2/6/2009
It feels good to be back in the swing of things. Took me a day to get back on track, but now I'm ready to do some damage..
The deal I was working with Lee closed on Tuesday.
Still waiting on the bank's title company to get everything ready for the duplex deal. This, of course, is the one I'm working with Murphy, and I'd like to just go on the record as saying that I think this deal is going to be added to the list of deals that we've worked together that have crashed and burned. I get the feeling that something is awry, and every time the phone rings and it's him calling, I just know he's calling with bad news. Supposedly, the bank is trying to negotiate with the city to get a lien reduced (or something), but it seems to be taking an awfully long time, and I just think there is something else going on. Or maybe I am just paranoid because every deal that we have ever worked on together has ended up in the dumpster.
Yesterday, I got a call from an agent on a property that I offered on on (on on?) January 20th. In case you don't have a calendar handy- that's over 2 weeks ago. Anyway, the property is listed at $29,900, I offered 11k (hehe), and the bank countered at $18,900. Nice. This house is a glorified shack, but if I get it cheap enough, I can sell it. Usually when they come down that far off of list price right off the bat, they will come down more. I'm pretty sure I can get 19k for this (famous last words), so I countered back at 13k yesterday afternoon, and hopefully will get a response back today. I love getting good counters on Fridays, because then I have the entire weekend to get my buyers out there to look and give me feedback.
I'm back on the offer train, so today I'll be looking at more houses, putting some signs out (in the cold), and blasting out some more offers...
Have a great weekend y'all...
P.S.
Countdown to Costa Rica, T-minus 16 days! Woohoo!
Friday, February 6, 2009
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9 comments:
Ahh, the Cold and Everclear.. prolly the only two things that put an end to my productivity :-x lol. What are the stats of the house you offered 11k on. That's a nice payday if you can sell it for 19k.. it's funny how sometimes the 'cheaper' houses pay out better then the more expensive ones.
Have fun in Costa Rica!
Dennis
Hey Dennis,
It's a 3/1 800sf wood frame home. I don't really know what it would retail for- maybe 50-60k. I will be marketing it to landlords, and I know (roughly) what they will pay for a 3/1 in this part of town.
I'm going to work these cheap houses in the hood until the cows come home- less competition, and the buyers are all cash. :)
Take care,
Steph
That's an awesome strategy, I may have to consider something similar. Hey, what do you do with local competition. There is a guy locally here, he's just getting into wholesaling and he asks a lot of questions and what not ~ i really don't mind sharing the info but sometimes i think i give him too much. He sent me an email asking if I could share some of my buyers.. (not that i have a ton lol) but is that crossing the line? I normally answer all of his questions 100% but i'm not sure if giving "my goods" away is fair game.. what would you do?
Dennis
Hi Dennis,
I look at the other wholesalers in my market as part of my team. Probably half the deals I do are with other wholesalers (their deal, my buyer, or vice versa).
I would never just give away my buyers, though....I work my ass off to market for new buyers and build relationships with them so they come back for more deals. I don't share them unless I am going to profit from it.
I am all for helping other people get started and will always answer questions and try to steer people in the right direction, but they need to put in their own work as far as finding buyers, and finding deals. That's just the way it is.
I would politely tell him that you'd be happy to partner with him if he comes across a good deal, but you can't just give your buyers away or you'll be out of business real fast.
Steph
Indeed...see what he can dig up for deals first. You might be able to create something where if it's cheap enough, you buy it from him, and then one of your buyers buys it from you...you may not get paid as much per say, but you didn't have to get the deal either...lol...even if it's like $500, it's still free money.
I like that...$11K offer on a $29K...nice.
Got a bank-owned near me asking slightly less than $11K right now...been on for a while and the last buyer backed out, so I have a feeling that it has some good problems (definitely needs lots of work). Maybe I can get it for $2.5K? ;) Tax assessed @ $114K, but probably couldn't get more than 70ish for it based on comps.
almost forgot...that's 70ish AFTER it's been repaired...not right now. Otherwise I doubt it would be there...lol...
Make an offer... :)
doh! off-market now :( damn!
next...
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