4/14/09
Well, I found another upside to the dwindling supply of REOs on the market: the bank's crappy title companies are actually getting deals closed ON TIME (Gasp)!
I feel like I'm in the Twilight Zone or something...... one of the deals that I'm working on has a closing date of 5/1, and the bank is actually ready to close NOW! I kind of want to ignore them until April 30th, just to give them a taste of their own medicine.
Right now I have 3 deals locked up (2 are JV deals with friends of mine), and am working on 2 others (also JV deals). I'm seriously considering giving the middle finger to the mls, and strictly doing joint venture deals with a few of my buddies. The profit margins are usually smaller on my JV deals, but on the flip side of the coin (no pun intended)- there is no risk involved, no 6,000 page addenda to deal with, no earnest money to cough up, no title companies to babysit, etc. All I have to do is make a few phone calls and then sit and wait for my check. Easy, Peasey, Japanesey.
That's about all I've got for now.
Over and Out.
P.S.
Someone found my blog today by googling "gruesome murder photos".
P.P.S.
If you're looking for new and exciting ways to waste your time on the internet, head on over to Twitter.
Tuesday, April 14, 2009
JV Deals and Middle Fingers. And Stuff.
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27 comments:
P.S.
Someone found my blog today by googling "gruesome murder photos"
Wow, so I just googled "it" and your blog came up as the last result on the second page. Screw wholesaling...you should become a SEO expert! lol
I did it too, and it came up as the second result on the second page.
Interesting.
I got 3rd entry 2nd page.
wow, that's spooky!
I googled it too...I got 6th entry on 2nd page...pretty good results, sounds like an seo expert to me! :)
"Easy, Peasey, Japanesey." A great quote from the best movie ever....Shawshank!!
I'm sure that phrase was around before the movie but that's the first time I ever heard it. haha.
Shawshank is one of my faves, too.
Get busy livin, or get busy dyin...
Steph,
What role do you play in the JV deals? I have submitted many offers on REO's, none accepted as of yet. All I numbers game I know but wanted to possibly be able to partner with others and want to know what you do on the JV deals.
Hi Bridget,
I put the properties under contract w my wholesaler friends and then assign the contract to an end buyer.
Steph
Off subject. Hi my name is LaToya Glenn an aspiring wholesaler in Ft. Lauderdale. Do you recommend any of Preston Ely's products to start wholesaling. ex:ebook Thanks Steph
LaToya Glenn
Hi LaToya,
I have never read any of his materials so can't say whether they are good or bad.
My personal recommendation is Steve Cook's Wholesaling for Quick Cash.
One of the best wholesaling courses out there.
Good luck,
Steph
This twitter thing is driving my nuts!! Its all I hear now. Doctors, radios shows, tv actors, etc are on it. I dont get the hype. Maybe Im old (30btw)
ToyaVG, I spent 50 buxs on Elys course and was very disappointed. The stuff he teaches in his course you can get easily be reading REI forums. I agree with Steph on Steves course. It cost a lot more but its the real deal. You cant go wrong since it comes with cds, a dvd, and the course itself
Hi Anonymous,
I totally don't get the fascination w Twitter, either.
Maybe I'm missing something.
I was thinking it would be a good way to drive traffic to my blog, but not sure if I can handle the never ending barrage of cheezy cliches and spam.
Steph
BTW, I was suprised when I saw Bob talking about you in his online course I'm taking. I thought it was pretty cool!
All good things, I hope?
I'm probably going to sign up for his course as soon as JP opens it up again.
Two of the guys in my my mentoring group are in it (Jerry and Law), and have given it rave reviews.
Yeah its great. I'm learning a lot and I'm looking forward to his bootcamp in Vegas.JP plans to open it up here soon. He mentioned it in a video last week.
Ooh, bootcamp in Vegas?
That sounds like something I need to go to. :)
Is there a date set yet?
Yes. May 15 and 16. Already got my room booked!Can't wait
Is it just for students?
Not sure about that Steph. I found out about it when I signed up for the course.
Hi Steph, I am with a group of investors and we are currently looking for another property. We buy with cash. Do you have anything you're working on you can let me know about? Thanks, Don
Hi Don,
I've got a bunch of stuff in the works right now.
What exactly are you looking for?
You can email me @ reosteph@gmail.com if you'd like.
Steph
Thought Id share this with you Steph since you talked about this in your blog a few days ago. Its happening in my area as well. Banks are withholding foreclouses in my market. (Socal)
http://www.pe.com/business/realestate/stories/PE_News_Local_S_backlog16.4501ccf.html#
Oops, this should do it
http://tinyurl.com/c5cdvc
Interesting, thanks for the link.
From what I am hearing from several of the REO agents in Tampa, we are about to get hit with a massive amount of REOs in the coming months. I found a great article about it yesterday and was going to post a link, but now I can't find it.
It's going to get really interesting around here this summer, I think...
This is today: http://www2.tbo.com/content/2009/apr/16/160733/florida-foreclosures-rank-4th-highest-nation/
That's good news for me.
Well, provided they put them on the market and stop hoarding them.
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