10/21/2008
Hi Everybody. Sorry for the lack of posting lately. It's been an interesting 2 weeks. I started getting some emails asking if I was dead or something, so I thought I would write a quick post to let you know that I am not dead.
In a nutshell.....
*The "Stacy" deal is still not closed. Actually it's supposed to close tomorrow but I still haven't figured out how that's going to happen. A miracle, perhaps. This deal officially takes the cake as the most horrible, awful, pain-in-my-ass-of a-deal I have ever done. Seriously, it just keeps dragging out, and just when I think it is going to work out....it doesn't. I HATE THIS DEAL WITH A BURNING PASSION. HATE. IT.
*I got two new REO deals under contract 2 Fridays ago and sold them both by the end of the weekend (still not sure how I pulled that off, but I did).
*May be getting another REO under contract tomorrow that I already have 2 buyers for. This will truly be a miracle if it works out as it was the easiest deal ever to get- just hanging out there on the mls waiting for someone to offer on it. "Pick Me! Pick Me!"
*Have had the most stressful month of my entire life. Well, except for last year at this time. I have gray hair now.
*I'm getting sick. This does not fit into my schedule so I am just going to pretend like I am not sick. I'll let you know how that works out.
*If you think there are no buyers out there, you need to pull yourself away from the TV and listen to someone who is out in the streets selling deals, right now, in this "crappy" market (that would be me). I went on a Ninja mission last week to find buyers. Put out 40 signs, and called every "for rent" sign in the city of Tampa. I am not kidding you when I say I have buyers lined up and waiting for me to find them deals. I am not blowing smoke up your ass, either. I swear to God, I have more buyers than I have houses to sell them, which is why I can not get sick right now. I NEED SOME MORE HOUSES! I have 10 to look at tomorrow, and I will be offering on every single one of them.
*I am getting a house from the bank for EIGHTEEN THOUSAND DOLLARS!! Can you believe that? I can not. It's in a crappy neighborhood, but only needs about 8k in work and will rent for $750. I had this house sold in one phone call. The guy I am selling it to says he wants to buy a house like this each week for the next year. He is a cash buyer. This makes me happy.
*I went to see the Rays game Sunday night and had seats right behind third base. Had a blast. I spent the last 15 minutes trying to post some pictures, but my computer is evil and will not let me, and I am all out of patience.
*Someone is blasting the Spice Girls from their balcony right now and I am about to go outside and assassinate them.
And, that's all she wrote.
Buenas nachos.
Tuesday, October 21, 2008
Alive and Kicking. And Stuff.
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8 comments:
Hey Steph,
Great to hear you are not dead! I was beginning to worry!
You said you found a house for $18k that will rent for $750. It's interesting because I am researching the Cleveland market right now, and I am finding deals every day there that are listed for $7k, rehab $15k,and will rent for $6-700. It's unbelievable! I am going there next week to hopefully put some under contract and wholesale. I just had to step out of my own market (Maine) and I finally found a farm area. In Maine, you have to spend about $150k to get a $1000 rent. But in Cleveland, you might spend $30k to get a $1000 rent. Now I am just wondering whether I should locate buyers in Maine or in Cleveland for these deals.
Congrats on the Rays win. The Sox fought back hard, but in the end, the Rays were justa better team.
Good to see you again.
Hey Steph,
Good to know you're still alive & kicking and making deals! BTW how do u come up with the repair costs? Keep up with the good work!
Sincerely in Christ,
Leesa C.
Eph.2:8,9
Steph, I've been wondering about you too! I checked your blog twice over the past couple weeks wondering where your updates were :-) Congrats on flipping these last few deals! And that $18K house? Awesome! Quick question for you: when you call the "for rent" signs, what do you say to the people? Also, what do you put on your bandit signs? Right now I'm trying signs that say "Handyman special - 40% below market! Call XXX-XXX-XXXX". Not a whole lot of calls but actually the biggest challenge is keeping the signs out because they keep disappearing on us before we can get them on Sunday night! :-)
Take care and stay healthy! You've got the right idea. Keep saying that you're well and functioning as though you are...your body will catch up with your brain! LOL!
Shannon
Ft. Lauderdale, FL
goodfaithinvesting.blogspot.com
"*Someone is blasting the Spice Girls from their balcony right now and I am about to go outside and assassinate them."
- Comments like this only reinforce the fact that you rock, Steph! Stay healthy.
Hi Tim-
That sounds like a great opportunity for you. I would try to get some local investors involved. You will probably have to line up the property management and rehab crews for them, but I think that could be very lucrative- kind of like what Bob Norton has done. Keep me posted..
Leesa- I just kind of guesstimate the repairs. The one I was writing about that needed 8k- that is what the investor who is buying it told me it would cost him to get it done. My estimeate was 5-10k, so I guess I was not too far off...
Shae-
My signs are very simple. I use the smaller ones (cut the 18x24 ones in half) and write:
4/2 Block
25k!
Cash Only
123-4567.
or..
Cheap House!
25k!
CASH ONLY
123-4567
My phone rings off the hook when I put them out. I just started putting "cash only" on them, and I can not even tell you the difference in the calls I get. It seems to keep the tire kickers away, and attract the real cash investors, which is what I'm looking for.
As far as what I say when calling the for rent signs...goes something like this.."Hi, I was just driving by the house on 123 Main St. and saw your for rent sign out front. I'm a wholesaler and have been getting some really great deals in that neighborhood, and was wondering if you were looking to pick up any more rentals in the area.." Some people get annoyed with me, but I have found some of my best buyers by doing this, so I will keep doing it. :)
Mike-
Thanks. Hehehe.
Thanks for the tips, Steph! I'm curious whether you've started hiring people to help you out with your business...whether it be putting out the signs or other marketing efforts...or an answering service to handle all those phone calls that come in?
Hi Shae,
No, it's just me. I like to take the calls myself, and I don't do any marketing at all- I just make offers via the mls. I put the signs out at the same time I'm out looking at houses, so it's like killing 2 birds with one stone...
Steph
Steph,
Nice to see your getting great results with the signs. I recently put out signs that said
HOUSE 4 SALE
$9,999
Call Now 222-xxxx
I got 20 calls in 3 days from 18 signs. I'm going to start putting "cash only"...smart move.
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