6/17/09
Well, I wasn't able to save the deal, and it is now officially dead. I'm pretty sure that DB was just waiting for my time to run out, and I bet he'll have an offer in on it today. With a little luck, maybe he'll buy the property and the rest of the roof will cave in on his head. Just kidding. Kind of.
I got a counter back yesterday afternoon from one of the houses I offered on yesterday morning. This is shocking, as it usually takes them five years (give or take a year), to get a response from the bank. The bank countered @ 13k and I am trying to get it @ 10k. The house is in the hood, but it's not in horrible shape, and I have a few guys who like this area, so I'm going to send both of them by today to see if they'll bite. One of these guys bought a house from me on the same street last year for 27k. It needed a lot less work, though, and had 1 extra bedroom. We'll see.
I've been trying to make at least 3 offers/day every day, but there really isn't that much to choose from right now, so I'm continuing to work deals with a few of my wholesaler friends. I usually get at least one call/day from other wholesalers asking if I want to JV on deals with them. This is a good thing for me, especially when there isn't much available on the mls...
Anyhoodle, that's about all I've got for now. I've been a busy little bee working on stuff for the new blog (which should be ready to go by mid-July)...
Gotta run- I'm off to the gym. No excuses for me today..
P.S.
I found this video on the Zen Habits blog, which is my new favorite blog. Lots and lots of good stuff over there..
Wednesday, June 17, 2009
Dead Deals, New Deals & JV Deals. And Stuff.
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16 comments:
OK, fine. I'm going to the gym.
My excuse was going to be that I'm tired, but I guess I will just get over it.
Ray
That's the spirit, buddy.
Get your ass in the gym! You'll thank me for it when you're done. :)
Steph -
Shoot me an email if you want to discuss ways to do some content exchange and/or cross-marketing for your new blog.
J Scott
Will do.
I actually had a couple questions for you anyway.
Steph
Good video. Here is a similar one I like alot -
http://www.youtube.com/watch?v=1sElYG7LmUU&eurl=http%3A%2F%2Frosstraining%2Ecom%2Fblog%2F2009%2F06%2F04%2Fthe%2Dinner%2Dvoice%2F&feature=player_embedded
Nice.
That's how I feel sometimes. Well, minus the talking to myself out loud. :)
Hi Stephanie,
I have been an avid reader of your blogs.
I do have a question.
You do a double closing on your transactions, so the title passes to you in the A-B transaction and then from you to end buyer in B-C.
Instead of Simple Income tax, you are paying short term capital gains tax on this..I was wondering paying short term capital gains taxes does not eat into a lot of your assignment fees?
Yes, it does.
And I need to get a new accountant, btw.
Anybody know of a good one in Tampa?
Hey Steph,
Not sure if you've heard of Leslie Jones, but she is good. She has been going to the reia meetings for years, and specializes in working with investors. I will send you an email with her contact info.
Ray
I actually think I remember her from the Tuesday Wealth Builder meeting.
Thanks for the info, I'll be giving her a ring. :)
I moved my gym into my bedroom... When I was 230lbs I didn't think anyone should have to see that in public..LOL... But I've droped close to 30lbs now and I think I want to try the P90X. I've heard good and bad... The workout is good but the diet is a pain (cut carbs for the first cycle then bring em back in. You heard anything?
ALso the MLS is drying up here too. I'm JV'ing on 3 deals and even though my profit is smaller its better than nada... What are your thoughts on banks releasing more properties?
Dustin, that's awesome that you've dropped 30 lbs. Quite an accomplishment..
I've never heard of P90X, but I know that when I cut carbs out of my diet, it works wonders. It's hard at first, but gets easier as you go. I've been doing really well during the week, and then I let myself cheat on either Sat or Sunday.
Regarding the mls...I'm starting to see some new properties come on the market, but it's still pretty slow. I'm thankful for the relationships I've built with other wholesalers- the JV deals are going really well for me right now. So much so, that it almost makes me not want to make offers anymore because it's so easy to do the JV deals. They are making me lazy. :)
I still think we are going to get hit with a massive amount of REOs sometime this year. Unless they just start bulldozing them (I actually read an article about that yday), they have to come on the market at some point..
Take care,
Steph
Hey Steph, you're movin' and groovin' lady! Quick question on the JV deals. How do you structure these?
Do you negotiate with your wholesaler pals on price, OR do they just tell you what price they want and you add whatever you think you can get on top of that, OR do you split the profits 50/50 or some other split if you bring the buyer?
Thanks!
Hi Shae,
Most of them are 50/50 splits, but every now and again I will add on top of the price I'm given. It just depends on the deal and the person I'm working with.
These days, I'm really reluctant to do JV deals with people I haven't worked with before, and I'm pretty much only working with 3 guys on a consistent basis. They are always getting deals, though, and it is enough to keep me busy.
Steph
P.S.
Still haven't sent my Dad his card. I'm going to have to send it Priority Mail tomorrow. I do this every year.
Thanks Steph. I suspect the 50/50 split is much easier to accomplish when you have an established relationship with the wholesaler. I'm working on networking with local wholesalers now.
As far as the Father's Day is concerned, Priority Mail will hopefully get it there on time :-) I guess the last minute card/gift shipping habit is one that you can focus on at another time. LOL!
Yes, definitely easier once you have the relationships in place...
I'm probably going to end up sending the Father's Day stuff next day mail, which will cost me an arm and a leg. Stupid procrastination!
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