11/11/2008
Sorry for not posting much lately........ things have really picked up for me in the last month, and I have have been swamped. I've been going at it full speed ahead, and the results I am getting are well worth the hard work I'm putting in...... I've closed 2 deals in the last 2 weeks, and have 4 more scheduled to close in the next 30 days!
I've been making offers like crazy, and also marketing like crazy for new buyers. I put out 25 signs on Saturday and 25 more today. My phone has been ringing off the hook, and I have found several new buyers as a result.
Today I went and looked at 7 houses while I was putting signs out. I also compiled a list of 23 numbers to call from "for rent" signs I passed while I was en route to the 7 houses (see how I killed 3 birds with one stone?). I will make those calls first thing tomorrow morning.
I have seriously struck gold with the new buyers I've found over the last few weeks. I have 3 cash investors who call me every day to see if I have any new deals, and these guys are serious investors who are buying right now, and want to buy lots and lots o' houses, and they have the money to do so. I know that there are many more buyers out there like these guys, so I am marketing my ass off to find them.
There is no stopping me at this point.
I am going to kick this market's ass and take lots of names while I'm at it...
Gute Nacht!
P.S.
Happy Veterans Day!
Tuesday, November 11, 2008
Striking While The Iron Is Hot
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7 comments:
Steph - you've hit pay dirt! Congrats :-) Seems you now have more eager buyers than homes to sell to them and that can't be a bad thing! Quick question for you...when you make the offers on these REO properties, do you include proof of fund letters? And are you closing at the banks title company or your own? Banks seem to be picky about this. Thanks and I look forward to hearing more!
Hi Shae,
Most of the banks require a proof of funds letter for cash offers, or a pre-approval letter for financed offers. I include a statement from a line of credit to go along with my offers.
Not sure if you need one, but if you are looking for a pre-aproval letter to use for making offers, Costal Funding will provide you with one. I have not done business with them, so I can't vouch for their service, but I have talked to a few other investors who have had good experiences with them. Here's a link if you'd like to check them out: http://www.coastal-funding.com/pof.html
To answer your question about the title company...
99% of banks will require you to use their title company to do the title work. Once their title company gets the title commitment and HUD ready, I have them send it to my title company, and they (my title company) prepare the docs for the second closing. My title company does a simultaneous close, and uses the funds from my buyer to fund both transactions. They then wire the funds to the bank's title company to close the deal, and also FedEx the docs back to them. It sounds confusing, but is really not a big deal when you have a title co that is on your side and knows what they are doing.
Hope that makes sense- let me know if you have more questions..
Steph
Steph- Good to see you really starting to cash in after all your hard work. Congrats!
Chris
www.theindywholesaler.com
Hey Steph,
What do you put on your signs that you put out to market for new buyers?
KEEP IT UP!!
Hi Kyle,
There's a picture in my last post of what I write on my signs. Those are how I find my buyers.
Advertising deals is a great way to find new buyers, so I am constantly putting out signs..
Steph
Steph,
What price range houses do you concentrate on?
Hi Bruce,
Recently I have been going after the really cheap stuff- under 40k- and selling to section 8 landlords.
I do have one investor who is buying stuff in better neighborhoods, who is looking for properties that he can be into for no more than 65k after rehab costs. Other than him, though, my buyers want the really cheap stuff.
When I pull listings off of the mls, I pull all single family properties in Tampa under 80k. Almost all of these properties are either short sales or REOs.
Steph
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