Flip This Wholesaler

I've been going after the REOs hard core for the last month and a half, but haven't landed a deal yet. I've gotten really close on a few of them, though.

I'll let you know when I get one, and maybe we can partner up.

Ray

You'll get one. It took me over 120 offers to get my first REO. It gets easier one you get a feel for it.

Definitely let me know if/when you get one.

Steph

Thanks so much Steph!! It's an honor to get a virtual pat in the back by you!!! :)

BTW, we may be locking in two more under contract by beginning of next week. I may be going too fast, but whatever!!

I'm going to msg you privately about this deal in a few.

Cheers!

A&R

Woohoo- look at you go!

Education + MASSIVE ACTION= Lots of moolah!

Keep up the good work. :)

P.S.
Did you put the signs out?

Not yet, Steph. I'm not sure how it "works" around the area, with the so-called "sign police" getting angry and stuff. I was thinking of waiting until tomorrow night to spread them out. What do you think about this?

I'm getting ready to do a little internet marketing, and although I know that can only get you so far, I've prepared a video walk-through of the house, as I may not be available to show the house until about next Tuesday. :S

At least that way, if a buyer calls me during the weekend, I can get their feedback right away with the online video.

That's what I was going to msg you about, to send you the movie and get your feedback/critique, which is always much appreciated!

A&R

I think they are a little more strict in St. Pete about the signs. I've never put them out in Pinellas, but that's what I've heard.

I have a few friends who do deals over there, and they get one of those pay as you go phones from a gas station so they can't trace the #.

Why can't you show it until next Tues?

Just wanted to say congratulations Alex! Go get 'em!

Shae, thanks a bunch!!

Steph, maybe you can ask one of your friends what's the best day to put them out? Don't worry if it takes up too much of your time.

I actually got myself a call forwarding service from PATLive, as those are also untraceable.

I can't show for now because of time constraints this weekend. I work FT in commercial video (actually animation) production, of all trades, and this weekend we'll be shooting a commercial in Ft. Myers, and it'll go overnight Sun to Mon!! This isn't typical, it's just the way things unfortunately aligned.

I'll give a call to one of my friends and ask them how they handle the signs over there.

I always just give people the lockbox codes if they want to see inside. I haven't shown a person a house in a long, long time. I tell them to drive by and then if they want to get inside they can call me when they are in front of the house and I will give them the code.

I see, great to know!! I thought that I'd have to go through pre-qualifying buyers before I gave the codes.

By the way, what do you do to pre-qual buyers?

Do you have to constantly warn people not to call the agent's number on the sign, or do think your buyers pretty much get it?

I'm always upfront with people and let them know that I have the property under contract with the bank and that I'm going to be buying it from the bank the same time I'm selling it to them. It's better to just tell people what the deal is so they don't think you are doing something fishy if/when they find out it is listed. Most of the people I sell to are seasoned investors, so they know the drill, and it's no big deal.

As far as pre-qualing the buyers, I can usually tell from our conversation if they are for real or not. I usually ask people point blank if their intentions are to to wholesale the house, and let them know I will work with them if they bring a buyer.

I also let them know first thing that they need to cough up a 2k non-refundable deposit in certified funds before I will sign anything with them. No exceptions. If I think they are shady, I will ask for more. That usually does the trick.

Steph

Steph, great advice that is perfect for your book!

Yup, great advice as usual!!! Thanks!!

Hi Steph,

Sorry that the deal fell through. Why on earth would the bank relist the property at a price lower than your offer? They must have some motivition. Could it be that the listing agent was working against you in favor of another buyer?

Alex - Congrats on the deal, man!

-Sanford

Hi Sanford,

No, they are just idiots. Incompetent and lazy, also.

You kind of get used to it after awhile.

Have a great weekend!

Steph

Hey Steph,

Long time listener, first time question asker...

I was thinking the other day about how many investors I work with here in Fort Wayne, IN and it got me wondering... where are all the wholesalers here? Are there many that do what you do? If so I wouldn't mind working with them.

Then I thought of another question. When you make an offer on a property is it a verbal offer or do you actually write up the purchase agreement? I know that we have zip forms we use which makes the process easier and quicker, but it still takes time.

I imagine if you make 5 offers a day then at least a few hours of it is writing up the stupid paperwork. (I hate paperwork). So do you go verbal and then write it up when it's accepted?

Thanks, I'll hang up and listen to your answer.

I just read my question and I wasn't asking you where the Fort Wayne Wholesalers are, just typing out loud and asking myself that question. :)

Hi Jared,

That's for the clarification- I thought you were asking me where they were.. :)

As far as the contracts go- I write them up myself. Our As-Is contract is only 4 pages, so it takes me about 5 minutes to whip up an offer and send it in.

If you're looking for wholesalers to work w in your area, I'd go over to Real Estate Investor.com and do a search by city to see what you come up with.

Hope all is well w you.

Steph