11/27/2007
Geeze, I have so much going on right now, my head is spinning. I seriously have been running around like a crazy person since yesterday morning. Nonstop. I'm exhausted.
Well, hold on to your seats cause I've got good news!!
The listing agent of one of the properties I've made 2 offers on over the last few months called me yesterday to tell me the sellers were ready to dump the place, and told me to submit another offer if I was still interested. My last offer was for $100,000 and it was rejected. She didn't come right out and say so, but she alluded to the fact that the sellers would probably take that amount now. Learning from one of the mistakes I made on the deal I lost last week, I decided that before I put my offer in, it would be wise to seek the advice of one of my investor friends who happens to be a cash buyer and is looking for a home to rehab in this particular area. He told me if I can get it for 95k, he could pay me a $2,500 assignment fee. So, I offered 90k with a 24 hour inspection period and a 14 day close. We ended up getting it for 95k!
Niiiiiiice.
On top of that, I think I have a buyer for one of the properties I am marketing for my wholesaler friend. We already agreed on a price, but are waiting for the owner to move out (she should be out tomorrow or Friday), so he can see the inside. If this one works out, I will make 2k.
All I have to say is IT'S ABOUT DAMN TIME!!!!!
Wednesday, November 28, 2007
It's About Damn Time!
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11 comments:
Nice job Steph!!! That's awesome!
Hey Steph:
Cool it! You're making the rest of us look bad. Just kidding...awesome job.
Boyd
Awesome. One question: How do you function when you get "buck fever?"
Good job, Steph. Glad to hear it.
I hope to close today on the one I've been trying to not jinx. I think today might finally be the day.
Thanks Guys!!
Chris- what the heck is buck fever?
Jason- let us know when you get it done. Wishing you good luck...
Steph
I think "buck" would be a reference to a dollar. You know dollar fever, or something along those lines. I think he is giving you a hard time about making so much money.
Ahh. I get it. Hehehe. I think I will enjoy having buck fever quite a bit.
Actually, "buck fever" is more of a hunting term. You sit out there in the woods all damn day, freezing your butt off, and you're about to call it quits when a beautiful 5-point buck wanders out of the brush.
Maybe your gun is slung over your shoulder, or, God forbid, your pants are down as you're responding to nature's call, but your heart starts pounding so hard you're sure the buck can hear it. Your whole body wants nothing more than to point the rifle at the buck and start blasting away, but if you're an ethical hunter, you want the shot to be quick and CLEAN. No head-shots, etc.
Maybe you have to move to a better position to get that shot. And then the deer is moving away, still unaware of your presence. THIS IS YOUR CHANCE! that voice screams in your head. FIRE! FIRE! FIRE!
That's buck fever. Every time I get a good lead I want to make an offer, any offer, no matter how risky, in order to secure the "deal" before the next guy (Jimi) comes along.
I like Jason's interpretation, though. ;-)
Hi Chris,
I think it is good practice to make an offer (any offer) on every single lead that you get. If you are unsure, make it LOW!
It's also really, really helpful to network with other (more experienced) investors so you can call them up and get their opinion.
Steph
Thanks, Steph,
Yeah, I agree with you 100%. We're only taking a short break for now because we have to get rid of our condo. All our efforts are going toward that end, and if we succeed, we'll have a lot more money to play with. Or, at least we won't have the dual stress of starting this REI business while at the same time scraping by.
In the meantime, we're networking our butts off which is good because when you don't have butts you can't sit on them.
Yeah--you can use that one anytime you want. ;-)
Nice one Steph. It's nice to see these deals coming from different areas. I'm back to one stream of leads and it is a long time between rings on that phone...
Good to see you doing well. Keep on rockin'
-Taylor
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