Flip This Wholesaler

1/3/2009

I got a counter offer today.

On a Saturday.

This is shocking.

I've never gotten a counter offer on a weekend before. Ever. I didn't even know that REO agents and banks worked on the weekends. It's hard enough getting an answer out of them on a weekday, let alone on a weekend. Again, I'm SHOCKED.

It's especially shocking because I've been offering on this stupid house for the last six months. The listing just expired with the (worthless) agent who's had it the whole time it's been on the market, and it was just relisted a few days ago with another guy. I've come to the conclusion over the last year of making offers, that the agent who had this house originally, does not like to make money. Either that or she is just stupid and lazy. Or, maybe all three. I've probably made over 100 offers on her listings since last summer, and I have NEVER, EVER, received a single response. I'm not kidding. And, these are not all low-ball offers, either.... For example, this house that I got a counter offer on today...I made an offer on it 2 weeks ago when she still had the listing.. I offered 8k below list, with a closing in 1 week (or maybe 10 days, I can't remember), all cash, no contingencies. And I got no response. Nothing. Crickets. So, I finally called her up a few days later and asked her if she got a counter from the bank, and also told her (in so many words), that I was willing to come up a little if they were willing to come down a little. So, she tells me she will call me right back, and then I never hear from her again. This was on a Friday afternoon that I called her, and so I waited until Monday afternoon, and when I still hadn't heard from her, I called again (twice), and left 2 messages, and then I sent 2 emails. No response. More crickets. This is unacceptable to me. Seriously. WE ARE 8K APART AND THIS HOUSE HAS BEEN LISTED FOR 6 MONTHS! WORK WITH ME HERE, YOU LAZY PIECE OF WORTHLESS REO AGENT.. Geeze...

Anyway, so the property came back on the market a few days ago, I made an offer on it yesterday, and I got a response back today. That's more like it.

I'm pretty sure California Guy will take it, but he's kind of been pissing me off lately and not giving me any feedback on the houses I send him. Maybe he wants to go find the deals on his own?? Have at it, Buddy. Look out for me and my cohorts, though, cause we'll probably beat you to the punch every single time. Hehe. Just kidding.. Not really.

10-4. Over and out.

7/27/2008

The deal with McHotterson closed Friday. He brought his girlfriend along to the closing. She seriously looks like a walking, talking barbie doll, and I secretly wanted to punch her in the face a little bit. But that's just between you and me. Hehe.

The deal that was supposed to close 5 years ago, is finally (for serious this time), for REAL, going to be ready to close next week. I got the good news right before I got the call from my buyer letting me know that he may not be able to buy it now because he is having a really hard time getting financing on the house he bought from me a month or so ago. He bought it with cash, and is trying to get his cash back out of it, but is having a really hard time doing so..... Hilarious, isn't it?? Now that the idiots at the bank finally have their shit together (a month and a half later), my buyer can't get the cash to buy it. HAHAHAHA. Hilarious!! So......after talking to Steve Cook about it, he advised me (for probably the 100th time), to get my ass out on the streets (I'm paraphrasing here, btw) and find a local lender who I can bring my buyers to. Honestly, he has been telling me to do this for the last six months or so, and I still haven't done it. If any of you guys from Flippinghomes.com are reading this, you know that Nate has been bringing all of his buyers to a few of the local lenders he has built relationships with, and he is doing very, very, well. So, that's my mission for this coming week- find a few small, local banks who I can bring my buyers to. I can't say I'm really looking forward to it, because I know there will be a lot of rejection involved in the process, but I know that it will be well worth my time once I get it done. I guess you could say that I'm in a comfort zone right now, and I need to get out of it and make some adjustments.

Oh yeah- the deal I closed on Friday with McHotterson was listed by one of the agents who I have now closed 4 deals with. I put in an offer on another of his properties on Thursday, and he called me Saturday to tell me that he's pretty sure he can get it pushed through. He also told me that he really likes doing business with me. Hehehehe.. Anyway, I will find out tomorrow if the bank is going to take my offer, and if so, I already have a buyer lined up for it. Good stuff.

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

Well, except this picture of Jim wearing his new hat....



Handsome little devil, isn't he?

6/17/2008

I think I'm going to change the name of my blog to "Days of Our Wholesaling Lives," because I've got so much deal drama going on right now.

To sum up, my buyer ended up not being able to come through with his financing, which I didn't find out until this morning because he did not return my phone calls yesterday evening. So I got to spend last night staring at my ceiling wondering what was going to happen. That always makes for a good night's sleep. I had to call the bank's title company yesterday and come up with an excuse for why the wire was not going to be there. They were not too happy about it, but I bought another day for myself.

I called my short sale friend, Nathan, last night (who, by the way is closing on 8 deals this month), to vent to him about how frustrated I was that I had another buyer for this deal for more money, but I went with what I thought was the sure thing, and now I pretty much screwed myself. He asked me if I thought I could still sell it and make money, and offered to put up the cash for it if my buyer couldn't close, and offered to split the deal 50/50. So, that's what I did. I just got back from dropping the cashier's check off at my title company, and they sent the wire to the bank just in the nick of time. I have to admit I'm scared shitless right now of not being able to sell this house when my friend's money is on the line, but I'm pretty sure I will be getting a contract on it this evening from the same buyer that I turned down a week ago. Also, I have another wholesaler friend who told me he would close on it himself and keep it as a rental if I can't find another buyer. So, I should be OK, and still make money on it. Oh, also, the listing agent called me a little bit ago to make sure everything got closed OK, and mentioned to me that she would have "plenty more deals like that" coming up. Nice. That in itself is worth the headache. Plus, it's always nice to know that you've got someone with access to fast cash if you get in a pinch.

I sold another deal to my buyer who is waiting on that deal that was supposed to close last week. He told me he is willing to wait for them to get their shit together, and he will take this one, too. Only problem is, this is a short sale that was just approved, but the bank is requiring the seller to sign a promissory note for the amount they are discounting the house (or something like that- I don't do short sales), and the seller is on the fence about signing it. It has to close by Friday, so she better make up her mind. This is a deal that another wholesaler friend of mine has under contract, so we will be splitting the profits on this one.

I'm tired. I seriously was up at 4am worrying about this stupid deal closing.

So, that's it in a very small nutshell. There's some more to the story, but I won't get into it here. Let's just say I've learned some valuable lessons on this one. Hopefully there won't be more to follow.

Over and out to get a much needed cocktail...

P.S.
Peer Title in Tampa rocks.

5/22/2008

I got a call this morning from one of the REO agents that I closed a couple deals with over the last few months. I put in an offer on one of his properties yesterday evening (a very, very, low offer), and he called to let me know he was submitting it this morning, and should have a counter back by this afternoon. We got to talking about some of his listings (I study his listings all the time to see if anything is getting close to where I need to be at), and he mentioned that one of the properties has been sitting on the market forever, and the bank is ready to dump it. Unfortunately, this house is teeny tiny, and also in one of the worst parts of town, however, if I can get it cheap enough (like 10 grand), I have a buyer looking for lots in this area who will pay in the high teens for it. so, I kinda threw out the 10k figure, and he told me to put it on paper.... We'll see. Going to call my guy to have him drive by the lot and see if he would be interested. That would be some easy money.... Also, this agent told me he has 3 listings coming up that I might be interested in (all are block homes, all are priced low), and sent me over an email with all the info. Hehehe.

My plan is all starting to come together, slowly but surely......