3/15/2008
Sorry for the lack of posting. I've been in the weeds all week. For those that have never had the misfortune of working in the service industry, the expression "In the weeds" basically means running around like a chicken with your head cut off.
I've got 2 buyers lined up for the property that I got under contract Monday. Another wholesaler found both of them, and we are trying to get them approved for hard money. I should know for sure by Monday. Their price is 64k, but since we are splitting it all kinds of ways, it won't be a huge payday. I'll take it though. And then run to the bank with it.
Another wholesaler I do a lot of business with just got 4 more REOs under contract, and I'm helping him sell them. He's already got several other deals under contract and sold in the last few weeks. He will easily have a 40k month this month. I see so many people being told that you can't make money in this market (by people who AREN'T making money in this market), and then I see a guy who is raking in the cash wholesaling REOs right before my very eyes. Guess who I am taking my advice from? I'll give you a hint- it ain't the guy who's sitting around crying about how awful this market is. Anyway, the investor that I hunted down earlier in the week might be buying one of these properties from me. I will know later in the day. This particular property is a 3/1 frame, needs a full fehab (25k-ish in repair), is worth 115-120k fixed up (conservatively), and we are asking $39,900.
To sum up, I'm busy as hell, and having a great time. The more I do, the more I learn, and the more people I meet and the more buyers I find.
It's going to be a good month. :)
P.S.
T-minus 13 days til the big move!! I can't even tell you how excited I am....
Saturday, March 15, 2008
I'm in The Weeds
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11 comments:
Good news Steph! You keep rolling and rolling. I am trying to get my roll started, but it takes awhile to get momentum. Have you started writing a book on wholesalnig yet?!? LOL.
I used to LOOVVVEEE getting slammed. Especially when the guys in the kitchen were into it too. If we started drinking before the rush....crazy. I kind of miss that stuff sometimes. I don't miss the hangovers, though.
It was more like family for us though. 2 in the kitchen, 2 on the floor and a bus person. Fine dining. Great food. Great wine. Great people.
Tim- Just keep plugging away, you'll get there....
Jason- I'm guessing I probably worked in the service industry a lot longer than you did. I HATED it. Bar tending wasn't half as bad as waiting tables, but I still hated it.
Steph,
It sounds like much of your success is as a result of your ability to work with other wholesalers, which I haven't spent much time focusing on nor have I heard much discussion of.
I'd appreciate hearing more of your thoughts on the benefits and steps involved in working with other wholesalers in this market.
Congrats on your success.
Joel
Nice job Steph...Youre having a great month...
:-)
Ed (Upstate NY)
Thanks, Ed..
Joel-
I have spent a lot of time developing relationships with other wholesalers in my market, and it has been well worth it.
This current property I have under contract, for example- there are 6 other people marketing it for me. I have no problem at all sharing some of the profits with someone else if they bring a buyer. It works both ways, too. When they get a deal, they will ask me to help them market it.
There is a lot of competition here, especially on REOs, so it's nice to still be able to get in on the action even if someone else beat me to the punch on a deal.
Steph
Thanks Steph.
Is your split 50/50 when someone sells your deal ( or vice verse) or some other split?
You're kicking ass and taking names, Steph! And, the new digs are impressive!
Thanks Trisha- I can't wait to move in!
Joel- It's different with every deal. Usually the person who has the contract gets the majority of the profit, but sometimes it's a 50/50 split. Just depends on the deal..
Hey Steph.
I found this blog a couple weeks ago and can honestly say I've read it inside and out. You rock gal! Are you doing any work in Pinellas?
Thanks Cira..
I stick to Hillsborough for the most part.
I know a lot of guys who do business in Pinellas, though. Is that where you are?
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