Flip This Wholesaler

10/30/2008

Well, I'll be damned if one of my REO deals isn't closing tomorrow......ON TIME!! Holy shit- somebody pinch me! I didn't think it was possible. Of course, it's not actually closed yet, and I wouldn't be surprised if the house got sold off to another bank tomorrow morning- it could happen. (Wait- actually, it HAS happened - remember the pink house deal???) Or, my buyer could get struck by a random bolt of lightning on his way to the closing. Or, have a heart attack while sitting at the closing table (before signing the docs). It could happen.

I have another one that's supposed to close this coming up Monday (was supposed to close Monday of this week, but you know how that goes).

I got another one under contract Tuesday and sold it to my new California buyer. Yay! We met for dinner yesterday to get the contract signed and to discuss his plans to dominate the Tampa housing market and also to make me filthy rich. Teehee.

Let's see, what else?

Oh- I punched my computer today (really hard), and now it's even more messed up than it was after I spilled wine on the keyboard a few weeks ago. You see, I was trying to get the TWENTY FIVE PAGE offer package for the deal I just got under contract, printed, filled out, and FedExed to Countrywide before 6pm (last FedEx pick up). The first time I printed it out, signed and initialed everything, and then realized I signed in black ink instead of blue (Heaven forbid you sign in black!). So, I reprinted another 25 pages, and then realized I printed the package for the wrong address, and so then when I went to print another 25 pages, my printer ran out of ink and I had to haul ass to Target to get another ink cartridge and then when I went to print for the 4th time, a piece of paper got jammed in the printer, and then my computer just froze up, and I lost my temper and punched the keyboard as hard as I could.

And it felt GOOD, let me tell you.

I suppose I should invest in a punching bag or something, as I think it might be less expensive in the long run.....

And that's all I've got for now.

Dobryj vyechyer!

P.S.
I ended up getting to FedEx on time. Barely.

10/21/2008

Hi Everybody. Sorry for the lack of posting lately. It's been an interesting 2 weeks. I started getting some emails asking if I was dead or something, so I thought I would write a quick post to let you know that I am not dead.

In a nutshell.....

*The "Stacy" deal is still not closed. Actually it's supposed to close tomorrow but I still haven't figured out how that's going to happen. A miracle, perhaps. This deal officially takes the cake as the most horrible, awful, pain-in-my-ass-of a-deal I have ever done. Seriously, it just keeps dragging out, and just when I think it is going to work out....it doesn't. I HATE THIS DEAL WITH A BURNING PASSION. HATE. IT.

*I got two new REO deals under contract 2 Fridays ago and sold them both by the end of the weekend (still not sure how I pulled that off, but I did).

*May be getting another REO under contract tomorrow that I already have 2 buyers for. This will truly be a miracle if it works out as it was the easiest deal ever to get- just hanging out there on the mls waiting for someone to offer on it. "Pick Me! Pick Me!"

*Have had the most stressful month of my entire life. Well, except for last year at this time. I have gray hair now.

*I'm getting sick. This does not fit into my schedule so I am just going to pretend like I am not sick. I'll let you know how that works out.

*If you think there are no buyers out there, you need to pull yourself away from the TV and listen to someone who is out in the streets selling deals, right now, in this "crappy" market (that would be me). I went on a Ninja mission last week to find buyers. Put out 40 signs, and called every "for rent" sign in the city of Tampa. I am not kidding you when I say I have buyers lined up and waiting for me to find them deals. I am not blowing smoke up your ass, either. I swear to God, I have more buyers than I have houses to sell them, which is why I can not get sick right now. I NEED SOME MORE HOUSES! I have 10 to look at tomorrow, and I will be offering on every single one of them.

*I am getting a house from the bank for EIGHTEEN THOUSAND DOLLARS!! Can you believe that? I can not. It's in a crappy neighborhood, but only needs about 8k in work and will rent for $750. I had this house sold in one phone call. The guy I am selling it to says he wants to buy a house like this each week for the next year. He is a cash buyer. This makes me happy.

*I went to see the Rays game Sunday night and had seats right behind third base. Had a blast. I spent the last 15 minutes trying to post some pictures, but my computer is evil and will not let me, and I am all out of patience.

*Someone is blasting the Spice Girls from their balcony right now and I am about to go outside and assassinate them.

And, that's all she wrote.

Buenas nachos.

9/23/2008

I've been wondering what would happen if I got an REO under contract, and then never followed up (babysat) with the bank's title company or the listing agent like I normally do. I kinda figured it would go something something like this........









Yes, that's right- NOTHING happens!! Nada. The Deal From Hell was supposed to close a week ago today, and I have not heard 1 peep from either the listing agent, or the bank's title company. No extension of contract, no explanation of why we aren't closing on time....NOTHING. This, for once, is a good thing, because my buyer (who is a liar, btw), is still scrambling around trying to put the money together for the down payment (that she swore up and down to me 5 million times she had) on her hard money loan. I'm just really curious to see how this turns out. Technically, I could just call up the listing agent and the title company, and tell them I want my deposit back and am not interested in buying this property anymore. We are out of contract, after all.

The other deal that was supposed to close yesterday is still up in the air. Apparently there's still one lien hanging around that should have been wiped out in the foreclosure, but wasn't, so they may or may not have to start the whole process over again. Or something like that. This may or may not take a really long time. No one knows. No one cares. Well, except for me, because I like to get PAID. I got this property under contract in July, btw, and have a 5k deposit just sitting there at the title company, which makes me extra irritated.

I've got a whole mess of offers out there right now, so I'm fully expecting to get another one under contract by the end of this month. I'm making my offers lower and lower these days. Seems that a lot of the financial institutions are in a bit of a pickle right now, so I'd like to take full advantage of the situation. Hehe.

Have a fantastic Tuesday!

P.S.
I was looking through the recent sales on the mls last night, and saw a HUD property that was listed for 75k, and sold for 38k. Not bad, eh? You can't get deals like that, though, if you aren't making OFFERS!! So get on out there and make some offers, people!

P.P.S
I guarantee you right after I post this, I'll get a call from the listing agent of the Deal From Hell, telling me they want to close TODAY. Bastards.

9/10/2008

Well, it's official- I'm on vacation! I'm not technically leaving until tomorrow morning (not too excited about flying on September 11th), but I decided I wasn't going to make any more offers until I get back on Monday. It's tempting, though, as there are a few houses I have my eye on, but I don't want to be working while I'm back home, so I'll just wait until next week.

The two deals that I thought I was going to get, I ended up not getting. The one where the bank initially came down to 63k from 90k and then told me I had to resubmit my offer....well, when I resubmitted my offer, they only came down to 87k and wouldn't budge. WTF? And I even raised the earnest money from 1k to 2.5k! This is what I mean when I say that there is no rhyme or reason to what the banks do, and also why I LOVE low balling the shit out of them and taking them to the cleaners. They deserve it, as far as I'm concerned...... The other deal where I was in a bidding war with 3 other people, ended up turning into a bidding war with every wholesaler in Tampa, so I highly doubt I'm going to get it now. Can't wait to see how high it goes, though.

I've got one deal that is supposed to close on Tuesday, but I don't think the title company is going to be ready to close on time, and for once, I hope they aren't. In a nutshell, the hard money lender who is supposed to fund this deal, dropped the ball, and as a result, the inspection/appraisal has not even been done yet (should have been done last week), and I don't think there is a chance in hell that they will be able to fund it on Tuesday. This is partially my fault for not following up/babysitting like I should have been. Sometimes I forget that part of my job is to make sure other people are doing theirs.

Well, gotta run. I'll try to update at least once while I'm in beautiful, Middle of Nowhere Illinois...



It's not snowing there yet, is it?

9/3/2008

How in the heck are we back in the "er" months again? Geeze, this year has really flown by, has it not?

Well, let's see...the property I was talking about yesterday where I got the good counter from the bank...I ending up having to resubmit the offer because of something about it still being under auction terms, and now it's not. Or something. I don't question any of the bank's nonsensical procedures anymore, I just follow along like a good little sheeple, do what they tell me, and keep low-balling the living crap out of them. Hehe.

The buyer for the house I just got under contract called me late this afternoon (on the verge of hysteria) to let me know that while she was at the property with her contractor, she noticed that the back door had been kicked in . She is afraid someone is going to vandalize the house before closing, since the lock is now broken, and anyone can just meander on in there and steal appliances, and copper, and what have you . So...I'll go check it out tomorrow morning and see if I can McGuyver the door shut, although, I'm pretty sure that's the listing agent's responsibility?

In other news, I bought this movie over the weekend, and have not been able to get this song/scene out of my head. It's my new favorite. I think the Monkees sang it originally, and this version (well, the one that kicks in after they start kissing) is by Wreckless Eric... Me likey...

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.

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....

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.

1/05/2008

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!!!!