Flip This Wholesaler

6/29/09

So, I got a call over the weekend from a wholesaler in Tampa who is just getting started wholesaling REOs. He saw one of the ten million signs I have plastered all over the place, and called me to see if I could help him out. Basically, he just went out and started making offers on REOs without really knowing what he's doing- kind of a "ready, fire, aim" approach. Well, he ended up getting a property under contract at a REALLY GREAT price, and after finding out that he couldn't assign the contract, he was ready to just back out of the deal because he didn't have the funds to close on it himself. So, he was calling me to tell me about the deal, and to see if he could just get a bird dog fee from me if I ended up contracting it and selling it.

My first question to him was- "Why don't you just do a simultaneous closing?" And his answer was- "There are no title companies in Tampa who will do them. I was told they are illegal."

He told me he called every title company he could find, and that not a single one of them would do a simultaneous closing.

As you guys know, I do all of my closings using a simultaneous close, and I know of four title companies in Tampa who will do them. Actually, make that five. I just thought of another one.

I know I've written about this before, but I just wanted to once again emphasize that the best way to find an investor friendly title company in your area is to ask the active wholesalers who they are using. If you whip out the Yellow Pages and start going down the list (that's what he did), you are most likely setting yourself up for a healthy dose of rejection!

Now, I know you are probably thinking to yourself, "That makes sense, Steph, but how in the hell do I find wholesalers in my area? I'm a newbie and I don't have any connections yet!"

My first suggestion would be to head on over to RealEstateInvestor.com, sign up for an account (it's free), and start NETWORKING! You can even do a search for wholesalers in your city. I just did a search for wholesalers in Tampa, and this is what I came up with. Do you think that one of those 37 people might be able to help you out if you sent them a message asking for a title company referral? It doesn't get much easier than that!

If you don't find what you are looking for on REI.com, you can also search Facebook for real estate groups in your area. I just did a search for "Tampa Real Estate" on Facebook, and got 500 different results...

You get the picture, I think...

OK, gotta run. Literally. :)

Happy Monday, Blogosphere!

P.S.
You can also search those sites for BUYERS!

11/25/2008

I mentioned a few posts ago that I was working on a new website that is going to include a FAQ section... I'm not sure how long it's going to take before it's up and running, but until then, I thought I would post some of the common questions that I get from you guys. So, without further ado (did I spell that correctly?), here is FAQ #1......

..........................................................................................................................................................................
Hi Steph,

I am getting ready to make my first offer on an REO and the listing agent is asking me to submit proof of funds with my offer if I am going to make a cash offer. I do not have the cash available. How do I get around this obstacle? The listing agent says she will not even submit my offer until I have a proof of funds letter. What do you use when making offers? I really want to get started making offers, but have run into this road block. Any help or advice is appreciated.

Thank you,
Elijah

..........................................................................................................................................................................

Yes, it is true, almost all banks will require you to submit either proof of funds if you are making a cash offer, or a pre-approval letter if you are making an offer with a financing contingency. There is really no way around this. The banks want to see that you have the ability to close (understandably), and they want to see proof of your ability to close before they will consider your offer.

When I first got started, I was using a generic letter from a national hard money lender (can't remember which one), and then one day, one of the listing agents called me up and told me that my letter was a joke (he didn't use those words, but that's what he was getting at), and told me that if I wanted to be taken seriously, I needed a letter that wasn't so vague (my letter did not contain the property address, it just stated that I was approved if the LTV was below 65%). After that, I started using a statement from a line of credit (my Dad's), and now I am using a letter from a friend of mine who will fund deals for me provided the price is right (my offers are always ridiculously low, so the price is always right).

If you do not have the cash to close, and do not have access to a line of credit, and do not have a private money lender to fund your deals, then you are pretty much screwed. Just kidding. Actually, there are now lenders who will provide "transactional funding" or "flash funding" for your short sale and REO deals. These lenders will provide you with the cash to close the first half (the sale between you and the bank) of your short sale and REO deals- for a fee, of course. Also, some of them will provide you with a proof of funds letter to submit with your offers. The company I recommend is Cash For My Closing.com.

Keep in mind that they will only fund your deal if you have a buyer already lined up for the second transaction. They only do back to back closings, so if you do not have a buyer lined up, you are not going to get the funding to close the first half of the deal. Here is the FAQ page for Cash For My Closing that explains what they do in more detail.

I hope that clarifies things a little for all of you out there who have questions regarding proof of funds and REO offers...

Now get on out there and start making some offers!!!

P.S.
If you have questions, please feel free to post them in the comments section so everyone can benefit. I will still answer private emails, but it might take me awhile to get back to you. :)

P.P.S.
I hate my new Blackberry. I'm giving myself until Friday to learn to like it, and if not, I'm taking it back and getting one without a touch screen.

8/21/2008

So, I've decided to try a new tactic to get the bank's title companies to get my deals closed on time: BRIBERY.

I'm going to try it out on both of the deals I have going right now and see what happens. Once the file gets assigned to a processor, when I call to introduce myself, I'm going to tell them I pay $200 if the deal gets closed on time. I think that should be incentive enough to get my deals pushed to the front of the line- don't you think?

I'll let you know how it goes over.....

Roger Dodger, 10-4, Over and Out.

P.S.
Let's keep this strategy on the DL. Wink wink.

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.

5/20/2008

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.

5/7/2008

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.

4/23/2008

The closing for the other REO I had under contract closed yesterday without a hitch. This one was just about as much of a pain in the ass as the one that closed last week, but it's over, I got paid, and that's all I care about... I ended up making close to 2k more on this deal than I had anticipated because I WAY over estimated the closing costs. My buyer paid all of the closing costs on the second transaction, and the bank paid most of the closing costs on the first transaction, and then I got a credit for the taxes, so when all was said and done, I only had to pay about a hundred bucks in closing costs.

I've now closed 2 deals with this particular listing agent in the last two months. He's got a ton of listings right now, so I'm pretty happy to be in his good graces. These relationships are going to pay off big time in the long run.

The third deal I have under contract (the one w 4 wholesalers involved), is scheduled to close this Monday. This one is not bank owned, but was on the mls for sale by an investor. I don't foresee any problems with this one (famous last words. hehe). The buyer has bought several properties this year from one of the wholesalers involved, so that's always a good sign.

I've been without mls access today and yesterday, so, haven't been making any offers. Also, have some non-real estate related stuff going on that has taken a lot of my time up.

I've set some pretty lofty goals for myself to accomplish over the next year. It is going to take quite a bit of hard work, and more importantly, DISCIPLINE (which I lack, oftentimes), but I can do it if I set my mind to it.

I'm finding that anything is possible if you are willing to put forth the effort, pay the price, and refuse to give up. I know that probably sounds trite and cliché, but it's the damn truth.

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....

3/31/2008


Well, I'm all moved in...




Everything went well, except for the fact that I got lost in the parking garage and almost got into a head on collision Friday night. Then I did it again last night (not the head on collision part, just the getting lost in the parking garage ), and then tonight, I got lost for about 15 minutes, and almost ran out of gas IN THE PARKING GARAGE. I'm not kidding. It's like the damn Bermuda Triangle in there. Tomorrow morning I'm going to go in on foot and make a map, Indiana Jones style.... Other than that, this place ROCKS. I'm not kidding, I feel like I'm on vacation at some nice resort- the only thing missing is room service... I don't see myself leaving here any time soon.

Yesterday, John came over, and we had mimosas on the patio,



then went down to the 8th floor where the pool is and had some NY strips on the grill...... Here's a picture of the pool from my balcony- to the left and right, there are these ginormous grills built into these cool tables- kinda like what they have at Japanese steak houses...

Pretty cool, huh?

So, to sum up, I LOVE THIS PLACE.........

And, to add to my good news, I got another REO accepted this weekend. This is the one where I took a gamble and sent my new found-buyer out to look at it before I got it under contract. The house was listed at 100k, my offer was 69k, and the bank took it without even countering!!! I got the call Friday while I was moving, and about had a heart attack!! I'm meeting my buyer tomorrow @ 1pm at Panera to get a deposit and sign papers.

Ladies and Gentlemen, I'm on a roll..........

3/20/2008

I've been a busy little bee this week.

I'm STILL waiting to get an OK from this stupid hard money lender (it's Omni, I think). This will be the last time I lose control of a deal like this. Like Steve Cook has told me a million times, I need to get my own hard money lenders lined up so I have total control of the deal. This waiting shit is for the birds. Eventually, my plan is to become a hard money lender myself, so I can loan money on my own deals. Basically, I'm just copy-catting what Bob Norton has done. No sense in reinventing the wheel. I've pretty much been trying to model my business after his. I've still got a loooong way to go, but watching what he has done has made me realize what is possible. In case you're interested, here's a post he made over at Flippinghomes.com last year that I found to be very inspiring. Lit a fire under my ass, actually.

The listing agent of the 8k deal that just closed called me earlier in the week to thank me for getting the deal closed so fast (it wasn't fast to me, but I guess he's used to things taking FOREVER). Anyway, I told him I am looking for more deals like that one (read: CHEAP), and to keep me in the loop. Well, it just so happens that one of the banks was about to make a ginormous price drop (like 30k) on one of his properties. It's a 3/2 that has been totally rehabbed. No kidding- everything is new. I called one of the cash buyers I picked up over the weekend (he called on one of my handwritten signs) and told him about the property. He is looking for rentals that don't need a whole lot of work, so I thought this would be perfect. He was out to look at the house within the hour (God, I love when people act fast), and he told me he would have a number for me by today at noon. My phone rang at 7:30 this morning, and it was him telling me he'll take it @ 75k-ish. I kind of took a gamble on this, because I don't have it under contract yet, but I got a good feeling about him, and didn't think he would go around me. And I was right. So, I'm waiting to hear back from the bank and see how low they'll go. It won't be a huge payday (hopefully 5k), but I don't care. Right now, I'm just trying to stockpile as much cash as I can, little by little, deal by deal. More important to me is the fact that I am starting to build relationships with some of the REO agents, and show them that I am not some Slim Shady jackass who runs around backing out of deals. I'm thinking long term here.

Yesterday I went to two REIA meetings, one during the day, and one at night. I made some really good contacts at both of them. One guy has some out of state cash buyers (California, I think) that are looking to pick up some cheap rentals (my specialty). Another investor is looking to pick some rentals up for herself.

Oh, and I think I might have found a buyer for that REO that the investor I met for coffee the other day just got under contract.

AND, remember Crazy Caroline? Well, I just hooked her up with a property that my short sale friend just got an acceptance on. I had him call her, though, because she hates me for some reason. Hehehe. Sneaky, sneaky. Hope she's not reading this. Just kidding Caroline- you aren't crazy. Or possessed by the devil. That was all a joke...

None of these deals are locked up yet, of course, but I figure if you throw a bunch of shit at the wall, some of it is going to stick. And if not, I'll just throw some more.

P.S.

Skypoint countdown: T-minus 7 days....

(Picture courtesy of my buddy Bruce) :)

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.

3/8/2008

Warning: This post contains curse words, including, but not limited to, F-bombs.

Well, we didn't close yesterday. I called the listing agent at around 1:30 to see what the hell was going on, but he didn't answer (SHOCKING), so I left a vm which he didn't respond to. You know, I understand that he's busy and all, so I came up with a solution that might help: HIRE A FUCKING ASSISTANT. It's not like I'm calling to ask him what color socks he's wearing, I'm trying to find out what the hell is going on with the deal that's supposed to close TODAY. The lady at the title company never called me back either, and I still haven't received a copy of the HUD that she promised she would have to me by Thursday. Pretty much everybody involved in this deal has their head up their ass (myself excluded). Oh, and the addendum is still "uploaded into the system, but not signed." Whatever the fuck that means. I guess the asset manager will get to it when she gets back from Tahiti, or wherever the hell she's been hiding. There's got to be some way to get these closings done at my title company. Maybe I could offer to pay all of the closing costs? It would be well worth it to me.

I will be thoroughly enjoying each and every 40-cents-on-the-dollar-offer that I'll be faxing out this weekend. I certainly don't feel bad about taking these guys to the cleaners.

On a lighter note, the Skypoint countdown has begun. I'll be moving in the weekend before April 1st, so, it's T-minus 3 weeks until the big day! Can't wait. You guys are gonna die when you see the view....

3/7/2008

These banks, they kill me.

Apparently, the asset manager for the bank, whose signature is needed on the addendum in order to close this deal today, is MIA. Disappeared into thin air. When I asked the lady at the title co. if she tried to call her, she told me she doesn't have a phone.

That's interesting.

Perhaps she communicates via Carrier Pigeon? Or, Maybe, The Pony Express? That would explain the 7-10 days it takes her to get anything signed/emailed/faxed, etc. It all makes perfect sense.

So......We continue to wait.

I'm irritated.

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.

2/13/2008

I FINALLY got the signed contract back from the bank yesterday. They just seem to have no sense of urgency whatsoever. Meanwhile, the listing was still on the mls as active, and I was freaking out thinking another offer was going to come in for higher than mine, and I would be screwed. I think I called the listing agent 50 times asking what the hell the hold up was. Seriously. Get your shit together, and get me the damn contract already. Sheesh.

I'm meeting my buyer this afternoon to get a deposit, and to have him sign an addendum adding him on to the contract. For some reason (because they are slow as molasses, probably), the bank wants the closing date on the contract to be March 18th. The listing agent said they will be able to close sooner, though. Not really sure what the deal is with that- I certainly hope it doesn't take them over a month to get the title work done. Wouldn't surprise me, though.

I just got an email today from JP over at Flippinghomes.com about Steve Cook's upcoming bootcamp. If any of you guys are looking for a fantastic opportunity to learn how to wholesale houses, I would highly recommend attending. I went last year to the 5 day event, and am most likely going again this year. Not only is the information top notch (and they don't harass you to buy more courses- AT ALL), but it is also a great networking opportunity. If you can swing it- go. You won't be disappointed.

Well, I'm off to make some more offers....

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.