The life and times of an Arizona Investor

This will be my personal journal to document my failures and successes during my real estate experiences in Arizona. All stories, thoughts, and successes will be documented..

Saturday, February 26, 2005

Pre-foreclosure Door Knocking Results

Door knocking can be a great way to find deals that can make you money. As everything in REI, its a numbers game. Although door knocking takes a lot of time and for some people, a lot of courage, its one of the best ways I've found to make deals with motivated sellers.

Door knocking#1 This house was just down the street from my house. At the time, no one was home so I left a door hanger. She called me back that night and decided to meet this Sat. morning. After discussing her situation, it turns out that she lost her job right after buying the house last August. Actually, if I was paying more attention, I would have not contacted her because she has little equity. Her husband called me early this morning to ask me if I could reschedule. I took advantage of telling him my plan. Here are the numbers

Comps: 140-150k
Owes: 130k
liens: no extra liens
arrears: 7k w/ prepayment penalty fee

Only option for me is a short sale. He is going to talk to his wife. Stay tuned..

Door knocking#2 The son (about 14) answered the door. Mom was not home. I gave him one of my business cards and told him to tell his mom to call me.

Door knocking#3 I woke this guy up. After yelling at his kids for second, he told me that he's trying to get a loan from his brother and will know for sure if he has a chance to save the house. He said two other people already knocked on his door. After talking to me he said he would call me first since I was the most helpful

Door knocking#4 She ran out of the house screaming, "Its solved! Its just a mistake!" lol.. After warming up to me, she said that the bank only tried to wothdraw the funds once, and never again even though she had money in the account. She wrote them a check to pay off. She knew there was a problem because all of a sudden, she got tons of letters from investors that said she was in foreclosure! I gave her my card and is open to talking to me when she is ready to sell.

Door knocking#5 I asked how did she solve her problem and told me that she sold one of her houses to get her primary residence current again. Next one..

Door knocking #6 No one home, left door hanger

Door knocking #7 This mexican did not want to talk much, but said he got it paid off. I forgot to ask ho whe got it solved, but at least I gave him my business card in case his situation changes.

Better luck next time!!
|| Bginvestor, 1:33 PM

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