Flip This Wholesaler

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.

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

2/28/2008

Well, it's official- I'm moving into Skypoint April 1st!!! Woohoo! I signed the lease and gave my deposit earlier today! I'm soooooooooooooo excited! The one I ended up getting is on the 21st floor with views of downtown, the Bay, and the Hillsborough River!!! SWEET. Got it at a ridiculous price, too! Hehehehe.

Spoke to the lady at the title company today about REO #3. Everything looks good on their end, so, it looks like next Friday will be an 8k payday for me. NICE.

And then I will continue to KICK 2008's ASS!!

2/22/2008

So, I went to look at that Skypoint unit that I saw on Craigslist last week, and I LOVE IT!!! Love, love, love it. The owner and his girlfriend are super cool people, too. It would pretty much work out perfectly for all of us, because they only want to rent it for a year or two, and then move in, and I only plan on being down there for a year or two, and then moving elsewhere (Costa Rica?). They even offered to throw in their new furniture if I decide to rent it (sweet). I would have given them a deposit today, except, there's a little problem.....

There USED to be a park right across the street (up until a few weeks ago), but now it is a construction site. I guess they are re-doing it or something. So, I asked the guy at the concierge desk where people walk their dogs, and he said, "Well, that's kind of a sore subject around here." I guess a lot of people with dogs bought condos here because the park was right across the street, and now the park is gone, and people are PISSED. So, I need to figure out where I'm gonna walk Jim. There's a dog park about 2 miles away, which is fine during the day, but I'm not gonna be walking 2 miles at night through downtown. So, I'm going down there tomorrow to scope out the area and see if it's gonna work out or not. I talked to my Mom and my friend Brett, and they both said, "Well, what do you think people in New York do?" I don't know. I guess I could always just put Jim to sleep. Just kidding. So, anyway, I'll go check it out tomorrow, and then make a decision. I really, really, really, want this place, though. I told the owners I would call them Sunday and let them know either way.

Oh, here's a funny story for you..... Remember the Ronald McDonald House that I made an offer on a few months back? Well, it's still on the market, and I have been putting in offers every 3 weeks or so for the last few months. Each offer I make is less than the previous. My objective was to just keep offering on it until I got it, or someone else did. Well, yesterday morning I put in another offer, and when I got back from the gym, I had a missed call/voicemail from the listing agent, and I just KNEW that he was calling to tell me they accepted my offer. Hehehehe. Here's what the voicemail said, loosely:

"Hi Stephani, this is Randy Realtor calling you back about the offer you made on the Ronald McDonald House. The bank has rejected your offer, and the asset manager has advised me that she does not want to see any more offers from you on this house. Ever. If you have any questions, feel free to call me at 123-4567......."

Hahahahahaha. Guess my plan backfired, huh? Oh, well, a little bit of rejection never killed anyone, as far as I know. I should put in another offer next week, just for kicks. Just kidding.

Have a great weekend, y'all.

2/7/2008

I'm kinda still shocked at what happened today. Also, I'm just about to polish off a bottle of red, so I'll keep this short and sweet.......

My "Mother Load" buyers came through with a signed contract and a deposit, which will translate into 2k for me....

The REO that was listed as a 2 bedroom but was really a 4, accepted my offer of 58k, and my buyer who bought the Kermit the Frog house called and told me he wants it for 66k! Actually, he called me before I knew that the bank accepted my 58k offer. When I called the listing agent to see what the status of my offer was, and he told me they accepted, I almost peed my pants. I'm not even kidding.

So, to sum it all up, I just had a $10,000 day today (well, if everything closes, which I think it will).

Because I can't really put into coherent words how happy I am right now, I'll just leave you with this.......

2/7/2008

Yesterday I hit the mother load as far as buyers go. I sent out an email blast (which I rarely do because I think they are annoying, and also everyone and their brother sends them out like 5 times a day, so every investor gets bombarded with "deals" non-stop, all day every day, along with emails hawking courses and webinars that always start out by saying, "I CAN'T BELIEVE HE DID IT- JOE BLOW INVESTOR IS REVEALING HOW YOU, TOO, CAN MAKE SEVENTEEN MILLION DOLLARS THIS YEAR IN REAL ESTATE....). Anyway, I sent out an email blast yesterday marketing one of the deals that my wholesaler friend just got under contract (this is an REO that we both bid on, and he ended up getting it because he knows the agent, and also he put up a 5k non-refundable deposit. Bastard). It's a good deal, so I put a bunch of signs up around the house, and also sent an email blast. Well, one of the guys on my email list (never met the guy before, and still have no idea how he got on my email list) called yesterday, and said he wants the house. Nice. we talked for about half an hour on the phone, and I quickly surmised that he was not the run-of-the-mill, full-of-shit investor/wholesaler that usually calls my ads/signs and wastes my time with questions like, "What kind of fruit trees are in the yard?". I checked his name (and his partner's) on the tax records, and, like he said, they are buying the SHIT out of properties right now. Lots and lots o' properties. JACKPOT! I told him about the other 2 REOs that I may (hopefully) be getting, and he told me to give him first dibs if I do get them. No problemo.

They are supposed to be calling me in the next hour to set up a time and place to meet and sign the contract and give me a deposit. We'll see if they actually follow through. I think they will, though.

I love finding new buyers.

P.S.
Why are there mice on Google today?

2/3/2008

The bank wouldn't go any lower than 65k on the property I was talking about last time. Darn. So close. I'll be resubmitting my offer in 3 weeks, or, if they happen to reduce the price before then I'll be all over it.

Yesterday I faxed out 3 more offers. One of them just came back on the market from another wholesaler who couldn't find a buyer. He was asking WAY too much. I always check my emails and also Craigslist to see which properties have been previously under contract, and what they were being marketed for. Also, I hijack pictures so I don't have to go out and take any myself. Hehe.

Oh, this is really funny.....Friday morning, I made an offer on this DUMP in the hood that had just been reduced by 15k. The realtor called me in the afternoon and told me he felt good about getting my offer accepted, but that I would need to put down 5k as a deposit. He told me some of the banks are starting to ask for more escrow to weed out the guys who are walking away from deals. We got to talking, and I asked him if he had received many offers since the price had just been dropped. He told me only one other person submitted an offer, but he couldn't come up with the 5k deposit. After I got off the phone with the realtor, I called up my hood buyer to see what he thought. He just happened to be in the area (he's always in the hood looking at houses), so he drove over while we were talking. So, while he's inside the house looking around, I get an email from another wholesaler advertising this particular property and saying he had the contract on it. Hmmmm. Interesting. I just talked to the realtor 10 minutes ago, and he said otherwise. My hood buyer is also on this guy's buyers list, so he got the email as well. We both sent him an email asking him if he actually had it under contract (I asked nicely, and HB asked if he was "blowing smoke up his ass"), and he emailed back saying that yes, he did have it under contract. Liar, liar, pants on fire. I called the realtor a little later to ask if it was available still, and he said yes. So, I faxed him the new offer with the new deposit amount. The bank countered back 5k lower, and I countered back 1k higher. I'm still waiting to hear back. We're still a few grand apart, so who knows what will happen. Meanwhile, though, this other wholesaler is marketing a property that he doesn't even have under contract! He's got it on Craigslist and everything. No shit. I can't think of a better way to piss a buyer off than to have them go out and look at a property, put an offer on it, and then find out that some other wholesaler (me) really has it under contract. Funny, huh?

In other news, I just got the worst haircut EVER. I look like an idiot. I've been going to the same girl for like, 10 years, and I LOVE her, but this time, she really effed up. I was going for Audrey Hepburn, circa 1965......



and I ended up with Joan Jett, circa "I Love Rock and Roll". Ewww.

1/29/2007

The REO I had under contract closed yesterday. As it turns out, I will be making another grand on the deal. I've had a long day today and yesterday, too, and I'm too tired to write about it, but if you're interested, I posted the whole story over at Flippinghomes.com last night.

Nothing else going on, just making more offers...

1/23/2008

Still waiting to hear what the verdict is on the REO I was talking about yesterday. The banks like to take their sweet old time. I'd rip my hair out of my head if I was doing short sales.

Tomorrow, I am having lunch with one of the investors that I have been working with over the last year. He's the guy I wholesaled my first deal to, and we have done 2 other deals together since then. I call him all the time with stupid questions that I should probably already know the answers to, but don't- questions such as "How do you tell if the electric has been upgraded?" or, "What the hell is a gravel roof?" He's also saved my ass (more times than I'd like to admit) from putting shitty deals under contract. In one instance, I was about to pull the trigger on an REO for 75k, but decided to give him a call and get his opinion first. He went out and looked at it and told me it needed to be torn down and was only worth the lot value (like 30k or so). Anyway, I took his advice, but I remember wondering if he really knew what he was talking about. Didn't seem like a tear down to me (in all of my infinite rehabbing wisdom). Last time I checked the property was still on the market (5 months later) with a list price of $51,500. Good thing I listened.

I've decided that I need to find some more active cash buyers, so I am going to hit up the auctions on the courthouse steps starting next week. I always say that I'm going to, but then I never do. This time I'm doing it.

1/22/2008

Got a lot going on right now. Working on another REO with an investor friend of mine. I'll post details tomorrow. I think the banks may be starting to come to their senses. It's about time.

The other REO is scheduled to close this Friday. Shouldn't be any problems. Dang, I shouldn't say that.

I've got some other stuff in the hopper, but am too tired to post right now. Been a long day.

Things are moving right along, though......

P.S.
Roger is playing James Blake at 3am, so it looks like it's gonna be a long night.

1/17/2007

I am pleased to announce that I have REO #2 sold!! My rehabber friend went to take a look at it and wanted it. It's set to close a week from tomorrow. I was initially hoping to make 5k on this one, but it will be 3k instead, which is fine by me. This is another instance where I could probably find a buyer for a few grand more, but I'm going with this offer because I know it's a done deal. This is the 3rd deal he has bought from me, and I know I don't have to worry about any bs with him. I had my friend John (I put the offer in through him) call the listing agent and tell her (not ask) that we needed to add my partner on to the contract. No problemo. I was all stressed out about it as usual, but it was no big deal. They don't care as long as it gets sold. I got some coaching from my friend Chad in Atlanta, who was the one who told me about this whole quit claim thing a few months ago. Thanks, Chad! Doing it this way is saving me quite a bit of money in closing costs. It's also pretty darn easy to do.

Here is what the numbers look like on this one...... ARV $115k-$120k, Repairs 20k (I was way off on my repair estimate, btw), list price $54,900, contract price $55,000. Assignment fee 3k, which will be paid outside of closing in exchange for a quit claim deed to my buyer.

One of my goals for the month was to buy a new computer (laptop), which I will be doing once this deal closes. I can't wait!! Check it out- it's PINK!! I've had a picture of it tacked up on my wall right behind my desk for about a month now. Motivation.


Me wantee.

1/14/2008

The listing agent of the REO that I made an offer on over the weekend called to tell me she received my offer and would be submitting it to the bank. I don't see why it wouldn't get accepted, seeing that it was a cash offer for over list price, but who knows what sort of shenanigans are going on. My offer price on this one was $55,000, and I plan on marketing it for $59,000. I don't think it will be hard to sell at that price- it's a 3 bedroom block home in a semi-decent neighborhood. Now I just have to wait....

Oh, guess who called me Friday asking if I had any properties available....... Crazy Caroline! Can you believe it? She said she's in buying mode again, and told me to send her what I have. One of my wholesaler buddies just got a property in one of the areas she likes, so I sent her the info and she went to check it out this afternoon. I should be hearing back from her tomorrow. Who knows, maybe we will end up being friends after all, and one day while we are having mimosas over brunch I will tell her all about my blog- how I refer to her as "Crazy Caroline" in it, and how when I first met her I hated her guts and thought she was possessed by the devil.

Hehehe.

1/12/2008

Well, the closing for the REO that I got under contract last week closed yesterday afternoon. The closing ended up being at the buyer's house, as the title company that the bank was using was in Ft. Lauderdale. They sent a mobile closer (a very grouchy one) to handle it. I was going to have my title company prepare the quit claim deed for me, but an investor friend of mine told me not to waste my money, and sent me a template of the one he uses . It's pretty straightforward, actually. Only a half page long, and took about 10 minutes to put together. I was a teensy bit afraid to ask Grumplestilskin to notarize it, because she was really mean and kept talking about what a long day she had, how bad traffic was, how bad she wanted to go home, etc. I made her already awful day just a little bit worse when I accidentally signed the paperwork with a black pen instead of blue (oops). I thought she was going to jump across the table and stab me in the heart. Also, I thought I was going to have to go into a ten minute explanation regarding the purpose of the quit claim, but she just notarized it without asking any questions, thankfully. Anyway, I was out the door 20 minutes later with a check for 2k in hand. Woohoo!

Since I had never seen the property, I thought I would take a drive by it on the way home from the closing, just for kicks.......



Pretty, huh? In a "Kermit the Frog used to live here" sort of way.

I seem to be coming down with whatever it is that is making everyone sick lately, so I'm going to spend the day in bed reading.

Have a great weekend!!

1/05/2008

I had planned on writing a post before the end of 2007 giving a recap of my year, but never got around to it after my travel plans got messed up due to my irresponsible bloody mary drinking. I did, however, write an article that Trevor Mauch was nice enough to post on his site, The Rei Brain. It's kind of a snap shot of my mostly crappy first year in wholesaling. Check it out if you have a spare moment.

P.S.
I had an REO agent call me yesterday and tell me that the bank is ready to dump one of their properties that I offered on a few weeks ago. It's listed right now at $130,000, worth about $180-190k, and he said he thinks he can get them to take 90k!! I've got 2 of my buyers going to take a look at it this weekend and let me know what they will pay for it. I'll keep you posted........

Have a great weekend- make some offers!!!!

1/3/2008

Well, I got my buyer added to my contract with no problem. I met him at Starbucks this morning to sign everything and get his deposit. I was all worried that the listing agent was going to pitch a fit about me adding another buyer to the contract, but he didn't even care. Sweet. Also, my buyer told me that he will be ready to buy another property in about a month, and then another, and then another, etc. He's been doing this for 20 years (up until now, he was buying at auction), but if I can keep delivering him good deals, he will keep buying them from me. SWEET. I need about 5 more buyers like this, and I will be sitting pretty. By the way, I found this guy by driving around the neighborhood where I had a deal I was trying to sell and calling all of the for rent signs to see if the landlords were looking for more properties. It took me a few hours to do, but it was definitely worth it.

Tomorrow I'll be back to making offers. My goal is 100 offers a month, which is very doable if I stay focused.