Flip This Wholesaler

5/14/2009

Well, it looks like one of the deals with DB (the one where I'm making the most money), is going to close later today, or first thing in the morning. We are just waiting on a final HUD from the bank's title company. They screwed up the commission on the first HUD, so now we have to wait for them to fix it. Normally this would only take an hour or so, but we're dealing with Watson Title here, so you know how that goes. If they don't have it done by the end of the day, they will be hearing from me bright and early tomorrow..

The lien search finally came back on the other DB deal, and it looks like that one is going to close Monday or Tuesday. DB already has a contractor lined up for this property (I know this because the contractor also does work for a rehabber friend of mine, and he told him he was going to be doing the rehab on this house). So that's good.

I may be getting another JV deal signed up with Lee today. Hopefully. I'm still negotiating with my buyer (McHotterson), but I'm pretty sure he is going to take it. I'm just waiting on his call...

I also found a new buyer today (he called on one of my signs) who is looking to park his cash into some cheap rentals, so I'm going to be meeting with him this weekend to get a better idea of what he's looking for.

So, anywho, things are going pretty well over here...

Gotta run. Later alligators!

P.S.
Happy Birthday Brett!

P.P.S
In case you missed the REO Rockstar webinar last night (or in case you couldn't hear what was being said because of all of the background noise on the line), Lee is doing another one tonight @ 9pm).

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.

5/12/2008

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?

5/8/2007

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.

4/3/2008

So, I'm finally situated in my new place. I still have a few odds and ends that I need to take care of, but for the most part, everything is done. I've been running around like a crazy person all week trying to get everything in order. I haven't even had a chance to do any work, make any offers, etc, but tomorrow I'm back at it.

Tuesday I met the guy who's buying my latest REO deal. We met at Starbucks (the original plan was to meet at Panera, but after one look at the parking lot, we decided on Starbucks instead). I'd rather saw my arm off with a rusty butter knife than wait in a line that long to eat. Anyway, we met and signed the contract and chatted for awhile. 15 minutes into the conversation, he said something that made me drool on myself a little bit. I think his exact words were "I plan on buying 10 more properties like this one this year- do you think you could help me find them?" SCORE!! Hell yes I can. I don't know what's going on, but I seem to be a cash buyer magnet lately. Bring it on..

As it stands, I've got 2 closings next week, one on Thursday, one Friday. Both are simultaneous closes, which I've been stressing out about since I've never done one before. I went into my title company today to talk to the lady working my deals, just to make myself feel better. She pretty much set my mind at ease, but I'll probably be a nervous wreck anyway until they close.

Oh, I finally got a new computer!! As much as I wanted the pink Dell laptop, I couldn't bring myself to spend the money (2007 turned me into a penny pincher), so I went on Craigslist and found a Dell laptop for $400, which I ended up getting for $350.00! I was thinking of wholesaling it for some quick cash (hehehe), but decided to keep it instead. It works like a champ. I need to hunt that Craig down and take him out for a drink...

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) :)

3/18/2008

Still waiting to see if this buyer is going to get approved for hard money. It looks good, but you never know. If not, there's another guy who also wants it, so we'll see. I hate waiting. Cash buyers are so much easier to deal with.

Speaking of cash buyers, I found another one yesterday. He called on one of my signs that I put out over the weekend. He's a landlord looking to pick up some cheap rentals. My favorite kind of buyer, by far.

The other cash investor that I hunted down last week called me yesterday to see if I wanted to meet at Starbucks for coffee (that's always a no-brainer question for me). Apparently he wants to start wholesaling, too, and wants me to help him sell some of his properties. Not really how I wanted things to go, but that's OK. The more the merrier. He just picked up an REO before it hit the mls (the listing agent called him first because she knows he closes his deals) for $32,000. He's going to try and wholesale it for $59,900 , which he shouldn't have any problem doing (that's almost 28k, in case you don't have a calculator handy). It's a 3/2 1100 sf house that only needs 10-15k. Probably worth 120k-ish.

I need to get me a 28k deal. Then go on a nice vacation...

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....

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.

1/23/2008

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.

1/17/2007

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.

1/16/2008

REO #2 is officially under contract!! I got the call yesterday. I sent it to one of my buyers last night who I know likes this area, and he just called and told me he's going to check it out right now and will probably take it.
SWEET!!

I'll update later, hopefully with news of a signed contract!

Look out 2008, here I come.....