Flip This Wholesaler

6/22/2009

So, I spent the weekend working on an ebook that I intend to have ready shortly after my new blog is up and running (which should be the middle of next month). Initially, it was going to focus on building a buyers list for wholesale deals, but once I started writing it, I found that there was a lot more information that I wanted to put in the book.

I probably get 100 emails every week from readers of this blog, as well as readers of the REI forums that I participate on (Flippinghomes.com, BiggerPockets.com, REIClub.com). Most of the emails are questions about the process/mechanics of flipping REO properties, building a buyers lists, how to get started, etc. On average, I probably spend 2 hours/day answering emails, and after a year or so of doing this, I feel like I have a pretty good grasp of the questions most beginning investors have when it comes to getting started wholesaling REOs.

Over the weekend, I went through all of my old emails and private messages from the forums, and came up with a ginormous list of questions that I have been asked over the last few years. I plan to address all of these questions in the the ebook (and then some), but I also wanted to get some feedback from you guys to see if there's anything I missed.

What are the questions that you want to have answered? What are you most confused about when it comes to the process of wholesaling REOs? If you've already bought a course that teaches you how to flip REOs, was there something missing that you wish was included in the course?

I'm going to post the list of questions that I came up with (it's kind of long). If there's something I missed, please let me know. I would appreciate your feedback..

(1) What is an REO?

(2) Where do you find REOs?

(3) Do I need access to the mls if I want to wholesale REOs?

(4) How can I get access to the mls?

(5) How do you know which properties are REOs?

(6) How can I search for REOs once I get access to the mls?

(7) How do I find a realtor to submit offers for me?

(8) Can I use my own contract when making my offers?

(9) Which contingencies should I use when making offers?

(10) It says in the listing that I need a proof of funds letter to submit with my offers, is this true?

(11) Where can I get a proof of funds letter?

(12) Can I use a letter from a transactional funding source to make a cash offer?

(13) How do I choose which properties to offer on?

(14) Do I need an earnest money deposit to submit with my offers?

(15) I read on your blog that you got started when you were broke. How did you get around the earnest money deposit?

(16) I plan on making multiple offers on REOs, do I have to supply an earnest deposit with every offer?

(17) How soon is the earnest money check deposited once my offer is accepted?

(18) What if I can’t find a buyer? Do I get my deposit back?

(19) How do I decide how much to offer on an REO?

(20) What is the best way to learn what a deal is in my market?

(21) I made an offer and haven’t heard anything back. How long does it take for the bank to respond?

(22) The bank is asking for highest and best, what does that mean? How high should I go?

(23) The bank rejected my offer. Should I make another offer on it down the road? If so, how long should I wait?

(24) I plan on making a lot of offers on REOs, what’s the best way to keep track of them?

(25) My offer just got accepted! Now what?

(26) What’s up with this 40 page addenda? Do I have to sign it?

(27) When should I start marketing for a buyer?

(28) What are the top ten ways to build your buyers list?

(29) How do you prescreen your buyers to know that they are for real?

(30) Should I get a deposit from my buyer? If so, how much?

(31) My buyers are asking me how long I’ve owned the house. What should I tell them?

(32) What if my buyer tries to go around me and cut me out of the deal?

(33) What if my buyer finds out the property is listed on the mls for less than what I am selling it for?

(34) How do I get my buyer inside the property to view it?

(35) Can I assign my contract to my buyer?

(36) If I can’t assign the property, how do I sell it to my end buyer?

(37) My realtor told me simultaneous closes are illegal, is this true?

(38) The addenda says I have to use their title company to do the title work, is this true?

(39) I see that you are closing your REO deals at your title company. How are you able to do this?

(40) What is the best way to find a title company who will do a simultaneous close?

(41) What if I can’t find a title company who will do a simultaneous close?

(42) What is transactional funding?

(43) What are the fees involved?

(44) Will they fund the deal if I do not have a buyer?

(45) Should I tell the listing agent/bank’s title company that I am flipping the property?

(46) What happens if my buyer backs out of the deal the day of closing?

(47) I plan on making multiple offers on REOs. What happens if they all get accepted?

(48) I read on your blog that you do joint venture deals with other wholesalers. How do you find wholesalers to work with?

(49) How much do you get paid on a JV deal?

(50) What contracts do you use?

(51) How do you ensure that you are going to get paid?

(52) How do you prevent other wholesalers from stealing your buyers when you do JV deals?

(53) Do you make your offers in your personal name?

(54) Why do investors need me when they can just go on the mls and get the deals themselves?

(55) My brother told me that everything on the mls is picked over. True?

(56) I want to be a successful REO wholesaler. What do you think is the most important step in making that a reality?

(57) What formula should I be using to make my offers? What formula do you use? How much should I offer?

(58) How can I structure my offers so they are more likely to be accepted by the bank? What kind of offers are they looking for?

(59) How do I pick which properties to offer on? What do you look for when you are picking properties to offer on?

(60) What is the average DOM of the houses you put under contract?

(61) If you were starting over with no cash and no credit, what steps would you take to set up your REO wholesaling business?

(62) Do I have a better chance at getting my offers accepted if I make the offer directly through the listing agent?

(63) What is the average discount off of list price that you get?

(64) Should I ever offer full list price?

(65) What is your average profit on your REO wholesale deals?

(66) How many offers does it take for you to get a deal?

(67) Do you ever make blind offers? If so, how do you decide what to offer?

(68) I just listened to a webinar that suggested I make hundreds of blind offers at once just to see if anything sticks. Do you think this is a good idea?

(69) I’m confused about the steps involved in flipping an REO from start to finish. Can you walk me through a deal?

(70) Can you give me some numbers of some of the deals you’ve done?

(71) How long does a deal usually take from start to finish?

(72) I’ve heard that the bank’s title companies suck. Is this true?

(73) How can I get the bank’s title company to hurry the hell up?

(74) I plan on putting properties under contract and using a weasel clause, and then backing out if I can’t find a buyer. Do you think this is a solid plan?

(75) The listing agent is telling me the bank wants 10% in earnest money. I don’t have it. What should I do?

(76) I’ve made over 500 offers and I haven’t gotten one accepted. What am I doing wrong?

(77) I heard that I can’t flip a Fannie Mae property for more than a percentage of the purchase price. Is this true?

(78) Can I wholesale an REO to someone getting a conventional loan? Why not?

(79) An agent is refusing to submit my offer because it is too low. Don’t they legally have to submit the offer?

(80) I’m trying to submit an offer on a Countrywide property, and they are saying I need to be prequalified with CW even though I have a prequal from my hard money lender. What can I do?

(81) I read on your blog that you use bandit signs to sell your deals and find buyers. What do you write on them?

(82) Where do you get your signs, and how much do they cost?

(83) How many signs do you usually put out at once? Where do you put them? Don't you get fined for putting them out?

(84) I read that you find buyers by calling "for rent" signs. Is there a script you use when you call? What do you say?

(85) I see that you live in Tampa, FL. What the hell is up with all of the real estate gurus there? Is there something in the water? Good grief.

(86) Does Watson Title really suck that badly?

(87) I read on Facebook that you have a Helper Monkey. Where can I get one?

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

OK, so that's what I have so far.

What do you think? What am I leaving out?

What is it that's holding you back from wholesaling REOs?

Any input is appreciated....

Speak now or forever hold your peace!

6/17/09

Well, I wasn't able to save the deal, and it is now officially dead. I'm pretty sure that DB was just waiting for my time to run out, and I bet he'll have an offer in on it today. With a little luck, maybe he'll buy the property and the rest of the roof will cave in on his head. Just kidding. Kind of.

I got a counter back yesterday afternoon from one of the houses I offered on yesterday morning. This is shocking, as it usually takes them five years (give or take a year), to get a response from the bank. The bank countered @ 13k and I am trying to get it @ 10k. The house is in the hood, but it's not in horrible shape, and I have a few guys who like this area, so I'm going to send both of them by today to see if they'll bite. One of these guys bought a house from me on the same street last year for 27k. It needed a lot less work, though, and had 1 extra bedroom. We'll see.

I've been trying to make at least 3 offers/day every day, but there really isn't that much to choose from right now, so I'm continuing to work deals with a few of my wholesaler friends. I usually get at least one call/day from other wholesalers asking if I want to JV on deals with them. This is a good thing for me, especially when there isn't much available on the mls...

Anyhoodle, that's about all I've got for now. I've been a busy little bee working on stuff for the new blog (which should be ready to go by mid-July)...

Gotta run- I'm off to the gym. No excuses for me today..



P.S.
I found this video on the Zen Habits blog, which is my new favorite blog. Lots and lots of good stuff over there..

4/18/09

Things are pretty good in Steph Land right now.

So good, that I'm afraid I'm going to get hit by a bus or something next time I leave my house.

I ended up getting two more deals locked up over the last couple of days, which brings my grand total to FIVE...2 of the deals I'm working with Murphy, 2 of them with Lee, and one of them with the guy who gets deals before they hit the mls. And I still have almost 2 weeks before the end of the month to rack up a few more.

On top of that, I have about 10 cash buyers actively looking for deals, and from what I understand, the second wave of REOs is on it's way. I've talked to a few of the agents around town, and they all seem to agree that Tampa is going to get pummeled with inventory in the very near future.

It's like a perfect storm for an REO wholesaler, and let me tell you, I am ready to do some damage.

Have a great weekend, Blogosphere!

P.S.
For those who have been asking for recommendations on REO wholesaling courses, your wait is just about over. My buddy Lee is about to release a course that is going to knock your socks off! Stay tuned...


P.P.S.
This picture has no relevance to the post. I just think it's funny.

P.P.P.S.
My good friend (and accountability partner), Jerry, recently started a blog. Go check it out when you get a second.

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!

3/17/2009

Well, I'm off to Baltimore tomorrow.

I was going to make some more offers today, but got caught up doing some other stuff, and never got around to it.

Of the 10 offers I made yesterday, 3 already had accepted offers, 1 was rejected without a counter (love those), one wasn't looking at offers below 50k (my offer was 40k), and then I got one seemingly good counter. This property just came back on the market after being under contract for 40 days. It's listed at 65.9k. I offered 40k, and they came back with a counter of 45k. This is one that I did not look at before I made the offer because I thought it would be a slam dunk deal at 40k. It's a 3/2, concrete block house, that, from the pictures and the description, appears to be in move-in condition. So, I got all excited when I got the counter, and flew over to the house to check it out, thinking that I had a great deal on my hands...... And, this place would be a FANTASTIC deal, if only I could pick it up and move it one block to the East or the West, or North or South. Unfortunately, it is the only single family house on this particular street, and is swimming in a sea of duplexes and multi families. Long story short..... not a good deal at 40k. This is why I don't like to make blind offers anymore...

I have a few other deals that I'm working on with wholesaler friends, but nothing in writing yet. I've got investors hounding me for properties, so I'm going to keep making offers like a lunatic..

The other deal that I'm working with Lee is actually going to close early. SHOCKING! It was scheduled to close on the 31st of this month, but is now going to close a week from today. So that's good news.

That's about all I've got for today. Heading out to Baltimore early tomorrow, and will be back in action Friday afternoon.

Later alligators.

P.S.
Happy St. Patrick's Day!!



P.P.S.
Congrats to Nate for paying off 110k in debt- you rock, Nate!

3/12/2009

The bank sent over the closing docs yesterday afternoon, but we are still missing their title commitment (which my title company needs). Also, the buyers want to have their attorney review all of the paperwork, but he thought the deal wasn't closing until Friday, so we are waiting on him to approve everything. I went in and signed all of my docs yesterday, and hopefully the buyers are going to go in this morning to sign their docs so we can get the wire sent out today. I should be getting a frantic phone call or email any minute now from the bank's title company asking where the wire is. I will just go ahead and ignore them, much like they have been ignoring me all week. That is my very favorite thing to do, especially when I am out of contract with the bank and it is their title company's fault. And especially when they have been blowing off my calls and emails all week. Hehe. Meanwhile, the listing agent has NO CLUE what is going on, which makes it even more fun. Good times.

No bites yet on my offers. A lot of multiple offer situations, though. Everybody and their Grandma is going after REOs, so there's quite a bit of competition. Also, I'm not sure if I mentioned this, but there's been a noticeable decrease in the amount of REOs on the market lately. Not sure if it's because of the moratorium or what, but there's definitely a lot less to choose from. I check the amount of lis pendens filed in my county every month, and that has pretty much stayed the same (roughly 2000/month). I've heard from a few different sources (REO agents) that there is a huge wave of REOs headed our way. I guess I'll have to wait and see.

That's all I've got for today. Busy day ahead of me..

Adios!

3/10/09

Well, I'm supposed to have a closing today, but the bank's title company, of course, is not ready. Apparently the lien search is not in yet, which is what happens when you don't start working on a file until 2 days before closing. Who knew?

So, today my job is to harass the ever-loving shit out of them until they get so sick of hearing my voice that they do whatever is necessary to get the search done and the docs sent out. You might think this is being excessive, but if you don't stay on top of the closer, your file will just sit and collect dust with all of the others. I also told them that I am going out of the country on Thursday (not Friday- if you tell them Friday, they won't have it ready until Monday. If you're lucky).

There's a small chance that it might close today, if they get the search back early enough. My title company is ready to go (I heart Peer Title), and Lee's buyers are ready to go. we're just waiting on the bank...

I've got a whole mess of offers out there right now, and should be getting some counters back today. I've been staying consistent with making 3 offers/day. I try to get out and look at 3 houses first thing in the morning (after traffic dies down), then come back home and write the offers up. My goal is to look at 3 houses, make 3 offers, and run 3.5 miles by noon every day. I feel like a rock star when I do this.

That's all I've got for today.

Happy Tuesday, Blogosphere!

2/1/2009

I'm taking a little break from work while my Dad is in town, so I don't have a whole lot to talk about real estate wise. Well, except for the fact that I am probably going to lose money on that deal I told you I sold to my Ace in the Hole buyer. He called me at 7 am the morning after he told me he would buy it for 20k, and said he went back to look at it again, and there was more work needed than he initially thought, and that he was sorry, but he wasn't interested. (This is not a good way to start a day off, btw). So, I called the other buyers who were interested a few weeks ago, and both of them passed. Long story short, I ended up getting Ace in the Hole Buyer to take it for 16k (that's what my contract is for), but I am going to have to pay closing costs, so I'm going to lose around $800-$1000. This is not good, but it is better than losing 2k (that's what my earnest deposit is with the bank). This is my first time ever losing money on a deal, and hopefully it will be the last... I did get an offer today for 20k from a hard money buyer, so I am going to see if I can buy Ace out of his contract with me. I'd say there's about a 50/50 chance of that happening. We'll see.

OK, I gotta run- I'm up watching the Australian Open final- it started at 3:30am... Thanks Jason!

P.S.
Can someone send me some information about Than Merrill's product launch? I didn't receive any emails about it this last week.

P.P.S
Sarcasm alert.

1/23/2009

So, I didn't get any offers accepted this week.

That's just the way it goes sometimes, though.

It always happens this way- I'll get a few offers accepted all at once, and then NOTHING for a few weeks. Then I'll start panicking and thinking that all of the deals I've done thus far were a fluke and that this stuff doesn't really work.... and then I'll get another one accepted, and my faith is restored.

I still haven't sold the house I got for 16k, although I now have 3 offers on the table- two for 18k, and one for 22k. The one for 22k is using hard money, and hasn't been able to cough up a 2k deposit, so I'm pretty sure that is not going to work out. The 2 who offered 18k are both cash buyers, but I'm still holding out for more. I'm going to put some more signs out this weekend and see what happens. I'm pretty sure I can get 21k or 22k if I am patient. I still have a few weeks left, so I am willing to wait. Not too long, but I will wait until the end of next week, and then I will go with a lower offer if I have to.

There is an auction coming to Tampa in February, and my sans-ID buyer offered to "give me his checkbook" to bid on properties at this auction. We haven't ironed out the details yet, but he is essentially offering up his cash (500k), to purchase properties for himself (he can't bid on them personally because he does not have an ID), and also to bid on properties for us to wholesale. I was planning on going to this auction anyway, as I have a few friends who have done very well with this company in the last few months, but I only have the resources to bid on one, or maybe 2 properties.... If I have 500k to play with, well, that changes things completely. Like I said, we are still ironing out the details, but it is looking pretty good at this point (I will explain more of the details later). Even if the auction doesn't work out, it's always nice to know that you have someone with 500k liquid cash (although I think he has much more than that), who trusts you with their checkbook- ya know?

And, finally- look what I found in the mailbox yesterday..



Wooohooo!

Countdown to Costa Rica..... T-minus 30 days!

1/20/2009

Well, I was an offer makin' fool today......

I got on a roll and just couldn't stop myself.

That happens sometimes.

I submitted 9 offers total, my favorite being the one I made for 8k. I doubt I'll get it accepted at 8k, but you never know.

I kind of had another epiphany after I got that last offer accepted for half of list price. The epiphany being that I need to be offering much lower, because the banks are really starting to take some huge discounts, and I want to take full advantage of their "generosity". Hehe.

I'm going on another sign mission tomorrow morning (when I put signs out in the hood, I always try to get there as early as possible, as there is much less of a chance of getting heckled and/or barked at) to market the deal I was talking about in my last post. I already have two solid cash offers on this deal, but I'm pretty sure I can get more, and I've still got 3 weeks til closing, so I'm holding out for a higher offer. This is a first for me, as I usually take the first thing that comes my way even if I know I can get more..... This is a bad habit that needs to be broken, so I am going to break it.

And that's all I've got for today. 10-4, over and out..

P.S.
If anyone happens to run into Mother Nature, can you please tell her to TURN THE DAMN HEAT UP? I'm about 2 degrees away from packing it up and moving farther South. Seriously.

1/10/2009

Would you guys believe me if I told you I got another offer accepted on Friday?

How 'bout two?

Well, that's what happened, and I ended up selling one of them in less than 30 minutes!

I don't know what the hell is going on, but it seems to me that the banks are finally waking up and smelling the sweet, putrid scent of looming disaster. I'm not kidding- it's like a free for all over here!

One of the houses was listed for 43.9k (which is already a pretty decent price, but not quite good enough). Anyway, I offered 30k on it right before the end of the year, and the bank only came down to 42k. I told the realtor 31.5 was the best I could do, and told her to call me back if they decide to drop the price. Well, she called me Friday morning and said, "You're not going to believe this, but the bank is willing to take your offer of 31.5k.... are you still interested?'' Hehehe.

The second deal, I am splitting with another wholesaler friend of mine. He called me early Friday and told me he had some inside info on a duplex that was about to have a drastic price reduction. He knows I have buyers in this area, so he asked if I wanted to joint venture on the deal, which, of course, I did... This deal was an absolute no-brainer, and I knew I could sell it to sans-ID buyer in a heartbeat, which I did. We ended up getting the duplex (it's concrete block, with 2, 2/1 units), for $21, 500! Even in the hood, this is a smokin' deal! We sold it for 29.5k, and everyone is happy. That's what I call easy money!!

So, now I have two houses to get rid of.

I still haven't sold the one that California Guy was supposed to buy, but I have an emergency back-up plan just in case.... One of my wholesaler friends has a buyer who will take it for 1k over what I have it under contract for. I will make almost nothing if I have to sell to him, but it is better than having to close on it myself, or worse yet- backing out of the deal. I haven't even really tried that hard to sell it, so I'm not too worried about it. Yet.

I put out 40 handwritten signs today (which was a huge pain in my ass), marketing the house that I just got under contract Friday. Tomorrow I will put out 40 more in the neighborhood where the house is that CG was supposed to buy.

The only calls I've had so far from the 40 I put out today were from people who, either: (A) couldn't speak English, or (B) Just got finished reading a Carelton Sheets course. That's the way it goes, though.... Sometimes you have to go through 50 annoying calls before you get to a gem...

Have a great rest of the weekend, y'all. Go make some offers!!

P.S.
I was having technical blog difficulties earlier. Sorry to those who were locked out.

P.P.S.
Me and the guy who are working the duplex deal are convinced that we are cursed when trying to do deals together- we've worked on about 5 deals over the last year and a half, and they have all crashed and burned for one reason or another. So, we decided that if this one actually closes, we are bringing a bottle of bubbly to the closing table to celebrate! Hehe.

P.P.P.S
No offense to any Carelton Sheets grads. That's how I got started, too. Seriously.

1/8/2009

Well, guess what I FINALLY got Tuesday.......

One of these:



If you'll recall, the computer I was using prior to this, I bought on Craigslist for $350. It worked like a champ for awhile, but then it started to have problems, and then I spilled a glass of wine all over it, and thought it would be a good idea to dry the USB ports out with a hair dryer. As it turns out, using a hair dryer on a computer is not a good idea, and things just went downhill after that incident. Towards the end, every time I would shut the computer off (or it would shut itself off for no apparent reason), I would lose EVERYTHING. All of my bookmarks, and settings, and pictures. Everything. Good times. Also, the keyboard stopped working, so I had to plug my keyboard from my old PC into one of the USB ports, and then set the keyboard on top of the laptop. This wasn't too bad, except for the fact that there was only 1 extra USB port, so when I wanted to print something, I had to reach around to the back, unplug the keyboard, and plug the printer in. When you are writing offers all day, this can get really, really annoying. Especially for someone with zero patience (Me).

So, anywho, Circuit City had the pink Vaio on sale, and now I gots me a new computer. And I LOVE, LOVE, LOVE, it! End of story.

On to real estate...

I got my first deal of '09 under contract on Tuesday!! This is the one that I had been offering on for 6 months, that I just offered on again a few weeks ago at 8k below list and I didn't even get a counter. It was just re-listed with another agent, so I made another offer, and got it accepted. The funny part is, the offer I made a few weeks ago was for 30k, and this time I offered 25k and ended up getting it accepted at 26.5k. Hehehehehe!

California Guy told me he would take this house at 35k a month or so ago, but he seems to be ignoring me lately, and every time I call him with a property I get the impression that I am annoying him. I'm not sure what his deal is, but he's been really short and rude with me the last few times I've called him. I don't know if he thinks he's doing me a favor by buying my deals, or what the problem is, but I refuse to kiss anyone's ass, no matter how much money is at stake, and as far as I'm concerned, he can take a hike. There are plenty of buyers out there.

I'm actually kind of glad that he's not going to buy this, because it will force me to get out in the streets and market the hell out of it, and in doing so, I will find other buyers. I'm going to put out 100 signs this weekend advertising this deal, and also a deal that one of my wholesaler friends just bought at auction. I guarantee you I will pick up a few new buyers as a result..

OK, gotta run..

1/5/2009

Man, I was productive today!

Up at 6am and in the gym by 7am.

By the time noon rolled around, I had already run 4 miles, looked at 3 houses, and made 3 offers.

Nice.

If I can keep this routine up all year long, I am going to do some serious damage in 2009... Actually, let me rephrase that.....I WILL KEEP THIS ROUTINE UP, AND I WILL DO SOME SERIOUS DAMAGE IN 2009. That's what I meant.

It dawned on me over the weekend that I really don't have to do all that much work to make a very nice living. This epiphany came about as I was looking at the amount of offers I made in 2008 (I keep track of them in a spreadsheet), and then comparing that number to the amount of deals I did..... I made 283 offers and closed 19 deals. That might seem like a lot of offers, but when you break it down by the number of days in the year... IT'S NOT EVEN AN OFFER A DAY! That is pathetic.

Soooooo....my goal (one of them) for 2009, is to make a minimum of 3 offers/day, every day. This is an easily attainable goal, and should result in at least a doubling of my income. I did OK monetarily in 2008- I made more money than I have ever made in 1 year (although that is not really saying too much), but it's nowhere near where I want to be- I know I can do much better...

My confidence level right now, compared to what it was at this time last year (I hadn't even closed an REO deal yet).... is like night and day. Last year at this time, I was "hoping" to kick some REO ass, and this year, I KNOW that I am going to kick some REO ass. There has been a lot of work between the hoping and the knowing, but it damn sure feels good to be here...

Roger Dodger. 10-4, Over and Out.

P.S.
I'm having a Rocky marathon tonight...


Drago. That Russian mothe***cker.

12/18/2008

Oh boy. I am a happy camper right now! I closed one deal today at the last minute after sitting at the closing table for two hours because of a code enforcement lien that the bank's title company missed, and my buyer's title company had to get some sort of affidavit signed from the seller saying that the lien was not theirs. Or something like that. It was a really good time, and during those two hours of waiting, I got to know my sans-ID-buyer a little more, and I have to say- I am intrigued by this guy. I do not think he is an axe murderer or child molester, or anything like that, but I think he got into some trouble (drugs) a long time ago (circa 1989), and then skipped town, changed his name (to one of the most common American names), and moved to Tampa. This is just a theory I have, but I am a pretty quick study, and after talking to him for 2 hours, I feel fairly confident with my assumptions. And that's all I have to say about that.

The other deal that we signed docs for yesterday, is still not closed because the bank still hasn't sent the deed package to their title company. I will get to the bottom of this one tomorrow. I think it is just a matter of harassing a few people (by harassing, I mean calling them every half hour until they get it done), and as you all know- I have a masters degree in harassment.

And then...the cherry on the cake of my day....I just got the HUD emailed to me from the bank's title company for deal #4 that is supposed to close tomorrow, and that I thought would never close because the bank's title company forgot to order the lien search until last week. This is great news!

P.S.

I bet I just totally jinxed myself.

Damn.

12/11/1008

I probably shouldn't even be writing this, because I have a nasty habit of jinxing myself by saying stuff like this, but....... It looks like at least 3 of the 4 deals that are supposed to close next week, are actually going to close next week. I'm a little shocked/skeptical/afraid to go outside because I'll probably get hit by a bus, but it appears like it's actually going to happen. The 4th one (the one where they screwed up on the addendum), may close too, but I just haven't gotten a verbal confirmation from anyone yet.

2 of these deals are being closed at my buyer's title company (the buyer who is sans identification), and even though they have told me 12 times that they will do a simultaneous closing, I still think they are going to screw it up somehow. I'm just waiting for the phone call where they tell me they misunderstood what I was trying to do, and that it is really illegal to do simultaneous closings, and that I'm going straight to hell. I had dreams about it last night, and I'm going to be a nervous wreck until they actually close.

One of the deals is actually ready early (this is the one where I went directly to the asset manager). It's supposed to close next Friday, but they contacted my title company today and said everything is ready. I am SHOCKED. Of course, now my buyer isn't ready, but I won't get into that right now. He'll be ready by next week (he's actually in Columbia right now and won't be back until then). It's always something...

I haven't made any offers these last few days because I've been busy putting fires out and harassing people. I guess I better get back to making them, though, cause I'm not going to have anything in the hopper once these deals are closed.

That would be the best Christmas present EVER if I could close all 4 next week.

I can dream, can't I?

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.

12/4/2008

Gosh, lots to write about- and I still have to pack for Phoenix, clean my condo, and figure out how I'm getting to the airport....

Well, lets see.....the deal that was supposed to close Tuesday where they forgot to get the addendum signed......that has turned into the biggest circus that I have ever seen. I'm not kidding you. I really, truly, have never seen a bigger mess before in any of the deals I've done....The contract expires on this deal tomorrow, and the asset management company still does not know what is going on. I will explain it in more detail when I get back, but just trust me when I tell you this has turned into one ginormous fiasco. It's almost kind of funny, except for the fact that my paycheck is once again at the mercy of a bunch of bumbling idiots.

I finally gave up on the property where the asset manager disappeared... the last counter I received from them was Monday, so I just figured it was a dead deal and I had lost it to someone else. Well, I got an email from the listing agent at around 4pm today telling me they accepted my offer!! They didn't even counter back, they just took my offer of 24.5k. This is phenomenal news, as I'm pretty confident I can make 10k on this one. Woohoo! My favorite part of this deal is that the listing agent was too lazy to check the mls history on this house (or actually walk through the house and look at it), so it is listed on the mls as a 2/1 (that's what it says in the tax records, which are often incorrect), when it is really a 3/2. Hahahahaha. Nothing makes me happier than capitalizing on other people's laziness. Really.

I also am probably going to get another one accepted tomorrow. We've been going back and forth on this one for a few days and are now only 4k apart. The listing agent told me he's pretty sure he can push it through, so hopefully I will get a confirmation tomorrow. I already have a buyer for this one if I get it (he's the buyer for the deal that fell through on Wednesday where the bank screwed us over and sold to someone else).

I have more to write about, but it is 1am, and I need to get at least a few hours of sleep- my flight leaves at 6am, and I always like to get there extra early, just in case.

Have a fantastic weekend y'all........I'll be back Monday with tales from the Flip Vip's trip.

P.S.
I hijacked the title to this post from Vanilla Sky. In case you were wondering.

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.

11/24/2008

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!