Flip This Wholesaler

6/25/09

Even though I knew this was going to happen, I'm still irritated as all get out.....The deal that I lost a few weeks back (the one that dragged on for 2.5 months because the asset manager is a moron), ended up coming back on the market for LESS than what I was trying to renegotiate it for. Someone else now has it under contract. Probably DB.

You would think that the worthless agent would have called and given me a heads up, especially since I was giving her both sides of the commission and was ready to close yesterday. I guess that would make too much sense, though.

Oh, well. Win some, lose some..

In other news, I'm currently working a deal with Murphy that we should be getting locked up today. This is a property that I offered on right when it hit the market and they rejected it. So, I waited 2 weeks and had Murphy put an offer in on it. I have an investor who really likes this area, and I know he'll like this house, so I want it. We're only a few grand apart with the bank, and I think we'll be able to get it wrapped up today.

That's about it for now. A bunch of new properties hit the market over the last few days, so I'm off to check them out!

Have a great day, Blogosphere!

P.S.
A big, virtual, pat on the back is in order for one of my readers, Alex. He enrolled in Lee's REO Rock Star course last month and just got his first property under contract! Nice job, buddy!

Fortune favors the bold, guys, so get on out there and MAKE SOME OFFERS!

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..

6/15/09

Well, it looks like I'm not going to be able to pull this deal off after all. I've got a few guys that are on the fence about it, but I don't think I'm going to be able to get them to commit by the end of the day today.

I ended up putting out 60 signs over the weekend (the goal was 100, but I didn't quite make it). My phone was ringing off the hook yesterday, although most of the calls came from tire kickers and/or people who couldn't speak English. That's the way it goes sometimes..

I need to get a few more deals in the pipeline, so this week I'll be making a massive amount of offers, and putting a massive amount of signs out looking for more buyers...

I hope all of you guys are doing well with the goals that you set for yourselves this month- today is the halfway point, so I thought I would update you with my progress.. I committed to getting up at 6 am 5 days/week (M-F), and getting my cardio out of the way first thing... So far, I am 11 for 11! I haven't missed a day yet, and I have to tell you, it feels FANTASTIC! I'd like to start implementing a few more habits into my daily routine, but Leo Babauta is adamant about only working on developing one new habit every 30 days. I think I will take his word for it, being that he is a Zen Master and all..

Well, gotta run- the mls is calling me....

Happy Monday, Blogosphere!

P.S.
Did anybody else get their Facebook vanity url over the weekend? I forgot about it until Saturday afternoon, but still managed to get my name! Facebook.com/StephaniDavis. :)

5/18/2009

I had a fantastic weekend. Didn't get a whole lot of work done, but I had a good time.

A friend of mine was in town for the weekend, so we hit the beach, threw some steaks on the grill, and had lots and lots o' cocktails. Good times.

Oh, I also bet on Rachel Alexandra in the Preakness and won! I don't usually bet, but I was feeling lucky, so I said what the heck.

I basically took the entire weekend off from all things real estate, so I'm ready to jump back in today and do some serious damage this week.

As soon as I finish this post, I'm heading to Laird Plastics to pick up 100 more signs, and plan on putting 10 out every day this week. That will get my phone ringing, and should land me some fresh new buyers. Buyers=money in this market, so I'm always on the hunt for new ones.

My goals for the week.....

(1) Put out 70 signs

(2) 21 offers (3/day)

(3) Run 3.5 miles/5 days

(4) Listen to T. Harv Eker's Millionaire Mind audios (thanks to Kelly for sending them to me!)

OK, what about you guys/gals?

Let's keep this going..... what are your goals for the week?

3/30/09

Man, it's tough going out there right now.

Every single offer I put in either goes to highest and best, or, there is already an accepted offer on the property.

I'm now giving both sides of the commission to the listing agent, so we'll see what sort of effect that has, if any.

Right now I've got 5 of my buyers calling me every other day asking if I have any deals. It's pretty frustrating having buyers lined up and not having any deals to sell to them.

I talked to Steve last week about this shift in my market, and he told me to just keep making offers. So that's what I'm doing. Making lots and lots o' offers.

On a lighter note, one of the deals I was working with Lee closed on Friday. So, that's good news. Except now I have nothing under contract, and it's been awhile since I've not had any deals in the pipeline. Me no likey not having deals in the hopper.

OK, gotta run- my pizza is burning...

3/16/2009

I just finished making my offers for the day. My goal was 3, but I got a little carried away and made 10 instead. I decided that since I'm going to be in Baltimore Weds-Fri for Steve's Wealth Explosion Event, that I would stockpile some offers today and tomorrow...

So, as I was going through the mls looking for houses to check out tomorrow, I noticed that there is a whole SHITLOAD of short sales available. More so than normal,even. Short sales as far as the eye can see. It used to be about a 50/50 ratio (roughly) of short sales to REOs, but now I'd say it's more like 70/30. Maybe even 80/20. Good grief. Looks like I'm going to have to start making some offers on those, too. Can't hurt to try, right?

That's about all I've got going on. Just making offers and looking for buyers...

Over and out.

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.

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!

9/2/2008

Well, I'm pleased to announce that my team came in first place at the 1st Annual Labor Day Cornhole Tournament! I snapped some pictures of the festivities for you....

The competition.....




Cornhole in action


Behold......the Champions..


On top of that...the love of my life just secured his spot in the quarterfinals of the US Open! He's flying me out tomorrow so I can be there to cheer him on for the rest of the competition.

And, in other news, I got a fantastic counter offer today on an REO that I offered on last week. This one was listed @ 90k, I offered 55k, and they dropped down to 63k right off the bat. I countered back at 57k earlier today, and am waiting to hear back from the bank. I think I can get between 65-69k for this one. Keeping my fingers crossed....

¡Adios Amigos!

8/4/2008

Since it looks like the pink house deal is just not going to close-EVER, and because my buyer is coming back from the Bahamas Thursday thinking that we are going to close on Friday, I decided to take matters into my own hands, and made 5 offers on other properties in the same neighborhood. I offered 5k earnest money on all of them, and to close by the end of the week. If I get any of these at the prices I offered, they will all be better deals then the pink house (It was a good deal a month and a half ago, but now, not so much), and I know my buyer will be pleased. In case you're wondering what will happen if they all get accepted, I can pretty much guarantee that isn't going to happen as these offers are LOW, LOW, LOW. If it does happen, well, I'm sure I'll figure something out. No risk, no reward.

The other deal I just got under contract has had a lot of interest, but no contract yet. I've got no worries whatsoever about selling this thing, and I have until Sept. 9th to find a buyer, which is an ETERNITY. I'm holding out for a big payday on this one since I have the extra time.

I spent all day yesterday looking at houses and looking for new buyers. I found 2 more cash buyers (landlords), by calling "for rent" signs. I'm telling you- this is a FANTASTIC way to find new buyers. Every time you go to look at a house, if you just take a few extra minutes to drive around the neighborhood and call some signs, you will have a whole bunch of new buyers before you know it. Trust me- it works.

I'm off to bed.

Over and out.

7/30/2008

The pink house deal FINALLY got assigned to a closer at the title company, so there should be no reason for it not to close this Friday (famous last words). We also told the listing agent as well as the title company that if it doesn't close by Friday, we are pulling the plug and walking away. So, we'll see what happens. We decided that we are going to have a party when/if this stupid thing finally closes.

I'm still 2k away from the bank on the other deal that I have been working on. They're at 44k, and I want it at 42k. I'm pretty sure I can wholesale it for 49k, but the buyer I had in mind for it can't commit 100%, so I'm just going to ignore the bank for a little bit and see if they will come down to 42k. I think they will. They've already come down 12k, why not 2 more?

I almost had another deal sold to McHotterson, but the wholesalers who have it under contract are holding out for more (which, I don't think they're gonna get). Oh well. I would have taken his offer all day long (and twice on Sunday) if it were me. I'm all about the quick nickel...

Happy Wednesday!

7/8/2008

Well, I've got good news and I've got bad news.......First the bad news- as I'm sure you heard, my man R-Fed lost Wimbledon Sunday, which I was very, very disappointed about. One of the best tennis matches I've ever seen, though. That Nadal is a crafty little bastard....

And now the good news- remember that buyer I found last month by dropping my card off at his rehab? Well, we've been talking quite a bit since then, and I've been making lots of offers on properties in the neighborhoods that he said he was interested in... Anyway, last Thursday I sent him by one of the REOs that just came on the market that is listed by the agent who gave me that pocket listing a while back. Long story short, the agent just called and told me they are taking my offer (he said they had multiple offers, but he is pushing mine through, hehehe), and my new buyer is going to take it from me! SWEET. I'm meeting him tomorrow (in person for the first time) to sign the contract and get his deposit.

The deal that was supposed to close yesterday is closing tomorrow instead- something about the hard money lender being a pain in the ass. Also, the deal that was supposed to close on the 25th of this month (the one where I climbed in the window and cut my arm), got moved up to this Friday instead (shocking, I know), which is a good thing because the other deal that I am selling to this same buyer that was supposed to close last month, is still not ready to close, and my buyer was going to start looking for something else this week because he wants a house NOW but now that this other deal is going to close early, it won't be a big deal if the other one is delayed another week or so. Wow- how's that for a run-on sentence? Sorry about that.

That's it for today.

Over and out....

6/23/2008

Holy crap, this year is almost half over. How did that happen?

I've got all kinds of stuff in the works at the moment. I had 3 (yes, 3) buyers call me today asking me to find them more deals. That's a good thing. I think I've got 2 of them lined up with deals, but haven't heard for sure yet. More waiting... I sent one of them out to a house that a friend of mine is about to get under contract, and the stupid lockbox was jammed, so, being the hustler that I am, I went out to the house myself and after realizing that the lockbox was, indeed, jammed, I crawled in through a (very small) window in the back of the house and almost killed myself. No idea how I actually made it through, but I did. Also, I sliced my elbow open on some glass on the way in. Good times. I'm still waiting to hear back from my buyer about that one, but he seemed to like it, and the numbers are good, so we'll see.

I'm back in offer making mode, and have a goal to get another one by the end of the month. I'm going on 3 trips over the next 3 months, so I need to make me some cashola.

Over and out.


Hehehe.

6/2/2008

Geeze, I'm tired.

I had a long list of things I wanted to accomplish today, and I pretty much got everything done. And now all I want to do is sleep. Well, actually, what I REALLY want is to eat an entire pint of Ben & Jerry's chocolate chip cookie dough ice cream (I tried some the other day, and am now officially an addict), but I'm too lazy to drive to the store to get some. Wish they delivered...

I've been going back and forth with the banks on a few of the offers I made over the last couple of days, but nothing solid yet. I sure do have a lot of offers out, though.

One of my buyers called today to tell me he's ready for another house. Which really SUCKS because I don' have anything for him right now. He likes to buy in a certain part of town, and there's really not much on the mls that is even close. So, that makes 2 buyers that are waiting on me to find something for them. Crap.

Send me a deal, REO Gods. Send me a deal....

And some ice cream.

Dang, that looks good.

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" :)

5/26/2008

Hopefully everyone is enjoying the holiday.. I had plans of working this weekend, but it hasn't really worked out that way. Unless you consider drinking margaritas working.. Hehe.

My friend Eli, who is one of my favorite people in the whole world, called me Friday night to let me know he was back in town. He just graduated from vet school and is doing his internship here in Tampa. We used to work together at Howl at the Moon many moons ago (hehe), and have kept in touch ever since. We went to the Hub for cocktails Friday night, and ended up drinking beer and catching up on my patio until 6am. Haven't done that in awhile.. We went rollerblading on Bayshore bright and early this morning, and I'm pleased to announce that I totally busted my ass (I'm not good at stopping) in front of God and everyone. It was funny at the time, but I re-screwed up my back and it is really killing me right now. Ouch. We're heading out to Sloppy Joe's in a little bit, where another friend of mine who also worked at Howl is bartending. Should be a good time. It's like a Howl at the Moon reunion..

I told one of my buyers about one of the pocket listings that I got last week, and he went out and checked it out today (he was out of town until this morning). He said he would take it at 60k, and my offer is 50k. Hopefully I can get it wrapped up before it hits the mls, because I have no chance once it does. Keeping my fingers crossed.

The guy with the NY buyers cancelled our lunch appt at the last minute, but I'm meeting him at his office tomorrow to chat.


OK, gotta run, the margaritas, they're a callin' my name.....



P.S.
I'm way behind on my emails, so if anyone sent me one recently, I promise I will get back to you very soon. Sorry.....