Flip This Wholesaler

6/4/2008

I got one of my REO offers accepted yesterday afternoon, which is great, except the buyer I had lined up is now not sure if he wants it or not (grrrrrr). So, now it's a race to find another buyer. I didn't leave myself much time to close, because I was sure my guy would take it, so I kinda need to find a buyer fast. It's a good house that doesn't need any work, and I've got it at a good price, so I don't think I will have too much trouble selling it. We'll see. I've already got some signs up in the neighborhood, and put the word out that it's available.

Today I sold one of my wholesaler friend's houses to one of my cash buyers who was ready for another. The spread was really thin, so I'm only going to be making a grand off of it, but it's better than getting punched in the face or kicked in the teeth or what have you. This is the third house that I've sold to this buyer on the same street. He wants to buy up the whole block, I think. Fine with me.

The other cash buyer that is ready for another deal sent me an email today that really ticked me off. A lot. In a nutshell, I spoiled him with the last deal I sold him, and could probably have gotten at least another 5k out of the deal, if not more, but I'm retarded sometimes, and I told him how much I had it under contract for, which was a big mistake. Anyway, the place was a 3/2 block, needed ZERO repairs, he bought it for 72k, did a 70% refi (appraisal came in at 145k), pulled some cash out, and had it rented within a few weeks. This was his first deal, and apparently I gave him the impression that deals like that are just hanging out by the pool in my backyard. Anywho, I sent him a deal today (the one I have under contract) asking 79k. It is the same square footage, roughly, but is a 3/1 instead of a 3/2, but it is in a better part of town, and, would rent for a higher amount. It is rent ready. So, he sends me a (rather rude) email back saying (in a nutshell), that "frankly" a higher priced house that has one less bathroom is not very "appealing" to him, and maybe if I was asking 68k or less it "might be worth a look." Really? Well, go f yourself. How bout that? Go find your own deals and see how easy it is, pal.

Oh, You'll never guess who I had the pleasure of telling off yesterday.........Slim Shady's accomplice who wrote the bad check a few weeks back! I was having lunch with another wholesaler yesterday when this retarded piece of trash called the guy I was having lunch with. Slim and Co. have been pretending to be buying one of this guy's properties, too, and have been pulling the same shenanigans with him. So, I made my friend give me the phone, and I WENT OFF on him. I told him he was a dirtball and nobody in the entire city of Tampa wants to do business with him because he is a shady bastard. So, then, true to form, he tells me that he is still planning on closing that deal he bailed on like 2 weeks ago. HAHAHAHAHA. Then he tells me (this is freaking HILARIOUS), that he has a hard money lender in CHINA who is going to lend him FIVE MILLION DOLLARS to buy houses, and can he have his hard money lender call me? So, I play along, and a few minutes later I get a call from some other bozo with the same story. I let him have it, too, and let him know the only way I would ever sell him a house was if he showed up with a suitcase full of cash for the entire amount of the purchase.

These shady a-holes need to be put in their place. They give the rest of us a bad name.

I'll leave you with a picture of Slim that my buddy Bruce out there in Blogland sent me.....



Hehehe. You crack me up, Bruce.

5/31/2008

Holy crap, how is it June Eve already?

The guy with the supposed buyers from NY is turning out to be a big fat waste of my time. He was supposed to send me over a signed contract for one of the properties I am marketing, and he disappeared for a day, then called to say he changed his mind. I'm done chasing this guy around.

One of the REOs I thought I was gonna get was bid up by another wholesaler, so that is dead (for now,anyway) and the other I am STILL waiting to hear back from the listing agent about. He says the bank is totally swamped and can't keep up with everything, which doesn't surprise me, but I'm starting to get pissed, and my buyer is getting antsy.

I got a call from a lady who I gave a short sale lead to back in November. She finally got the deal closed, which translates into a check for me. Not bad for about 5 minutes worth of work.

I've been on an offer-making frenzy over the last couple of days, so I should be getting something here shortly. I've been sticking to my quality vs. quantity approach, and, like I expected, it is going to take me making a lot more offers to get the spreads I am seeking (10k+ per deal is my goal, and my best to date is 8k), but I'm sticking to my guns. Also, I'm sick of hearing people tell me it's not possible to make big spreads on REO deals (even though I personally know people who are doing it on a consistent basis), and I just LOVE it when someone tells me I can't do something. So, that's a big part of my motivation as well.

Have a great rest of the weekend!

P.S.
I put a link up on my sidebar to banditsigns.com. If you're looking for cheap signs, they've got "Avoid Foreclosure" signs on sale for 99 cents each right now. Look under "Current Specials" :)

5/20/2008

I've been feeling kind of "out of the loop" lately, so today I pretty much sat on the phone all day and did a whole lot of networking. I literally had the phone glued to my ear for at least 8 hours. It's amazing what you can learn by just going up and down your buyers/investor list and calling people to see what they are up to and what they are looking for (if anything). So, anyway, I spent all day on the phone, calling buyers and also several other wholesalers that I have lost touch with over the last month or so. I also just got off the phone with a commercial broker who has 2 buddies in California who are looking to invest 500k in this market. Apparently they don't really know what they are doing, and are looking for someone to find them deals. I think I may know someone who might be able to help. Hehe. I'm definitely following up with this guy in a few days if I don't hear from him...

I'm meeting the guy with the NY buyers for lunch tomorrow, and keeping my fingers crossed that it isn't a big fat waste of my time. We shall see..

What else. I've got a whole shit load of offers out there right now, so I should be hearing something back by the weekend.

I'm trying to focus on quality as opposed to quantity when it comes to my wholesale deals, so my offers have been getting lower and lower. I know I will get less accepted this way, but I would rather do one really nice deal a month as opposed to 3 little ones. It will require me to make more offers, probably, but I can live with that...

Over and out.

5/18/2008

Well, Friday night I went out with some friends to celebrate the crashing and burning of the Slim Shady deal. We started off at the Hub, then walked down to The Fly, and then back to the Hub where the crowd is a lot less plastic-y, if you know what I mean. Good thing both places are within walking distance of Skypoint, because believe you me, we were in no condition to drive. We did, however, manage to crash the pool at 4am (it closes at midnight, supposedly). Hehe.

Remember that guy I was talking about who supposedly has an investor looking to spend ten zillion dollars on Tampa real estate? Well, I kept harassing him with calls and emails because I had a gut feeling that he might possibly be a worthwhile contact to have. He ended up calling me Friday after seeing one of the properties I'm marketing on Craigslist. He's still sticking to his story that he has investors (cash investors) from NY that are looking to dump a lot of cashola into this market. Nice. We talked for awhile, and then set up a lunch for this week. I guess I'll find out soon enough if he's full of it or not. I sure hope not. $$$$$$$.

One of my buyers who is ready for another property called me last week to ask about an REO that just came back on the market. He told me what he would pay for it (not sure why he didn't just make the offer himself, but who am I to argue?), and asked me to try and get it at that price. I put the offer in (leaving enough room for a tidy little profit for myself), and got a counter back from the bank Friday afternoon. They came down 15k off of list price, which still isn't good enough, but we're getting close. We'll see what happens.

I also picked up another cash buyer from the signs I put out a few weeks ago. This guy's been investing for a long time, but hasn't bought anything in several years . He says he's in buying mode again, and asked me to send him whatever I get. Nice. I tell you, as much as I hate putting those stupid signs out, I always seem to pick up a buyer or two. So, I will keep putting them out.

And that's all she wrote.

10-4, over and out...

P.S.
There is a very interesting thread going on over at the Flippinghomes forum regarding the foreclosure mess that our country is in. Check it out if you have a spare moment...

5/13/2008

And the saga continues...

I got a call from my friend earlier today letting me know that Shady never called back yesterday, and that he was pretty sure one of his other buyers was going to take the place (at a much lower price). I can't say I was surprised.

About an hour later, my phone rings, and guess who it is? That's right, Slim Shady (I even have him programmed in my phone as Slim Shady, which I think is hysterical). Anyway, he's all hot and bothered because he REALLY, REALLY, for serious this time, has the deposit, and wants to bring it over RIGHT NOW. FOR REAL!!! No, FOR REAL this time!!

I let him know that he pretty much lost any remaining shred of credibility with both of us, and that we didn't want to deal with him anymore because he is a liar and a waste of time. He kept insisting that he was for real this time, and said he would bring the deposit over NOW. No really, NOW. FOR REAL!! I told him it wasn't up to me, and to call my friend and ask him.

After a few more phone calls, Shady finally promised my friend (for REAL this time), that he would be right over with the deposit and the contract.

I have to say that I am totally shocked, because he did, indeed, show up with a check for 2k (that I will bet my dog Jim on, is going to bounce). He has until Friday to close, and I am giving him a .00000000000000000000000001% chance of actually getting it done.

I seriously will have a freaking heart attack if this guy actually closes.

Stay tuned.

5/12/2008

Wow this Shady character is really something else...

After disappearing for the last day and a half, Slim resurfaced again today, called my friend who has the contract on this property, and made arrangements to meet @ 3pm to sign the contract and give his deposit (this is at least the 5th time he has done this). 3pm comes and goes, and Shady of course does not show up. He then sends my friend a TEXT (because he is too much of a P-U-S-S-Y to call), asking if he can get another copy of the contract faxed to his "attorney" because he accidentally lost the one that was sent over the weekend. Right. So, my friend says no, he's not faxing anything until he meets up with Shady and his mysterious "partner" and their mysterious "attorney" face to face. (We pretty much came to the conclusion that Shady and his "partner" are one in the same, and his "attorney" is most likely make-believe, also). Shady's response, of course, was that he needed to call his partner and he would call right back. Still waiting...

At this point, we realize that this fucking loser is never going to close on the deal, but we're hoping to get a 2k deposit out of him that he will most likely walk away from. We're even thinking of dropping the price down to 46k or something (he's buying it for 60k), just to get a deposit out of him, because we know he will never close.

Nothing would please me more than to take this idiot's money.

Where do these people come from, anyway?

5/10/2008

I guess I should have kept my big mouth shut.....The buyer who was supposed to drop off the deposit is STILL giving us the run-around. My friend who has the property under contract called me yesterday evening to tell me what was going on. Apparently the buyer's partner (it's always a red flag when there is a "partner" involved- always.) keeps saying he's on his way over to drop off the check, and then, for one reason or another, never makes it. I guess this happened 4 or 5 times, and so my friend called and said he can't figure out what's going on. This is a guy, by the way, who is the craftiest, smartest, cleverest (I know that's not a word, but it sounds better), investor that I have met thus far, and who I would venture to guess, is doing more business than any wholesaler in Tampa right now, so when he says he can't get a read on a situation, I'm genuinely surprised. We have done 5 or 6 deals together, and usually he just takes control of the deal, and I don't hear anything from him until it's time to pick up my check. So he tells me that he really thinks these clowns are going to buy the house-they actually contacted the title company AND the listing agent (without telling us first), to see if they could close it yesterday. This created (another) big fat mess, since neither the title company nor the listing agent had any idea who the hell these guys were. ANYWAY, my friend called me and said he needs a second opinion, and asked if I would call the "partner" and see what I thought. He also said that as furious as he was that this guy kept giving him the run-around, that he just couldn't be a dick to him because it would be like getting mad at Ned Flanders. I didn't understand what the hell he was talking about until I got off the phone with the guy. I got the same impression from him- that he has every intention of buying the property. Nice guy too, and if he is full of shit, then he's the best hustler in town, because he has us both fooled. And this ain't our first rodeo, either.

OK, so, long story short, last I heard from him, he was driving out to Odessa (this was yesterday at around 8pm) to get the contract signed by his "partner" and he would have the contract and the deposit to my friend's office by early today. And that's where we are at with this deal. There's some more drama involved, but it's too convoluted to explain, so I won't.

Oh, do you want to hear the funniest part about this whole mess? Anybody wanna take a crack at what the "partner's" name is? Anyone?

SHADY.

I swear. May God strike me dead with a random bolt of lightning next time I go outside, this guy's name is SHADY. It's in the tax records and everything.

Apparently his Mom was a psychic.

5/8/2007

The deal I had that fell apart last week (was it last week or the week before? I can't remember) is alive again... The guy who now has it under contract is a friend of mine (it's the same guy whose properties I've been marketing). He was going to close on it and keep it as a rental if he couldn't wholesale it (it's a 3/1 block house that only needs paint and carpet, and he has it under contract for 45k). Anyway, I found another buyer for it today, and it is supposed to close next Tuesday! Nice, huh? Also, he got it under contract at a lower price, so I'll be making double what I was going to last time around. Sweet. I'll believe it when I see it, though. This property has been nothing but trouble from the get go. The buyer was supposed to drop off a 2k deposit to my friend this afternoon, and I haven't heard otherwise, so I'm assuming everything is A-OK. Will be nice if it closes, that's for sure. Me likey getting paid.

Today, the mastermind/mentoring group that I am a part of had our monthly group call, and it was awesome. I got some great input/advice on how I can improve my current wholesaling strategy, and also learned a lot just from listening to others talk about what they are doing. It's an outstanding group of people, and I'm lucky to be a part of it.

I had this dream last night that was so awful, it screwed me up all day. I actually woke up sweating even though I had the air set on 69 (I can't sleep unless it's really, really cold). Anyway, I had this dream that I couldn't get a deal to save my life, and I had to go back to waiting tables. Bar tending is one thing, but waiting tables is, in my opinion, the worst job ever. I'd honestly rather shovel horse shit (or any shit, for that matter) than wait tables. Nothing can turn you into a bitter people-hater like waiting tables can. Anyway, in my dream I was waiting tables at this Irish place (as in, I had to go to Ireland and work there- no idea where that came from), and I had to work happy hour, and they had this horrible happy hour buffet that I was in charge of keeping full. Everyone was yelling at me and pissed off because we kept running out of bacon, and in my dream, I remember thinking that I was just going to walk out, but then I knew I couldn't because I had to pay my bills, and I just felt trapped and helpless. It was awful, and like I said, I woke up sweating and in a panic, and I've felt like shit all day.

I got some dvds back that I loaned to a friend a long time ago. I'm watching Garden State right now. I always cry when Natalie Portman dances in front of the fireplace. Not sure why, but I do.

Over and out.

5/7/2008

Holy crap I'm beat. This getting up with the sun and swimming laps thing is kicking my ass. In a good way, though. I'll be back for more tomorrow.

I decided yesterday that I was going to bake cookies for my Mom and my sister (who is now a Mom herself), for Mother's Day. I always send things late (I'm horrible at procrastinating about stuff like that), so I promised myself that I would get them in the mail by this afternoon. I headed out to the grocery store early, and bought all of the ingredients for chocolate chip and sugar cookies. As you know, I SUCK at cooking, and shouldn't be allowed in the kitchen ever, unless it's to open a bottle of wine or a beer or something. Anyway, the whole process took about 3 hours, and my kitchen was a complete disaster when I finished. I resisted temptation the whole time I was making them, but decided to try one when I was all done. You know, just to make sure they didn't taste like crap. Well, long story short (too late, I know), once I took a bite I quickly realized something was horribly wrong. Horribly. They tasted very un-sweet, if you know what I mean...

Turns out, I forgot to add the effing sugar. HAHAHAHAHAHAHA.

What an IDIOT.

Well, at least Jim liked them.




Other than my cookie disaster, the day went pretty well. I got two really good counters on offers I made Monday. I went to take another look at one of them, and, of course got lost in the hood for a half hour or so, looking for one of the comps. The house I was looking for was just bought by an investor whose name I keep seeing in the tax records, and who I have been trying to hunt down for the last couple of weeks. When I finally found the house, I was delighted to see this in the front yard:



That would be a for rent sign with his phone number on it. If he's buying cheap rental properties, he might as well be buying mine....

I gotta go to bed. I'm beat.

4/20/2008

As I mentioned in my prior post, I was getting a little concerned about my buyer for the other REO deal that is supposed to close tomorrow. I called him twice Friday asking him if it was OK to close Tuesday instead (the bank's title co said they needed an extra day to get everything ready). I told myself I would give him until noon Saturday to call me back, and then I would just start blowing his phone up like I have learned to do when people involved in deals with me don't return calls in a timely manner.....it's really quite effective. Anyway, I went out to my new Starbucks yesterday morning and forgot my phone at home. When I got back, there was an email from him sent at 11:57, saying that he was fine with closing Tuesday. So, that's good news.

2 closings in less than a week- never thought I'd see the day...

Third deal I have under contract is supposed to close a week from tomorrow. There's 4 wholesalers involved in this deal (long story), so I'm only making $1250 on it. Although it isn't the biggest payday in the world, I'll still take it all day long and be happy with it. The little ones add up, ya know?

I'm pretty excited about my new $50 video camera. They should hijack Geico's slogan "So easy a caveman could do it." Seriously- I am the biggest moron when it comes to technical stuff, and I was able to figure out how to upload videos in less than 20 minutes. This thing will be great for getting videos of properties to send to my buyers. I think I may bring it to the closing on Tuesday, so you guys can witness my 2nd simultaneous close, and also meet my new buyer.

10-4, over and out...

4/18/2008

Well, one of the REO deals I had going (the one where the listing agent forgot to send the contract to the title co. until 4 days before the closing, and who also told me to get a cashier's check for escrow made out to the wrong company, and then the title company FedExed the check back to the wrong address and someone else signed for it, and it was MIA for 5 days..... you know, that, one.. ) Well, anyway it closed yesterday! Woohoo! My first simultaneous close in the books. I got a call from the listing agent at 4:45 while I was on my way to the closing letting me know that the HUD was effed up. Hahaha. Shocking. It had something to do with the commission, but we got it figured out without having to get the title company to make a new HUD (which would have taken at least 3 weeks). What a pain in the ass this deal was, but at least it's OVER.

Now I'm stressing out over the other deal that is supposed to close Monday. The buyer sent me a text yesterday asking if we were still closing on time, and I sent him back a text telling him I was trying to get it done on time, but didn't know if the title company could do it by Monday. We've already extended the contract once, and I can tell he's kinda getting pissed.... So, the lady from the bank's title co. sent me an email earlier today letting me know that we could close it on Tuesday (the contract expires Monday). I called my buyer to see if that was OK, and I haven't heard back from him yet. It's not like him to not return my call, so, naturally, I'm imagining the worst case scenario- either he's dead, or he had a last minute change of mind, and is just going to bail. If he doesn't call back by tomorrow afternoon, I'm going to go into full-on panic mode. I have been harassing the listing agent and the people at the title co. for the last two weeks to get this thing closed ASAP. I can not even imagine not being able to close this on Monday, if they are ready. I will be exploring options B, C, D, and E if I don't hear back from him by noon tomorrow. Hopefully, I am just over reacting, though. Wouldn't be the first time....

Yesterday, I had the pleasure of meeting Deborah, who drove all the way up here from Venice to discuss working together. She's a newly licensed broker in FL, and I foresee us making a lot of money together....




And then John came over to celebrate the deal I just closed.......



Also, we decided that we are using the proceeds from the commission of this deal (he's my buyer's agent, if I haven't mentioned it before), to book flights to Costa Rica!! I can't freaking wait to go! My friend who moved down there last fall gave me the go ahead to come down anytime.... There's a small chance that once I get there, I won't come back, but I guess I'll ride that wave once I get to it (hehehehe).

P.S.
I bought a video camera for 50 bucks yesterday (I'm a bargain hunter, if you haven't noticed), so I'll soon be adding some video clips to my blog.

4/15/2007

Well, I'm supposed to have a closing this Friday, one Monday, and one the following Monday.

The one that's supposed to close this Friday (that was originally supposed to close last Thursday), the stupid, worthless, title company STILL does not have the title work done yet. Also, they lost my effing escrow check. HAHAHAHAHA. This deal is turning into a freaking fiasco, and let me tell you, if it doesn't close, I'm heading down to Ft. Lauderdale (that's where the title co is) with a bat.

The one that is supposed to close on Monday (originally supposed to close last Friday), may have a small chance of happening. At least the title work is started, and the lady working the file isn't ignoring my emails. Yet.

Up until now, I've been running all of my deals through a friend who is a realtor, and acting as his assistant. I've been handling all of the paperwork, dealing with the title companies, etc. and getting part of the commission. I'm over this crap, though. I'd rather give the full commission to a realtor who handles all of this bs for me. I can't take it anymore. I just want to make offers, find buyers, and collect my check. I need to find someone, though, who isn't an incompetent lazy ass, and, quite frankly, I haven't run across many realtors who fit that bill.

I got a call a few hours ago from the listing agent of one of the REOs I made an offer on a few weeks ago. She wanted to know if I was still interested in the property, as it has been under contract twice (both times, by wholesalers I know), and both times, it has fallen apart. Anyway, I think I may be getting this place under contract for 51k, and think I can sell it in the high 50's. We'll see.

I'm finally back in the swing of things with my business, and started sending offers out again today.

I'm ready to kick some ass. REO ass, that is.

4/10/2008

I got both of the closing dates moved up on the deals that were supposed to close today and tomorrow. One of them, though, I STILL do not have the executed contract from the bank yet, even though my offer was accepted over 2 weeks ago. Every time I think I have it locked up, the bank sends over another addendum to sign. Very frustrating. I'm really beginning to take great pleasure in taking these idiots to the cleaners. Bending them over, so to speak. They deserve it... Anyway, as it stands, one of the deals is supposed to close next Friday, and the other the following Monday.

Also, remember the deal I got under contract about a month ago- the one I was working with my hood buyer, that had title issues? Well, we finally got a contract on that 2 days ago. Closing is set for the 28th.

If all 3 of these deals actually close, I think I may have a heart attack.

This weekend, the mentoring/mastermind group that I am a part of, is meeting in Tampa for the first time. I'm pretty excited about it- it's quite an impressive cast of characters... Tomorrow night we are all having dinner together, and Saturday, going to Busch Gardens. Going to be a great weekend.. I'll be making like a sponge and soaking up the knowledge....

4/8/2007

Have you ever gotten so pissed off that you broke out in hives?? Anyone?

It's only happened to me once before, a long, long, time ago. And then, today, it happened again.

I was supposed to have 2 closings this week (both REOs)- one Thursday, and one Friday. Both of them are not happening now because of the stupid, lazy, worthless, incompetent, listing agents.

I am trying to get extensions on the contracts, but who knows what will happen. It's like a crap shoot with these idiots.

I have never, in my entire life, witnessed such incompetence and laziness. Never.

I will write more about it later, but just to give you a taste of what I'm dealing with-I put one of the properties under contract 3 weeks ago. It's supposed to close on Thursday of this week. I called the title agent today to see if I could get the HUD. She told me the listing agent sent her the contract YESTERDAY, and they need 7-10 days to complete the lien search . Are you fucking kidding me???? How do you just hang onto a contract for three weeks? WTF?

So, I immediately called the listing agent (who, of course, didn't answer) to find out why in the hell it took her 3 fucking weeks (I did not drop the f-bomb in the message, btw, although I really, really, wanted to) , to get the contract to the title co. I left her the message at 1pm today, and still haven't heard back from her.

I don't have the energy to explain what is going on with the other deal. I'll just say that it has been a complete nightmare thus far . I just signed the FIFTH contract on this property today because the agent has his HEAD UP HIS ASS. It was supposed to close this Friday, and my buyer is ready to go, but it ain't gonna happen because the listing agent is a complete hack job.

Even though I probably have another bleeding ulcer now, I did learn a valuable lesson about dealing with REOs........ Never, ever, ever, ever, ever, assume that the listing agent is doing their job, because 9 times out of ten, they aren't, and you need to take matters into your own hands if you want to get anything closed.

Signed,
Frustrated

3/15/2008

Sorry for the lack of posting. I've been in the weeds all week. For those that have never had the misfortune of working in the service industry, the expression "In the weeds" basically means running around like a chicken with your head cut off.

I've got 2 buyers lined up for the property that I got under contract Monday. Another wholesaler found both of them, and we are trying to get them approved for hard money. I should know for sure by Monday. Their price is 64k, but since we are splitting it all kinds of ways, it won't be a huge payday. I'll take it though. And then run to the bank with it.

Another wholesaler I do a lot of business with just got 4 more REOs under contract, and I'm helping him sell them. He's already got several other deals under contract and sold in the last few weeks. He will easily have a 40k month this month. I see so many people being told that you can't make money in this market (by people who AREN'T making money in this market), and then I see a guy who is raking in the cash wholesaling REOs right before my very eyes. Guess who I am taking my advice from? I'll give you a hint- it ain't the guy who's sitting around crying about how awful this market is. Anyway, the investor that I hunted down earlier in the week might be buying one of these properties from me. I will know later in the day. This particular property is a 3/1 frame, needs a full fehab (25k-ish in repair), is worth 115-120k fixed up (conservatively), and we are asking $39,900.

To sum up, I'm busy as hell, and having a great time. The more I do, the more I learn, and the more people I meet and the more buyers I find.

It's going to be a good month. :)

P.S.

T-minus 13 days til the big move!! I can't even tell you how excited I am....

3/10/2008

Man, I've had quite a day.

First of all, remember the free money I told you about back in January? Well, I called this morning to see what the status of my claim was (it's supposed to take up to 90 days), and the lady told me they just sent a check out to me on Friday for 1300 and some odd dollars!! S-W-E-E-T.

Next, I checked my email, and lo and behold, there was the HUD and the closing documents that I've been waiting for so I can get this REO deal closed. I guess they aren't even sending a notary/closer out this time- we just have to sign all the docs, FedEx them back, and wire the money to the title co. Sounds good to me. I called my buyer, and we are meeting at Starbucks tomorrow to get everything signed, and so I can GET PAID!!

Then, I get a call from the listing agent of one of the properties I made an offer on over the weekend, telling me that the seller is countering @ 60k! The house was listed for $76,000 (worth about $120k-ish), and my offer was 50k. Niiiiiice. This is another property that was listed as a 2/1, but really is a 3/1. Hehe. It really isn't in that bad of shape at all. Needs some cosmetic updating, paint, and carpet, but overall, not bad. Only problem is, the interstate is right behind it, but it has a decent amount of space in between, and it's on a not-that-bad street. So, anyway, after I went and looked at the property and checked the neighborhood out (it's kinda in the hood), I called one of the investors/wholesalers I met while calling "for rent" signs on my last hood excursion. I've never met this guy in person, but we've talked on the phone 20 or 30 times since my initial call, talking about deals and such and trying to make some money together. Anyway, I called to get his input on this property, and, as I'm halfway through describing the house, he interrupts me and says, "It isn't the one on 123 Main St. is it?" Yes, it certainly is. I'll be damned if he didn't just submit an offer on the property that morning for a little less than what I did, AND, he thinks he already has a buyer. We talked about it for a minute, and decided to just work the deal together. So, he called the realtor back and offered 49k, and I called back and offered 51k. Long story short, I got the property for $53,500. He (the hood investor) calls me back half an hour later and tells me this other wholesaler and another investor will take it for $58,500. My plan was to market it for $59,000, so this is perfect. I tell him I'll write up the assignment agreement (this isn't a bank deal, so I can assign it), and ask him what name they want on the agreement...... Wanna take a stab at who the investor is that wants to buy the house???? That's right- Slim frickin Shady. HAHAHAHAHAHAHAHA. Up until this point, Slim had no idea that I was the one with the contract, and I had no idea that he was the investor who wanted to buy it. So, I tell my hood investor the whole story, and he tells the other wholesaler that I won't do business with his buddy because he is a SHADY BASTARD. So, we hang up, I go eat dinner and chuckle to myself about the almost-instant karma that just transpired, and then my phone rings. It's my hood investor calling to tell me that he just got off of a 3-way phone call with Slim Shady and the other wholesaler. Slim swears up and down to both of them that he has never met a Stephani, and has no idea who I am or what I'm talking about (I met him 2 weeks ago at the title company when I picked up his 2k deposit check, and sat in the lobby talking with him for a half hour or so). He also claims that he never put a deposit down on that deal (I have a copy of the check, still), AND -this is my FAVORITE PART.....He says that the reason he didn't buy that deal was because the bank backed out at the last minute!!!!! HAHAHAHAHAHA!! What a sorry-ass, lying, piece of shit!!

It's bad enough that this asshole backs out of a deal the morning of closing, but then, he can't even own up to it, and tries to make me out to be a liar. Bastard. He already has a horrible reputation around town, and I can promise you that I will continue to smear his name to every single investor that I talk to from now until the day I die. I can be a spiteful little bitch when I want to.

So, anyway, that was my day.... Got another deal, got one closing tomorrow, and got some free cashola coming in the mail.

I'm pleased as punch.

3/6/2008

The REO I was talking about 2 posts ago (REO #4), is now in a "multiple offer situation"- dreaded words. Basically, it means every wholesaler and investor, and their Moms and Dads saw the price drop, put an offer in, and now we are being asked for highest and best. I upped my price $500, and am pretty sure I won't get it. I'm at quite a disadvantage in situations like this when there are other investors bidding against me that can offer higher earnest money deposits, and close in a day or two with their own cash. Right now, I just can't compete. Same situation occurs when a property comes on the market at a no-brainer price- like the 3/2 1200 sf house that popped up on mls 3 days ago for $27,250! Last time I talked to the listing agent, there were 11 offers on the table. I'm curious to see who gets it.
The good thing for me is, there are an ASSLOAD of REOs on the market, with assloads more being added every day, so there's plenty to go around....

Last Friday, I talked to the lady at the title company that is handling REO #3. She told me everything looked good, and we would be able to close this Friday (tomorrow) . So, I called back Monday just to make sure (I don't believe anyone anymore when they tell me that everything looks good), and a different lady told me the title work hasn't even been started yet. WTF??? She said she would try to expedite things (yeah, right), and I just resigned myself to the fact that it wasn't going to close until the 18th, which is the last day they have to close. Well, apparently, she wasn't bullshitting me, because she called earlier this AM and told me everything is ready on their end. The only thing that is missing is the addendum adding my buyer onto my contract. I emailed it to the listing agent a week and a half ago (by the way, I didn't even ask if I could add my buyer on the contract, I just wrote up an addendum, had it signed by my buyer (and me), and sent it over to the listing agent in an email telling him I wanted my partner on title and to have the bank sign it). No resistance whatsoever. Anyway, I emailed it to him a week and a half ago, and he just got it to the bank yesterday. Friggin slowpoke. Anywho, all we need to close is that signed addendum, which means we SHOULD be able to get it done tomorrow. Woohoo!

Let's see, what else? Oh yeah.....I'm an Aunt!! Auntie Steph. Trevor was born a day early- Monday eve at 5:21 pm. I'm going to head up to St. Louis in the next month to meet him. Can't wait.