1/27/2009
Well, I finally sold the house I got for 16k! I was starting to panic a little bit, as I am used to already having my deals sold by the time everything is signed with the bank. I ended up getting 20k for it from my sans ID buyer (I'll refer to him as SIB from this point forward). I could have just sold this to him 2 weeks ago, but I wanted to flush out some new buyers (which I did), so I decided to market the hell out of it for awhile before I resorted to the ace in the hole.
It looks like 2 of the 4 deals I'm working are going to close this week. One tomorrow, and the other Thursday or Friday. There is a third that is supposed to close Friday, but it doesn't look like the bank's title company is going to have everything ready. Then the one I just sold to SIB is scheduled for Feb 10th.
Now it's time to get some more under contract.... I went and looked at 10 houses yesterday, and by the time I got back home to write up offers, 4 of them were already pending. I don't know if it's just me, but it seems like I have a heck of a lot more competition all of a sudden. I went to make an offer on a property last week that had just been listed, and the listing agent told me he already had FIFTEEN offers on it. Crazy. There's still plenty enough to go around, and to be honest, I kind of like it. Nothing beats a little healthy competition, although, I could do without the assholes who steal keys out of lockboxes so no one else can go inside. Man, that pisses me off. Dirty-pool-playin mother fu*k*#s.
Well, that's all I've got for now. My Dad is flying in today at 3pm for a week long visit... I think were going to head out to Clearwater beach for some cold beer and She-Crab soup at Frenchy's. Yummmm.
Go make some offers, y'all!
P.S.
I'm listening to Nate's coaching call with Steve right now. Good stuff.
P.P.S
Does anybody know if it's possible to watch the Australian Open matches online (free or not, doesn't matter)? I don't have cable and I don't want to miss the rest of the matches.
Tuesday, January 27, 2009
SOLD!
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17 comments:
Send me an email reminding me to send you a link for the tourney. I'm on my phone or I'd just send you a link.
Steph,
How do you get these lock box codes to look at these houses yourself. I have been going to look at houses with my RE agent but its a pain. I want to be able to come and go when I please. I have access to the MLS and I even tried calling the listing agents saying that my agent is out of town. They still wont cough up the lockbox code. The agent I am working with also will not give the codes. ERR
Conrtats Steph!
Isnt Preston and Kenny Rushings your competition there in Tampa?
Congrats on the deal though!
Mr. BiGG
J- Thank you!
Kyle- I either get the codes from the listing agents (I know most of them by now), or I get them from other wholesalers/realtors, or I just guess them. Most of the banks use the same codes over and over and I keep a list of them in my phone.... :)
Anonymous #1- Thank you!!
Anonymous #2- Preston and Kenny do not go after REOs. If they did- I'd kick their asses. :)
Kyle,Steph too, I guess, are the lockboxes manual or electronic in your area?
J,
The REOs are 99% manual. Not sure if it's that way everywhere else, but I think it is. Makes it easy..
Steph
P.S
I may be calling you for instructions..
Edit:
I meant that 99% of the REOs have manual lock box codes.
Hope I didn't confuse anyone.
Steph
J,
Yeh, Most in my area(NE Ohio) are manual. Some are the supra elec box though.
I would think most of the codes would be somewhere in the MLS listing. The supras, obviously, wouldn't be listed. Will your realtor either take you on as an assistant or at least let you say you're his/her assistant, Kyle?
Steph- no problem. I'll be out and about unless you call sometime im the next couple of hours.
I've gone to look at rentals and many times the codes were either "12345" or the house number.
Hey Steph
First of all great Blog. Do you get all your wholesale deals under contract? If so do you use a clause to exit the deal if you cant find a buyer?
It would seem like with that 15-offer example, that if a house comes across quickly and you have any iota that it would be good w/o looking at it, just throw one out quickly to get it on the table, then try to go look at it afterward....
Worst case if the place somehow sucks and your offer gets accepted, just turn it down.
Hi Matt,
That is pretty much what all 15 people did. They knew it was a good deal, so they shot out an offer just to get their hat in the ring. Then it goes to highest and best, and at that point, someone will almost always over-bid, which is why I don't even bother to make an offer in those situations...
Scott-
99% of the time, I already have my deals sold before I sign the contract with the seller.
I do not use any weasel clauses in my contracts.
Backing out of deals is not something you want to get in a habit of doing..
Steph
P.S.
Thanks for reading..
Generally, the lockbox codes for REOs are in the "Private Comments" section in the MLS listing. And as Steph said, the listing agents generally use the same codes over and over again, so if you know a lockbox code for one house, all the other houses listed by that agent probably have the same codes.
That said, I've started seeing more and more agents using the last 4 digits of the asset ID as the lockbox code (since the codes are so easy to figure out now). But, they're usually still in the MLS listing.
Hi Steph,
Great Blog. You are right that 99% of the lockboxes on REO's are manual boxes, and they are repetitive with agents/banks, etc. Many even have the generic code that comes on them when the realtor purchases them because they are too lazy to change them :) I get the codes from my favorite realtor and leave feedback on the properties later. If you have company at the houses, just tell them that you work for the realtor, and are previewing the property. Keep up the good work.
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