Flip This Wholesaler

3/26/2009

Remember California Guy? The one who took off in search of greener pastures a few months ago?

He had a problem with me making money on the deals I sold to him, and thought it would be easier to just go after the deals on the mls himself, rather than having me bring them to him on a silver platter. He never came right out and said it, but I could always tell that he viewed my profit as his loss.

I explained to him several times that it's a jungle out there in the world of REOs.... The good deals are gone in a matter of hours, and he would be better off letting someone else (me) do the legwork for him, so he could spend his time working on his rehabs, managing his rentals, taking his wife and 3 kids out to dinner, etc, etc.

He didn't want to listen.

He called yesterday (after 3 months) to see if I had anything available, and also to vent his frustrations with trying to get good deals off of the mls (he hasn't bought anything since the last deal I sold him, btw). The conversation went something like this...

California Guy: There's definitely something fishy going on with these REOs...

Me: What do you mean?

CG: I mean we've lost out on 6 deals in the last month.

Me: What do you mean "lost out"? (I knew full well what he meant, but asked anyway because sometimes it's fun to rub a little salt in the wound).

CG: I mean, every property we are interested in goes pending before we even have a chance to go out and look at it, and when we do manage to get our offer in, we never get the deal- even when we offer over list price.

Voice Inside My Head: HaHa motherfucker- I told you so.

Me: Welcome to my world. I told you it ain't easy.

CG: Send us anything you get from now on..

**************************************************

So, anyway, these guys have a million or so bucks and are looking to spend it in the Tampa market, and, after spending 3 months chasing after deals on the mls, have thrown in the towel, and are ready to swallow their pride, and let me find the deals for them. Again.

We'll see what happens.

Adios, amigos!

3/5/09

It's going to be a good month.

I got another deal signed with Lee on Tuesday. It will be a small payday, but I have roughly 1 hour of work (went to look at the house, and then made one phone call) into the deal, so I'll take the money and run.

I've been keeping up with my crazy low offers. I'm looking for a grand slam here in the very near future. My plan is to JV on deals with a few of my wholesaler friends for the smaller profits, and only take on my own deals if the spread is huge. I learned my lesson on the house I lost money on.... No more skinny deals for me.

Joelle from Moxie Design Studios finally contacted me this week and is ready to start working on my new site, so I've been busy getting all of my ideas together and trying to get a better idea of how I want it to look. I'm really excited to give this blog a face lift.

I'm on a mission this week to find a few new buyers, so I'm heading out today to harass some landlords and do some investigative work. I've got a nice, healthy list of the recent cash sales from the mls, and will be paying a visit to some of these investors today. :)

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

Adiós amigos!

3/3/2009

I'm seriously ready to do some damage this month!

Since my trip to CR, I feel refreshed, motivated, and ready to knock this year out of the ballpark.

Being a student of Steve Cook, one of things that he really pushes all of us to do is to have a vision of what we want our lives to look like. He encourages us to work diligently on our vision, and has been telling me for the last year, that once I get clear on exactly what I want my life to look like, things will just start to fall into place. One of my challenges that I set for myself to accomplish before our next Flip Vips retreat in April, was to really work on my vision, because up until recently, I had kind of blown this off. I've been spending a lot of time this year writing out my goals, and I can tell you it makes a huge difference when you get it all out on paper and start to really focus on what it is that you want. It's much easier to get where you want to be if you know exactly where you're going, you know? I know that may sound cliché , but it's true. For the last month or so, I've been working on my vision- short term and long term, and I've been forcing myself to review my goals first thing in the morning, and right before I go to bed. I've tried to do this before, but it usually only lasts a week or so, and then I stop doing it. This time (with the help of an accountability partner), I've managed to stick to it every single day, and it has already made a HUGE impact on my focus and productivity. I haven't ever felt this focused and in control. Ever. Needless to say, it's a really good feeling..

On to real estate...

The deal that I got under contract right before I left for CR is officially sold. Lee got the contract and deposit locked up yesterday afternoon. I think he ended up selling it for 31k, and I have it under contract for 22k, so that is good news.

Yesterday I went and looked at 5 houses, but didn't get a chance to put any offers in, so that's what I'll be doing as soon as I'm done writing this post. After that, I'm heading out to look at 3 more houses that I'll be offering on later today, and am also going to put some signs out for a few properties that my buddies have under contract. Need to get my phone ringing again.

That's about all I've got for now. I've got a busy day ahead of me, so I gotta run....

P.S.
Jessi- good luck with your deal today. :)

2/4/2009

Well, I took my Dad to the airport this morning, and now I am ready to get back to work. I haven't made a single offer in NINE DAYS, and I am starting to go through withdrawal. I'm not kidding.

I don't think I mentioned it in my last post, but I closed my first deal of '09 last week. I have another one closing today that I am working with my wholesaler friend, Lee, and then there is the duplex that should have closed last week... they are waiting on a payoff on some sort of lien, or something like that, so who knows when that one will close. Oh, and then there is the deal I'm going to lose money on, which I don't really want to talk about right now. Except to say that it would be really nice if the title company (Watson, who SUCKS) was not ready to close on the 10th, so I could cancel my contract and get my deposit back. That would be awesome, but I'm sure this will be the one time in a million that they are actually ready to close on schedule. Bastards.

Since I don't have any other deals of my own to sell right now, I called my buddy Lee (the one I am closing the deal with today), to see what he has available. I don't think there is a wholesaler in Tampa who does more volume than him, so I always go to him when I don't have any of my own deals to sell. I'll be marketing the living hell out of a few of his deals over the next couple of days, which will get my phone ringing again, and get me back into the swing of things, and hopefully make me some easy cashola.

Over and Out!

P.S.
If you went to Denny's yesterday for their free breakfast and didn't tip your server, you are an asshole.

12/8/2008

Well, what can I say? Phoenix was AWESOME. I can't even tell you how lucky I am to be a part of the mastermind group that I am in. There is an amazing cast of characters that belong to it, and I have learned so much from all of them already. We crammed so much into the 3 days we were there, and I left feeling more motivated and positive than I have in a really long time. I set some new goals for myself to achieve before our next get-together, and let me just tell you, the consequence for not achieving them is something that I can not let happen..... So, needless to say, I've got some work to do over the next few months..

I ended up getting another offer accepted while I was in Phoenix (right after I landed, actually). I already had a buyer lined up for this while I was countering with the bank, so that's good news.

I have another REO-title-company-disaster in the works right now. (Yaaay!) So that makes two. Both deals are supposed to close on the 19th of this month. One of them is the one that was supposed to close last month where they forgot to get the addendum signed. The other is one I got accepted about a month ago, and the bank's title company lost the file or something, and no one knows what the hell is going on, and no one really cares, either- well, except for me and my buyer. That's pretty much the status of the other one, too. I am SO, SO, SO, SO, SO, SO, SICK of dealing with these incompetent, effing, morons. Seriously, I am just FED. UP. It's like I have to do the job of 4 other people if I want to get a deal to close in a somewhat reasonable amount of time. It's so frustrating. I probably spent 3 hours on the phone today trying to get in contact with someone who knew what the heck was going on, and I still got nowhere.

The one that I got accepted in Phoenix is also supposed to close on the 19th, but I highly doubt they will be able to pull it off. It would be nice to close all 3 in one day, and then a few days later head home for Christmas. Is that too much to ask, I wonder?? Can I request a Christmas Miracle??? Please?

I have a few other offers out there that I might be getting accepted this week, and then I still have to sell the one that I got accepted the day before I left. I have an entire 30 days to sell that one, and I'm making at least 10k on it, come hell or high freaking water.

And now I'm off to bed.

Adios.

12/2/2008

So, I was supposed to have a closing today. Everything was ready to go- the bank's title company sent the HUD and title commitment out yesterday, and we were all set to close today. 2pm I get to my title company. My buyer is there with his cashier's check in hand. Sweet.

And then I get the news that my title company just received an email from the bank's title company, and OOPS, they aren't really ready to close after all.

Apparently they forgot to get the bank to sign the addendum which changes the buyer's name on the contract from my personal name to one of my LLCs.

Oopsie!

The addendum is probably buried underneath a ham sandwich on someone's desk somewhere...

Who knows how long it will take them to get it signed and prepare a new title commitment and get the new HUD ready. This could take weeks. Months even. And the not funny part about it is I specifically remember thinking to myself when I drew up that addendum (3 weeks ago), that I better make sure to follow up/babysit with the closing agent to make sure it got signed. Of course, I forgot.

This is what happens when you don't babysit your deal every step of the way. You can never assume that people are actually going to DO THEIR JOB CORRECTLY, because it rarely ever happens.

And then there's the deal that just fell apart yesterday. The one that was supposed to close in 2 weeks, and now, 2 months later the lien search is still not in. I'm not even kidding. How can it possibly take 2 freaking months to get a lien search back?

Anybody?

The buyer for this deal already had a tenant lined up for this house, and they had to find a new place by yesterday because their lease was up on their other house. They ended up having to move elsewhere, and my buyer got sick of waiting and pulled the plug. I am out of contract with the bank on this deal, and also out of contract with my buyer, so we will both get our deposits back, but there goes 5 grand right out the window thanks again to the stupid ass banks and their stupid ass, incompetent title companies.

So, yeah, I'm kind of frustrated at the moment..

Well, at least I have Phoenix to look forward to this weekend. Woohoo!

Peace out, homeys.

11/26/2008

Well, it looks like out of the 4 deals that are supposed to close this week, not a single one is going to close on time. Dang. Should have kept my big mouth shut, huh? All four are being held up by the banks and/or their title companies. I have a feeling that one of them is not going to close at all. This is a deal that I am working with another wholesaler, and together, we are cursed. Every single deal we work on together ends up falling apart for one reason or another. It's the strangest thing. He was involved in the Shady deal, and we have worked on 4 or 5 deals since then, and none of them have panned out. This one was supposed to close Monday, but we do not have clear title yet, and I have a sneaking suspicion that there is going to be some sort of title problem that can't be resolved easily/quickly. Just a hunch I have, and have had it since the day we signed the contract. The buyer is a cash buyer and really wants the house, so there are no worries on that end. Which is good, provided we can get clear title.

Apparently everyone in the industry is taking this week off except me......I can't get a phone call returned to save my life. I called 4 realtors yesterday for lock box codes, and as of this morning, have not heard back from any of them. I got in the houses anyway, but that's beside the point. Hehe.

That's all I've got for today.

Happy Turkey Eve!

11/24/2008

Guess what I got on Friday?

One of these.....



My old Blackberry was just about to kick the bucket, and I was due for an upgrade, so I went ahead and got it. I got the very last one in the store, and while I was sitting there having it programmed, at least 5 people came in to see if they had any left because all of the other stores were out too. Hehehehe. That kind of stuff never happens to me, and I'd be lying if I said I didn't take a little bit of pleasure in getting the last one.

So, I spent a good part of the weekend figuring my new gadget out. It took me about 25 minutes (seriously) to compose my first text, and I came very close to chucking the thing at the wall, but it is getting easier the more I use it. It has all kinds of cool stuff on it (GPS- yaaay!), but I still haven't figured even half of it out...

On to real estate....

If all of my deals close on time (they won't), I will have a record month this month. I've closed two already, and have 4 more (can you believe it?), that are supposed to close this week. Six deals in one month. I never thought I'd see the day!

I sold the deal I was talking about in my last post in one day, and while I was marketing that deal (handwritten signs), I found two new cash buyers. Love those signs.

I went out and looked at about 10 houses this weekend, and have a bunch of offers to make today and a bunch more houses to look at.

I don't plan on slowing down at all like I have in the past when things are going well. Not this time. I'm going to kick some serious REO ass, people. Seriously. Kick. Some. Ass.

Roger Dodger. 10-4, over and out.

P.S.
Happy Almost Thanksgiving!

11/17/2008

Well, guess what? I got another one under contract today! I put the offer in on this one 10 days ago, and they finally got back to me today. My offer was 20k, and they countered at $23,500, which I accepted. This house is a 3/1 that needs no work at all (except the air condenser has been stolen), and will rent for $750-ish. Can you believe that? I actually don't have a buyer lined up for once, but I have 30 days to close (I offered to close in 7 days knowing full well that there's no chance in hell of that happening, but it makes my offer look better, so that's what I do sometimes. Hehe. Tricks of the trade).

I spent the weekend looking at houses and making offers. I have 12 offers in right now, and have a feeling I'm going to get at least one of them accepted. I found this buyer who likes the really crappy stuff that needs a lot of work, so I offered on a bunch of crap that I normally don't go after. I don't have a lot of competition on houses like this (everyone wants concrete block houses that don't need a lot of work), so I think I have a shot at getting one of these pieces of junk. I'm also offering 2k deposits, no contingencies, and a 7 day close, so that helps. :) You're probably thinking, "But what happens if they all get accepted?" Well, if they all get accepted, I will be jumping up and down, because I am offering so low that there's no way I wouldn't be able to sell them for a tidy little profit. It would be kind of stressful, but I'm used to that by now. ...I'm told that fortune favors the bold. Sign me up, please.

What else?

I'm going to be doing some traveling next month..... The Flip Vips mentoring group that I belong to is having a retreat in Phoenix the first weekend of December, which I'm really looking forward to. All of the members of the group picked a goal to achieve by the time of the retreat, and then the rest of the group picked the consequence if the goal is not reached. I guess I better get my ass in gear, or I am going to be doing a lot of walking when I get back... My consequence for not achieving my goal is that I have to donate my car to charity. Thanks guys. I guess it's better than having to walk around in a Speedo that's two sizes to small. (Yes, that is one of the consequences). Heeeheehee.

I'm also heading to St. Louis for Christmas to see my sis. It will be my nephew's first Christmas, and I don't want to miss it.

So, that's what I've got cookin'.

Adiós

P.S.
This is what you can get for 23.5k in the Tampa market nowadays...

11/14/2008

Well, I closed deal #1 today with California Guy (yay!). We have another one that should be closing in 2 weeks. He was flying out to CA right after the closing to meet with his financial backer, and as he was leaving he asked me to have 10 properties lined up for him when he gets back next week. Sweeeeeet. Once he gets these first two houses rehabbed (shouldn't take too long), the money guy is going to fly in from CA for a grand tour. I can't wait to meet this guy. We spoke twice on the phone and hit it off quite well, so I'm looking forward to sitting down with him in person when he gets here. Also, I'm looking forward to putting his million dollars to work. Hehehe.

In other, non-real estate related news......I got a new haircut yesterday. I spent about 4 hours online looking for the perfect haircut, and then I finally found it and printed it out. And then I forgot the picture at home so I had to try and explain it to my hair dresser, and as it turns out, I am not that good at explaining. So, instead of looking like Katie Holmes in this picture:

I ended up looking like George Washington in this picture:

No kidding- my head looks like a giant mushroom. Sweet.

Ahh well... it will grow back eventually...

Have a fantastic weekend, y'all!


P.S.
Check out my interview over at Clifford's new site..

P.P.S.
If any of you guys ever have questions about wholesaling REOs, please feel free to post them in the comments section, and I will be happy to answer them. I am getting a ton of emails, and am having a hard time keeping up..... many of you guys have similar questions, so I think it would benefit everyone if they were posted here as opposed to private emails. I will still answer your emails, but it may take me awhile.... I am working on a new website that will have a FAQ section, and am tossing around the idea of an REO discussion forum. It's still a work in progress, but I'm getting there...

11/11/2008

Sorry for not posting much lately........ things have really picked up for me in the last month, and I have have been swamped. I've been going at it full speed ahead, and the results I am getting are well worth the hard work I'm putting in...... I've closed 2 deals in the last 2 weeks, and have 4 more scheduled to close in the next 30 days!

I've been making offers like crazy, and also marketing like crazy for new buyers. I put out 25 signs on Saturday and 25 more today. My phone has been ringing off the hook, and I have found several new buyers as a result.

Today I went and looked at 7 houses while I was putting signs out. I also compiled a list of 23 numbers to call from "for rent" signs I passed while I was en route to the 7 houses (see how I killed 3 birds with one stone?). I will make those calls first thing tomorrow morning.

I have seriously struck gold with the new buyers I've found over the last few weeks. I have 3 cash investors who call me every day to see if I have any new deals, and these guys are serious investors who are buying right now, and want to buy lots and lots o' houses, and they have the money to do so. I know that there are many more buyers out there like these guys, so I am marketing my ass off to find them.

There is no stopping me at this point.

I am going to kick this market's ass and take lots of names while I'm at it...

Gute Nacht!

P.S.
Happy Veterans Day!

11/4/2008

Well, people, I am on a serious roll here!

The closing I had on Friday went off without a hitch, and then I closed another yesterday. I sent the listing agent an email yesterday after the closing to let him know everything was signed and funded, and he sent an email back saying, "Let's do more!" Yay! Music to my ears. This is deal #5 that I've closed with this particular agent, and I think it's safe to say he likes me. Can't say I blame him. Teeheehee.

I got another one under contract today. Well, actually it's a deal a friend of mine has, and one of my buyers is going to buy it, so we're splitting the deal 50/50. I have another one like this that is supposed to close later this month. I also have the two that I sold to California Guy that are supposed to close this month. That makes 4, but I'm just going to go ahead and assume that all of them will blow up, and I'm just going to continue to make offers and do deals and make more offers and do more deals....

I put out 25 signs over the weekend and found a new cash buyer. I'm telling you guys, there are buyers coming out of the woodwork looking to buy cheap houses in this market. I'm getting deals in the teens and twenties, and they cash flow all day long. One of the buyers I just found who called on one of my signs (the guy who is buying the house from my friend), said that he has been waiting on a buying opportunity like this since 1992, which is when he went on his last spending spree, and was able to pick up homes in the teens and twenties. He has called me once a day, every day since I first spoke with him (2 weekends ago), and he is chomping at the bit to buy up some bargains.

This market is like a dream come true for me. I'm not kidding. My competition is thinning as the days go by, and the deals just keep getting better and better. I hope it stays this way for the next two years, because I am going to go full speed ahead and make some serious cashola. Once I do that, if the market is still in the dumpster (which I hope it is), I'd like to buy a few dirt cheap homes for cash, and then rent them out. It wouldn't take me too many free and clear homes to be able to pay my monthly expenses. I never thought I'd hear myself say that I wanted to own a rental again, but if I can pick them up for 10-15k (or less), and I have the cash to do it, I think I would be stupid not to.

So, that's the plan for now, anyway.

Adios, Amigos!



P.S.

I'd really like to throw in a political jab or two, but I've decided to spare you. I think we've all had enough.

You're welcome. ;o)

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.

10/26/2008

Geeze, sorry for not posting very often lately- I've been a busy little bee....

*The "Stacy" deal closed last Thursday. Yay! Guess how much I made? Go on, guess..... Give up? Well, my 7k payday turned into a whopping ONE HUNDRED AND ONE DOLLARS AND FIFTY CENTS ($101.50)!!! HAHAHAHAHAHAHA!! Hilarious, ain't it? Long story short (and then I don't ever want to talk about this stupid deal again), the buyer couldn't get his financing ready in time, so I found a buyer to basically bail me out of the deal for my contract price + $500- closing costs, which left me with a little over a hundred bucks. The original buyer's hard money "should" be ready to go this week, so the guy that bought it from me is going to sell it to my original buyer, and we're going to split the profits. I have no faith whatsoever in that actually happening, and I have officially written this deal off. If it actually ends up working out, it will be like bonus money, because I'm certainly not counting on it. The only good thing to come out of this whole debacle is that the deal actually did get to closing and I didn't look like a total moron like I would have had it not closed. After harassing the title company and listing agent for 3 months, it would have been really not-good for me to not close. Also, this broker has about 9 million listings, and is one of the last people I would want to piss off.

* I got another REO under contract last week, found a buyer for it the next day, and just met him this afternoon to sign the contract and get a deposit. So, now I've got 3 under contract, and will find out tomorrow about another 2 that I have offers on.

* I hit the freaking mother load with the buyer that I just met this afternoon. He was referred to me by one of my other buyers a few weeks ago. She told me that he owns a bunch of properties, but has been out of the game for several years, and now he wants to start buying again. She told me he has a money partner in CA that wants to spend a million dollars on single family houses in Tampa. When she told me this, I almost busted out laughing on the phone because I have heard this exact same story about five thousand times over the last year. It always turns out to be a bunch of bullshit, so I don't even get excited anymore. Well, anyway, she told me she was going to give him my number (the guy in Tampa, not the guy in CA), and that I should expect a call from him. He ended up calling me earlier this week, and he told me the same story about this guy in CA (who is his Dad's best friend that he has known his whole life and who is a multi-gazillionaire looking to invest in real estate now that the market has crashed). I gave him the address of one of the properties I was about to get under contract, and he called me back at the end of the day to tell me he would take it. At this point, I still thought he was full of shit, which I kind of think he picked up on, because he told me that he wanted me to call his money guy in CA and talk to him myself. Which I did. Twice. And as it turns out, this guy is the real deal, and this is the opportunity that I've been waiting for to come a' knockin on my door. So, I met the guy today to sign the contract and get his deposit, and we talked for awhile, and he is ready to go gangbusters buying houses, and he wants me to keep sending him deals until the cows come home. This is good news, people. This is really good news.

Gotta run.

¡Adios Amigos!

10/7/2008

Well, apparently, sending an addendum to the bank telling them you want 5k off the purchase price because you are tired of waiting on their slow-ass title company...is quite effective. Not so much effective in the way of actually getting a 5k discount, but effective in the way of getting the title company to FINALLY get everything wrapped up and ready to go. Amazing, isn't it? Also amazing, is the fact that I sent the addendum over to the listing agent on Friday afternoon, and then, like magic, they had the deed package at the title company on Monday morning. No joke. Usually it takes Litton at least five and a half years to get the deed signed and back to the title company once they get clear title. Seriously- it's like pulling teeth. So, anyway, after close to 3 months, I got the call from "Stacy" this afternoon telling me she finally got all of the documentation she needed, and we are now clear to close. I have not heard back yet as to whether the buyer will be ready to go Friday (that's when the bank wants to close), but he should be. I will worry about that tomorrow. For now, I'm just happy we have clear title and don't have to wait on "Stacy" any longer. Also, if the buyer's lender is not ready, I have access to the cash (not mine) to close this, so I am not really that worried about it. Well, I kind of am, but then I worry about pretty much everything.

I am still waiting to hear back about one of the offers I made last week and got a counter on. The bank is at 36k and I'm at 32k, and I'm not going any higher. At this point, I'm pretty sure that the agent is playing games with me and is just waiting around for more offers, but I'm not positive of that. I think I already have a buyer at 39k (maybe), so it would be nice to get this locked up tomorrow.

That's about all for now.

Peace out, homeys.

P.S.
"Stacy" is actually a really nice lady, and I take back calling her an asshole last week.

P.P.S.
Leigh, if you're reading this, thanks for listening to me vent. I appreciate it, and I took your advice, and you were right- things are looking up. Knock on wood...

10/5/2008

Well, they say that when it rains, it pours, and I gotta tell ya, there's a friggin' monsoon following me around lately. I can't really come up with an explanation of why everything is going wrong all at once right now. I don't remember breaking any mirrors lately or anything like that. Perhaps it happened while I was sleepwalking? Maybe, while I was sleepwalking, I broke a mirror after seeing a black cat run in front of me while I was opening an umbrella indoors and walking under a ladder with it. That makes sense.

Anyway, no new news on the "Stacy" deal. Well, except that the buyer's private money guy said he will only wait 2 more weeks and then he is pulling the plug. So, there's that extra bit of added stress to deal with, which is AWESOME. I sent in an addendum on Friday requesting that they lower the purchase price from 50k to 45k. I haven't heard back yet from the listing agent as to whether or not they are going to sign it, but I figured it was worth a shot. Of course we have to actually get clear title before any of that would even matter anyway, and I don't see that happening anytime in the near future, so, oh well.

I got an offer accepted Friday (yay!), and the numbers were really, really, good. This got me to thinking that perhaps I missed something when I went to check the house out. So, yesterday, after I almost ran out of gas in the hood, and then went to get money at an ATM machine at the gas station, and the machine ate my money and wouldn't give it back (seriously) ..... after that, I decided to drive on over to my new "deal" just to check it out again, because something was telling me that this deal was just too good to be sitting on the market at this price for more than a day or two. So I get there and check out the inside, and then go out back, and see this for the first time:



Yaaay- a sinkhole!! Woohoo!

I suppose I could look on the bright side of this, which is that I was about to blanket the area with 30 or so handwritten signs, and that would have sucked. Also, sending investors to a house without telling them it may or may not be swallowed into the Earth by the time they get there, would make me look like a complete ass. How do you like that for positive thinking?

Oh, I also got a counter on Friday on a house listed for 52k, I offered 30k, and they came back at 36k. This could be good, but the house is in pretty bad shape, so I'm not sure what I'm going to do. I'm going to bring my friend Dave by there later today to get his opinion on it. I think I probably need to get it in the low 30's (if you can believe that- it's a 4/2 concrete block home), but I'm not sure. I need a second opinion. I've closed several deals with this listing agent, and he seems to put in a good word for me to the asset managers, because I always get really good counters on his properties.......so, I want to be extra sure I can get this deal closed before I put it under contract.

And, that's all I've got, folks.

Let's hope this week brings some good news.

10/1/2008

I got sick of waiting to hear from the people at the bank's title company about what was going on with my deal that was supposed to close last week, so, yesterday I decided to call them every single hour on the hour until I got a straight answer. This strategy turned out to be quite effective, and I finally got through to the attorney who has been blowing me off for several weeks now, and who I started referring to as "Air Quotes Stacey", due to the fact that I sincerely started to question whether or not she actually existed.... Every single time I called/emailed she was out of the office, on the other line, in a meeting, painting her toenails, eating lunch, etc.. The thought crossed my mind that maybe "Stacy" was code for something over at The Law Offices of Bakalar & Topouzis...something like: "You're screwed and your deal ain't never gonna close, so STOP CALLING OUR OFFICE EVERY DAMN DAY!" Or something along those lines. So, anyway "Stacy" explained what the hold up was and said they are just waiting on some documentation from another attorney, and should have what they need by Friday. I have no faith in that actually happening, but you never know. Maybe the REO gods will throw me a bone on this one.

What else? I just got a counter on one of my offers from yesterday. Listed at 100k, I offered 60k, and they came down to 80k right off the bat. That's a good sign....

And that's all for now, folks...

P.S.
I forgot to say that I told the listing agent I want a lower price if this goes past the 15th of this month. She didn't seem to have a problem with that, and I don't think the bank will either, particularly since I put this under contract in JULY. Another wholesaler told me about this little trick, and has made lots o' money using it. :)

9/29/2008

Today was not good.

Mrs. Hancock decided to stop taking my calls, the bank will not give me another extension, and we are supposed to close tomorrow. Good times.

The other deal that was supposed to close a week ago is probably never going to get to closing. The assholes at the bank's title company will not return phone calls, and no one knows what is going on from one day to the next . Same old story. Blah, blah blah, I want to head down to Ft. Lauderdale with a bat...blah, blah, blah. You've heard it all before.

Oh, and I'm writing this post from one of the computers on the 8th floor of Skypoint, because my computer is FRIED!

AWESOME!

P.S.
No- I did not back up my files, and yes, they are all gone. Woohoo!

9/26/2008

Just as I suspected, I got a call from Mrs. Hancock yesterday afternoon telling me that she only has half of the money she needs to give the hard money lender to bring her other loan current. This is after she swore to me that she had the money and would bring it in first thing yesterday. She goes on to say that she will for sure, for real this time, have it today (yeah, right). I just got off the phone with her, and now she is telling me she won't have it until Monday. Too bad we have to close Tuesday, Mrs. Hancock. This lady is a real piece of work, let me tell you. When I initially signed the contract with this lying idiot, she told me she had 20k cash saved up for a down payment. That quickly turned into "well, I don't actually have the 20k- my uncle does" and that turned into "my uncle is out of town and I don't know if I can get the money," and then "my uncle lost the money in a bad business deal, but I'm sure my sister will loan me the money." And, as it turns out, this lady doesn't even have a dime to her name and is already behind on a loan with this lender, who, now that I think about it, probably has no intention of writing her another loan and is just trying to get her to pay what she owes on the other one (which, by the way is $3200- up from the $700 she told me yesterday). I can't imagine anyone being dumb enough to loan this lady any more money when it's obvious that she's broke.

Oh, and then the absolute best part of our conversation today (and I saw this coming a mile away), was when she asked me if I would put up the rest of the money to bring her loan current! HAHAHAHAHAHAHAHAHAHAHAHA!! Honestly, I had to put the phone down for about 10 seconds and find my happy place, because I was so close to blurting out "ARE YOU FUCKING KIDDING ME LADY?" and hanging up on her. Seriously, can you even imagine the nerve? Who does she think I am- the United States government? (zing!).

Well, I'm off to go look at some houses.

Have a fantastic weekend!!

P.S.
20 days until Steve's boot camp- be there or be square!

9/25/2008

Well, the Deal From Hell continues to live up to it's name... The buyer finally got the money together for the down payment, and everything looked like it was good to go. I spoke to the lady doing the loan at around 3:30 on Tuesday and she said we should be able to close in a few days. I still had not heard from the bank's title company at this point, and I figured I would wait a day or so before I started pushing them to close, because I have learned that "I can get it done in a few days" is loan officer-speak for " I'll get it done whenever I get around to it, and if you try and call me to find out how things are progressing, I will ignore you until you rip all of your hair out of your head in frustration"..... So, anyway, a few hours after I spoke to the loan lady, I get a call from the buyer telling me she had bad news. Apparently, she has another loan with this same lender, and is way late on her payment this month, so they decided to not do the loan after all.

ARE YOU EFFING KIDDING ME??

The buyer, of course, has some BS story about why she hasn't made the payment yet, and says she is going to go in and speak to the lender first thing in the morning and see if he will still do the loan. I give this about a .0000001 percent chance of happening.

Yesterday morning, I finally get an email from the listing agent telling me that the bank is ready to close. AWESOME. I figured I would give them a taste of their own medicine, and I just ignored the emails, and also shut my phone off for most of the day. We are out of contract anyway, and no one has bothered to even call me or email me up to this point to let me know what is going on, so screw it. Once I turned my phone back on, there was a message from the buyer telling me that she has good news, and they are going to do the loan for her after all. So, I call the loan lady up for the 75th time to ask her what is going on, and she tells me that they will do the loan if the buyer brings in a cashier's check in the morning for the payment she is late on. I called the buyer back and asked her at least 100 times "Mrs. Hancock, ARE YOU SURE you can make that payment tomorrow? ARE YOU SURE? ARE YOU SURE YOU'RE SURE? And, of course, she swears to me up and down that she will be in first thing in the morning with a cashier's check to make the loan current.

Shortly after that, I called the listing agent to ask for an extension until the 30th (next Tuesday). She wasn't too happy about it, but they were the ones who couldn't close on time, so they don't have much of a choice.

And, there you have it. That's where we're at with The Deal From Hell. I am expecting a call any second now from the buyer telling me that something went awry.....or from the lender telling me that they changed their mind again and aren't going to do the loan.....or from the listing agent telling me the bank won't sign the extension and they want to close today.

The other deal that was supposed to close Monday, is still in limbo. I guess they finally got in touch with the attorney who handled the foreclosure on the property, and they are trying to get the one remaining lien taken care of. Or something like that.

Hopefully at least one of these deals will get to closing by the end of the month. I'm not holding my breath, though.

Ahhhh, the glamorous life of a wholesaler...