowing by yet agian.

Anyway, I have been pretty busy of late.

I had an offer accepted on an estate property back on June 11, well on Saturday I finally got the signed contract back, so now I can market it. it is in a great rental area and I expect this one will get lots of interest.



More info HERE


I have gotten about 10 emails asking for more info and one investor who wants to take a look...need to move fast on this one. The owner will bolt if she sniffs wholesaling of the deal, so assigning is out, a double or simultaneous close is how this will be done. Prefer a simultaneous close to save about $2,500 for what a transactional lender will charge me.

* I was contacted by an investor in Florida who is selling 12 properties in Erie PA (his hometown), which is about 90 min. from me. Waiting to get details from him, but there might be something to salvage out of the list. Some rented, some vacant, some singe-family, some multi-units.

* Contacted an investor looking to unload a Sec 8 rental in a so-so area. Long-term tenant in place, rent is $600/mo, a cash buyer would net about $450/mo after taxes and insurance...have not gotten any takers on something like this yet.

* Got a message thru RealEstateInvestor.com from an investor who has 10 properties in the Pittsburgh area that she wants to sell ASAP. Like the Erie properties, some rented, some vacant, some singe-family, some multi-units. Posted some leader ads to gauge interest, nothing so far.

I have also continued to work on my website to make my property pages better. Feedback I have gotten thus far has been positive...just want to make it easy for the investor buyer to say "I want it!".

That is all for now.

What do you know, it's the middle of June already

Well, I have certainly failed to be anything close to consistent with my posting. Not posting kinda defeats the purpose of having a blog. At least something is better than nothing, so if I cannot do it everyday, I will work on doing more than what I have been (that should not be too hard, huh?)

Ok, so the property that I got under contract for $7,500 was of absolutely no interest to anyone. I got a couple of tire kickers, but that's about it, except for the guy out of state who anted either a BPO or an appraisal done. Oh, and he wasn't going to pay for it. Uh, no.

On Friday I got a much better property under contract, or at least i think I did. We came to a verbal agreement on the purchase price, I signed the papers and my agent sent them on to the seller's agent to get signatures. I have not gotten anything back as yet, so that's why "I think" I got it under contract on Friday. The tough thing about this one is it's an estate so some extra eyeballs will be reviewing it AND one of the parties to the estate got scammed in one of the big mortgage fraud scams around here, so doing a straight assignment is a no-go for this deal. I can do a double close, but I did not exactly account for this in my calcs, so I may need to take a little less to get it moved.

It's a pretty sweet deal. It is basically move-in ready as a rental and is in a great area. It just needs some cosmetic work and maybe some electrical work. The house is old, but the fuse box has been upgraded to a breaker panel, except they ran the line off the fuse box instead of removing it altogether. Not sure how that will go in the permit inspection. If that is ok with the inspector, then rehab will be something around $4k-$6k.

The ARV is in the $85-$90k range, I got it for $33k and it should need under $10k to get it going. if I can move it for $40k, I will be happy.

After talking with some other investors, though, I will be moving my focus from SFH to multi-family, especially duplexes. The SFHs are not moving very quickly in general, so I need to change my approcah a little bit.

So, that is what is new on the REI front. On the internet marketing front I have been doing some work as well.

With moving to a virtual investing model, using the internet has become key. A natural extension of this is to incorporate affiliate marketing into what I am doing. So, last week I kicked of my first full-fledged campaign. I will look to promote real estate products, but that is a more specific niche, so my first campaign is for a product that will have broader appeal...buying a car.

If you are looking at buying a new car, a used car, or determining whether to lease or buy, check out this product and learn some great money-saving tips...www.CarBuying-Advice.info.

As part of my campaign, I have created 5 Squidoo lenses, please take a moment to check them out and give them a rating.

1 www.squidoo.com/NewCarBuying-Advice
2 www.squidoo.com/UsedCarBuying-Advice
3 www.squidoo.com/BuyingACar-Tips
4 www.squidoo.com/BuyingAUsedCar-Tips
5 www.squidoo.com/TipsForBuying-ACar

I have a goal of getting a campaign like this set up every-other-week, so by Labor Day I will have 7 campaigns out there beginning to generate some income to supplement what my wholesaling brings in. Wish me luck in this!