Even though John and Laura are getting ready for Christmas like so many of you, they are taking time to continue doing their real estate business. Laura just prepared 11 letters to be sent to home owners who are distressed. The homeowners were located through a list of properties that are foreclosing.
John and Laura are hoping to help these homeowners from going into full foreclosure by working with them, possibly helping them catch up back payments, and discussing options that would avoid foreclosure.
Friday, December 18, 2009
Thursday, December 17, 2009
Mobile Home Park in Oregon
John is looking into putting an offer on a mobile home park in Oregon. He's wanted to own one for a long time now, and it looks like now is the time.
A few obstacles:
1. The zoning has changed since the former owner had it running as a mobile home park. This is an obstacle John is working to overcome by communicating with the city. The zoning is now "commercial".
2. There are no mobile homes there anymore.
John responds well to challenges. He's got his sleeves rolled up and he's going to work on it.
A few obstacles:
1. The zoning has changed since the former owner had it running as a mobile home park. This is an obstacle John is working to overcome by communicating with the city. The zoning is now "commercial".
2. There are no mobile homes there anymore.
John responds well to challenges. He's got his sleeves rolled up and he's going to work on it.
Saturday, December 12, 2009
Cold but Warm
It is definately winter here in Oregon. It is cold outside, (below freezing) but we are warm in our house with a woodstove burning brightly! Fortunately, we get to work from our home, so travel is not necessary during this cold weather, unless we want to. We are looking forward to a trip to LA and Las Vegas next month for some seminars.
Thursday, December 10, 2009
How The Real Estate Auction Went On The Courthouse Steps In Corvallis & Albany OR
The auction on the courthouse steps went well. John has attended and purchased property using this method before, but it was Laura's first time to attend this type of auction. Both John and Laura learned from observing two auctions yesterday, one in Corvallis OR and the other in Albany OR. First, it was freezing cold, but that was OK, they dressed warm.
Second, none of the investors bid, they felt the properties were too expensive, so the properties went back to the bank and will likely be listed with Realtors. The investors felt they would see the properties listed for less than the opening bid at the auctions.
One of the investors told John that he attended an auction on the coast where one property was bid on for 13 hours! Yes, at one point in the auction, the investors were bidding up the bids by one dollar and it continued for 13 hours. This goes to show that a person must bring their funds in large and small amounts because they won't get change back. Bring several cashiers checks, (or cash, but that's not recommended due to the safety issues of carrying that amount of cash) and make them out in your own name. Be prepared to show the checks to the auctioneer before the auction begins, along with your identification.
It would be a good idea to attend a public auction at the courthouse steps prior to bidding so a person can get the feel for how they work. A person can find out when and where these auctions take place by looking at the legal ads in newspapers and checking websites of the trustees.
Second, none of the investors bid, they felt the properties were too expensive, so the properties went back to the bank and will likely be listed with Realtors. The investors felt they would see the properties listed for less than the opening bid at the auctions.
One of the investors told John that he attended an auction on the coast where one property was bid on for 13 hours! Yes, at one point in the auction, the investors were bidding up the bids by one dollar and it continued for 13 hours. This goes to show that a person must bring their funds in large and small amounts because they won't get change back. Bring several cashiers checks, (or cash, but that's not recommended due to the safety issues of carrying that amount of cash) and make them out in your own name. Be prepared to show the checks to the auctioneer before the auction begins, along with your identification.
It would be a good idea to attend a public auction at the courthouse steps prior to bidding so a person can get the feel for how they work. A person can find out when and where these auctions take place by looking at the legal ads in newspapers and checking websites of the trustees.
Wednesday, December 9, 2009
Courthouse Steps Auction
John and Laura are attending a property auction at the courthouse in Corvallis Oregon. There are properties up for auction that they are interested in, but they are still thinking that property values are going down. Their old fashion business model is "BUY LOW, SELL HIGH".
Friday, December 4, 2009
Lease Option Extenion
John and Laura just returned from Portland OR where they attended a Northwest Real Estate Investor meeting, featuring John Burley as the presenter. He was a good presenter, experienced investor and was able to keep the audience awake even late on a work day evening.
A new concept they learned was offering a buyer owner financing for a lease option and giving the buyer a 10 to 20 year option, this creates a cash flow for the seller. Apparently the buyer, if they are a first time buyer still qualifies for the $8,000 tax refund. This was very interesting, because traditionally, John and Laura have offered a one or two year lease option, but in this economy, a longer option would be beneficial.
A new concept they learned was offering a buyer owner financing for a lease option and giving the buyer a 10 to 20 year option, this creates a cash flow for the seller. Apparently the buyer, if they are a first time buyer still qualifies for the $8,000 tax refund. This was very interesting, because traditionally, John and Laura have offered a one or two year lease option, but in this economy, a longer option would be beneficial.
Tuesday, December 1, 2009
Laura More Seriously Started Using The Profit Grabber Software To Organize Leads
Laura Holbrook seriously started inputting information in the Profit Grabber, a software by Marco Rubel. She is using lists from property that is in forclosure. She just looked at one of the properties this evening in the city of Brownsville, Oregon.
It may be a property that she and her husband John will put an offer on at the auction because of it's location and price.
Laura feels it is a property that would have an immediate cash flow as a rental.
It may be a property that she and her husband John will put an offer on at the auction because of it's location and price.
Laura feels it is a property that would have an immediate cash flow as a rental.
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