Flip This Wholesaler

6/3/2009

So far so good with my Power of Less Challenge. It's day 3, and I've been up at 6am all 3 days, and in the pool swimming laps by 6:30. I wasn't aware of it until yesterday, but apparently Michael Phelps lives in my building, and trains in the pool on the 8th floor. OK, not really, but there's a guy who looks just like him who was at the pool the same time as I was yesterday, and he was swimming up a storm and making me feel like a total jackass. I may as well have been dog paddling... he was swimming 2.5 laps to every one that I swam. It was quite embarrassing, but I ended up getting a phenomenal workout because I was trying extra hard to keep up with him. I can barely move my arms today, which is a good thing...

On the real estate front, things are going well. For the most part. The short sale that I got under contract a few weeks ago is scheduled to close next Friday. The deal that has now been extended 3 times looks like it is going to crash and burn. The new extension goes until the 10th (next Wednesday), but I don't have any confidence in the bank signing the closing documents. DB is the buyer on this one, and he said that if it isn't ready to go by the 10th, he is going to pass, and I can't say I blame him. It's been over six weeks now since we signed the initial contract. Also, there is a leak in the roof of this property, and after all of the rain we got these past few weeks, there is quite a bit more damage (and mold) than there was a month ago. The bank actually sent someone out to cover the roof with a tarp last week (after I called and complained), but the damage has already been done. I tried to get them to knock off a few grand to compensate, but, being the ignorant assholes that they are, they wouldn't budge.

I sent an email off yesterday to both the listing agent and the title company letting them know that I am going to pass on this deal if it doesn't get closed on or before the 10th. Both of them forwarded it to the bank's asset manager, who, apparently doesn't give a crap. If they aren't able to get it done by the 10th, I'm going to try one more time to get them to knock several grand off the purchase price. If they say no, I'm going to have to walk. Nothing like having a payday flushed down the toilet because of someone else's incompetence. Yay!

Other than that, I've been busy making offers and looking for buyers. Gotta keep the funnel full..

Gotta run- later alligators!

7/18/2008

Well, the deal I have with McHotterson that is supposed to close on the 24th, is most likely not going to close on the 24th. Even though I get to pick my own title company, the bank still has their (incompetent) title company run a lien search. I really don't even understand it at all, to be quite honest with you. My title company already did the title work and is ready to close, but I guess I am still at the mercy of Watson fucking Title. I really hate them, and the lady I spoke to today deserves to be punched in the face for how RUDE she was to me. I'm not kidding, this lady was such an asshole, I almost hung up on her. The lady handling the file at my title company also spoke to her and told me she bit her head off when she tried to get a closing date out of her. They haven't even ordered the lien search yet, which takes them 5-10 days, so who knows if we will even get this closed this month. McHotterson ain't gonna be too happy, especially since he is leaving the country for a month the first week of August, and I already told him we could most likely close it early. Dang.

Yesterday I had a little get together with a bunch of local wholesalers. I won lunch for 15 people at the Thai restaurant behind where I live, so I thought it would be a good opportunity to do some networking. Actually, it wasn't really a "free" lunch, as we had to sit through a presentation by a financial planner, and then offer up our phone numbers and email addresses. A few hours after the lunch I got a call from the guy who did the presentation, and got trapped on the phone with him for 15 minutes, and somehow suckered into a meeting with him next week. I should have just told him I wasn't interested, but I'm really bad at rejecting people face to face (or on the phone). Also, I felt sorry for this guy, as he seemed really uncomfortable giving the presentation, and I kind of felt like I owed him something since he paid for lunch. Yes, I know, I am a big fat SUCKER.

A friend of mine called me a little bit ago and told me to go out on my balcony and check out the moon. This picture doesn't really do it justice, but it was pretty cool in person- all yellow and glow-y......



Happy Friday!

6/14/2008

Well, neither deal closed yesterday, but I did get the HUD from one of the title companies (at 4:59 yesterday afternoon), so that one will be able to close Monday. The other one that was supposed to close Tuesday is still up in the air, and the bank will not give any answer as to when it might close. My buyer is not going to wait much longer, as he has a rehab crew that he likes to keep busy, and he is now finished with his other projects. I have yet another deal lined up for him if he decides to walk on this one (a wholesaler friend of mine just got it under contract Friday), so I still should make money out of this scenario one way or another. Also, last time I talked to him (my buyer), he mentioned something about buying 2 properties this time around, so maybe I will get 2 paydays out of it. Who knows. I wish this stupid bank would get their act together already. Sheesh.

I'm having an impromptu party at my place tonight with some friends that I haven't seen in a long time. I'll try to get some pictures, but I think my camera has joined forces with the rest of my electronic devices, and decided that it wants to be broken. I'm used to it.

I'll leave you with this article that my sister just sent me about their house in St. Louis. I haven't been back to visit since her husband finished the kitchen, but from the pictures in the article, it looks gorgeous. Check it out if you have a sec.

P.S. In case you haven't heard the news, FHA is temporarily lifting their 90 day seasoning requirement. Here's the article if you want to read more.

3/8/2008

Warning: This post contains curse words, including, but not limited to, F-bombs.

Well, we didn't close yesterday. I called the listing agent at around 1:30 to see what the hell was going on, but he didn't answer (SHOCKING), so I left a vm which he didn't respond to. You know, I understand that he's busy and all, so I came up with a solution that might help: HIRE A FUCKING ASSISTANT. It's not like I'm calling to ask him what color socks he's wearing, I'm trying to find out what the hell is going on with the deal that's supposed to close TODAY. The lady at the title company never called me back either, and I still haven't received a copy of the HUD that she promised she would have to me by Thursday. Pretty much everybody involved in this deal has their head up their ass (myself excluded). Oh, and the addendum is still "uploaded into the system, but not signed." Whatever the fuck that means. I guess the asset manager will get to it when she gets back from Tahiti, or wherever the hell she's been hiding. There's got to be some way to get these closings done at my title company. Maybe I could offer to pay all of the closing costs? It would be well worth it to me.

I will be thoroughly enjoying each and every 40-cents-on-the-dollar-offer that I'll be faxing out this weekend. I certainly don't feel bad about taking these guys to the cleaners.

On a lighter note, the Skypoint countdown has begun. I'll be moving in the weekend before April 1st, so, it's T-minus 3 weeks until the big day! Can't wait. You guys are gonna die when you see the view....

3/7/2008

These banks, they kill me.

Apparently, the asset manager for the bank, whose signature is needed on the addendum in order to close this deal today, is MIA. Disappeared into thin air. When I asked the lady at the title co. if she tried to call her, she told me she doesn't have a phone.

That's interesting.

Perhaps she communicates via Carrier Pigeon? Or, Maybe, The Pony Express? That would explain the 7-10 days it takes her to get anything signed/emailed/faxed, etc. It all makes perfect sense.

So......We continue to wait.

I'm irritated.

1/27/2008

I've been having some technical difficulties (shocking) with my blog lately. Not sure what the problem is, but I hope it doesn't persist. Not sure if it's my computer, or Blogger, or just my horrible luck with all things electronic....

So, the REO that was supposed to close Friday SHOULD be closing tomorrow. That is, if the bank's stupid, worthless, title company can get their shit together. I'm not holding my breath. Here's the last email we received from them Friday at 4:14 pm (this came after trying to get in touch with them on the phone all day to no avail)....

Lee- (Lee is my buyer)

I added the proration for taxes- gives you a credit of $144

The only other thing I need to run by you . . . you remember yesterday I was waiting on completed lien search, which I do have back. . . the only issue is that the city placed a code violation against the property for “trash, debris, and vegetation overgrowth on the property”. Good news is that as of now it stands as a warning and no liens/fines have been assessed. I called the city earlier and according to the code enforcement dept. the city will complete a final inspection of February 11th- if at that time the violations have not been brought up to code then the city will attach a fine to the outstanding violations. . . its fairly standard and the violations are probably due to the fact that the property has been vacant. Just so you have it, here are a few contact #’s-

City of Tampa- Code Enforcement- 813.274.5545

Ryan Shepard is the city inspector who will be completing the final inspection on the 11th- his direct line is 813.426.6026 (I called him earlier and left a message)

I’m forwarding everything to Kristina now- should be okay for closing later on tonight. . . Let me or Kristina know if you have any questions. . . Thanks!!
..................................................................................................................

And that's the last we heard from Nate.

I tried to call the office shortly after we got this email to find out what time the closer (they are using a mobile closer because their office is a few hours away) was coming, and also to give him the address of where we wanted to close (my buyer's house). No answer.

So now, we are out of contract, and have to get an addendum signed by the bank and to the title company, and since both parties take FOREVER to get shit done, I'm guessing we are looking at another 2 days or so. If we were using my title company, this would have been closed at the beginning of last week.

Stupid banks.

Still haven't heard back from the other REO, which I'm guessing means that someone else bid higher. I'm sure I'll see it in my inbox in the next day or so from another wholesaler.

I just got done faxing out 4 offers, and should have 5 more to make tomorrow. Still time to get in one more before the month is over......