6/3/2009
So far so good with my Power of Less Challenge. It's day 3, and I've been up at 6am all 3 days, and in the pool swimming laps by 6:30. I wasn't aware of it until yesterday, but apparently Michael Phelps lives in my building, and trains in the pool on the 8th floor. OK, not really, but there's a guy who looks just like him who was at the pool the same time as I was yesterday, and he was swimming up a storm and making me feel like a total jackass. I may as well have been dog paddling... he was swimming 2.5 laps to every one that I swam. It was quite embarrassing, but I ended up getting a phenomenal workout because I was trying extra hard to keep up with him. I can barely move my arms today, which is a good thing...
On the real estate front, things are going well. For the most part. The short sale that I got under contract a few weeks ago is scheduled to close next Friday. The deal that has now been extended 3 times looks like it is going to crash and burn. The new extension goes until the 10th (next Wednesday), but I don't have any confidence in the bank signing the closing documents. DB is the buyer on this one, and he said that if it isn't ready to go by the 10th, he is going to pass, and I can't say I blame him. It's been over six weeks now since we signed the initial contract. Also, there is a leak in the roof of this property, and after all of the rain we got these past few weeks, there is quite a bit more damage (and mold) than there was a month ago. The bank actually sent someone out to cover the roof with a tarp last week (after I called and complained), but the damage has already been done. I tried to get them to knock off a few grand to compensate, but, being the ignorant assholes that they are, they wouldn't budge.
I sent an email off yesterday to both the listing agent and the title company letting them know that I am going to pass on this deal if it doesn't get closed on or before the 10th. Both of them forwarded it to the bank's asset manager, who, apparently doesn't give a crap. If they aren't able to get it done by the 10th, I'm going to try one more time to get them to knock several grand off the purchase price. If they say no, I'm going to have to walk. Nothing like having a payday flushed down the toilet because of someone else's incompetence. Yay!
Other than that, I've been busy making offers and looking for buyers. Gotta keep the funnel full..
Gotta run- later alligators!
Wednesday, June 3, 2009
Michael Phelps, and Stupid Banks. And Stuff.
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12 comments:
Hi Steph,
Regarding the deal you have that has been extended- is the asset manager the one responsible for signing the closing documents, or do they pass it on to someone else?
Thanks and keep up the hustle,
Ray
Hi Ray,
Good question. I'm not sure.
I think the asset manager has to get it to someone from the bank who is authorized to sign.
I could be wrong, though.
They haven't wasted any time getting the extensions signed. I don't know what the hell the hold up is, but it is really irritating the crap out of me.
Steph
Hey Steph Roshard here,
Regarding DB, don't sweat it much. They say whatever you put out you will get back tenfold. I've learned something from your experiences:
#1 When you are working with new Investors do one deal at a time.
#2 If that Investor burns you, tell all of the other Investors you know about what happened. You don't want that to happen to anybody else. He/She will have problems finding new people to work with.
#3 He/She would have to prey on new Investors coming in and not only that new investors everytime. Sooner or later it will catch up to him/her.
Now as far as the Michael Phelps swimmer I hope you got his number so you can work with him to get to his level. You just started so don't beat up yourself too much about what level you are on. He probably has been swimming more consistently than you have. Make it a Goal to get to where he is with consistency you will get there.
Laters,
RJ
Hi Roshard,
Hopefully MP will be there every morning. I like a good challenge. :)
Steph
Hey Steph,
How do you set up your JV's? I have a property that I'm JV ing with Chris D. I have an accepted offer on an REO and he is bringing the buyer... Can you walk me through it, thanks...
Dustin
Oh and we are double closing using his buyers funds...
Hi Dustin,
Do a contract between you and Chris, and then have Chris assign it to his buyer for whatever fee he is getting. So, you will still do the double close, but the contract on the second sale (between you and Chris) will be assigned to his end buyer.
It's the same as a normal double close where you are selling to your buyer, except in this case, the buyer is the other wholesaler (Chris), and he assigns the second contract to his end buyer.
Does that make sense?
Congrats on the deal!
Steph
It does, however, do I sell it to chris for the amount that I'm buying it, and then he marks it up? We are doing a 50/50 split so I'm just trying to make sense in my mind how he and I get paid the right way???? Thanks...
And just a side note I made an offer on another property, monday I think. it was listed at $35k its fully renovated and I offered $19k fishing for motivation and they accepted-this was corp owned but I sold it today for $26k!! WHOOHOO- And I'm not bragging but if your out there sitting on the fence get down and make offers!!
Never mind I answered my own question... Some days things just don't click the way they should... You would think that 6 cups of coffee would jump start the mind...
Thanks...
I was in mid-response..
You sure you got it?
Congrats on the other deal, btw! Keep it rollin..
Yeah, sorry! I sell it to Chris for whatever I am making (50% of total profit) and he assings it for the remaining 50%... Is that it?
Yes sir.
Don't forget about the closing costs though. :)
Got it;)
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