4/7/2009
I don't want to jinx myself or anything, but holy shit are things looking up.
I'm not gonna lie- I've been getting a little discouraged lately with the amount of offers I've made (over 100), and the amount of deals I've contracted (0).
Towards the end of last year, I was getting roughly 1 in 20 offers accepted, so you can imagine my frustration in making more than 100 offers to no avail. I haven't even been getting any counters lately, because there are almost always multiple offers on each property (even the shit holes), and it almost always goes to highest and best, and I always lose when it goes to highest and best.
Luckily for me, I've experienced several dry spells in my short wholesaling career, and I have come to learn that just beyond every dry spell lies a big fat river of opportunity.... I now know that if I can push myself through the frustration, and the lack of anything good happening, and if I keep working my ass off, eventually I will be rewarded for my efforts. That may sound like a cheesy cliche, but I'm telling you, it's true. It happens every single time, and this time is no exception.
Like I said, I don't want to jinx myself, but it looks like I'm about to get two deals locked up tomorrow- one of them is a JV deal with another wholesaler friend of mine (Murphy), and the other is a deal that I am getting before it hits the mls, and let me tell you it is a SWEET freaking deal - a 3/1, 1500 sf bungalow that needs very little work, in a good part of town, and I am getting it for 32k! If I can get this one sold tomorrow (which I'm pretty sure I can), there will be lots and lots more where this one came from.
I kind of just hit the REO mother load. For real.
So, yeah, it was a good day today.
Tuesday, April 7, 2009
Peaks
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14 comments:
Got my fingers crossed for you bud!
Den
Thanks Dennis. :)
hey steph just wanted to know is it possible to get reos before they go on the mls? got any advise? thanks!
Anonymous-
If you can get in good with an REO agent, sometimes they will give you a heads up about properties before they hit the market
Steph
I'm with you Steph. If you can work through the lean weeks it will pay off big time.
Here's hoping for a big time payoff for you!
Cheers,
Taylor
Awesome Steph! I'm hoping to be right behind you with contracts!!
Eileen-WI
Go get 'em Steph! Love your attitude.
Keep kickin butt, Steph!
Go Steph go! You have been an inspiration to me from the start... keep it up!!!
It's not cheese--your wisdom is actually some kind of mystical universal law. Or, if you want to go there for a second, it's providential. Work hard, and you WILL be rewarded one way or another. (Sometimes that just means with "wisdom" or "insight" or some other intangible spiritual bennie that doesn't pay the bills, but sometimes it also means cold, hard cash.)
Where was I? Oh yes--congrats! I love watching your growing success.
C.
Thanks guys/gals.
I appreciate the support. :)
Hey Steph,
Would you mind sharing a sample contract/agreement that you use when partnering with another wholesaler on a deal?
I have a wholesaler with a pretty sweet deal (an REO he has under contract) and he agreed to have me mark up the price slightly and find a buyer. I have a couple possibilities but want to make I have the right docs in place in the event that I do find him a buyer. Any suggestions? Thanks Steph!
Hi Shae,
I usually will just use a regular purchase contract and do a contract between me and the other wholesaler for whatever price he needs to net, and then assign it to my buyer.
So, say the wholesaler has it under contract for 60k, and he wants to net 67k... I will do a contract between me and him for 67k, and then do an assignment of contract to my buyer for however much I am able to get over 67k.
There are other ways to do it, but that's what I usually do.
You may want to run it by your mentor- maybe he will have a better option.
Hope that helps,
Steph
Thanks Steph! That's definitely helpful and I'll be running this past my mentor as well. Have a good one!
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