![\"Crush](\"http://www.flipthiswholesaler.net/wp-content/uploads/2012/02/FTREO-Banner1.png\")
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..
On January 08, 2009 at 8:51pm, Anonymous said...
How many glasses of wine did you have when you decided to use the hair dryer??
I love the pink computer!
Meghan H
On January 08, 2009 at 9:04pm, Anonymous said...
Congrats on the new deal and CPU. I am assuming that this deal will be double close?
On January 08, 2009 at 9:23pm, Stephani said...
Meghan- Several
Anonymous- Yes, it will be a simultaneous close- I will not have to bring any funds to closing.
On January 08, 2009 at 9:28pm, Anonymous said...
A few more questions…(newbie here :p) What if you cant find a buyer by the date you stated in your offer? Im sure you will lose your deposit right?
On January 08, 2009 at 9:50pm, Stephani said...
Yes, you will lose your deposit (and your credibility with the listing agent), if you don’t find a buyer, and can’t close on the deal.
This is why it is SOOOOO important to know your market, and to have buyers already lined up.
I almost always have my deals sold before I have signed the contract with the bank. Once I get a decent counter offer from the bank, I immediately call my buyers and have them go look at the property and tell me what they will pay for it.
Spend some time getting to know your market. It makes it a lot easier to make offers when you know exactly where you need to buy at in order for it to be a deal.
Hope that helps,
Steph
On January 08, 2009 at 10:13pm, Anonymous said...
That does help Steph. I plan to get access to the MLS and study my market. I just finished listening to some audio interviews with Bob Norotn and this is one of the things he stresses.
Good luck with the sale!
On January 09, 2009 at 7:36am, Jerry said...
“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.”
You are awesome. I love it.
On January 09, 2009 at 8:47am, Anonymous said...
What’s the average down payment you are putting down on the REO’s? 2K?
On January 09, 2009 at 9:06am, Stephani said...
The one I just got, I put up 2k.
It definitely makes a difference when you offer more, but you can still do fine with 1k.
The best deals I’ve gotten were the ones where I put up 5k, though. Definitely.
On January 09, 2009 at 10:06am, Anonymous said...
Are you using your own cash to put up the earnest money for these bank deals or do you use your buyers earnest money to give to the bank once they accept your deal?
On January 09, 2009 at 10:42am, Stephani said...
I’m using my own, but when I first got started, I would use my buyer’s.
On January 09, 2009 at 11:21am, Anonymous said...
Steph,
Are you saying that wiht a larger down payment the lower the price they will accept?
On January 09, 2009 at 12:58pm, Stephani said...
It just makes your offer stronger.
The banks like to see clean offers, quick closings, and large deposits.
This is not to say you can’t get a great deal with a smaller deposit, but my experience has been that when I offer more earnest money, I tend to get better deals.
Steph
On January 09, 2009 at 1:01pm, linda said...
How much for the pretty pink puter?
On January 09, 2009 at 2:39pm, Stephani said...
Hi Linda,
It was on sale for $750 with all the bells and whistles. Marked down from a grand.
Steph
On January 09, 2009 at 2:52pm, Tim C said...
Steph, congrats on your new pink laptop. If you like pink, you would love Cleveland. I looked at a bunch of houses this week,and I saw no fewer than 4 totally pink houses. I’m talking bright pink, not the pastel easter bunny pink. These were like tike the color of your blog. I’m thinking John Cougar Mellencamp was selling these ones.
On January 09, 2009 at 3:02pm, Stephani said...
Pink houses in Cleveland, huh?
I thought that was just a Florida thing…
On January 10, 2009 at 12:34pm, Anonymous said...
I want to learn about wholesaling REO’s but dont really know where to get started. I want to buy Steves course but I dont think it deals with REO’s. Can you recommend anything?
James
On January 10, 2009 at 1:19pm, Stephani said...
Hi James,
I haven’t been through Steve’s course in awhile, and can’t remember if it addresses REOs specifically..
I’m pretty sure Bob Norton is coming out with a course soon, and I also heard a rumor that one of my wholesaler buddies in Tampa is coming out w a “how to flip REOs course.” Both of them are experts in the REO flipping arena, so I will probably promote their stuff on my blog when they hit the market.
Until then, I would head over to the Flippinghomes forum and read through the archives. There is plenty enough info to get you through your first deal. That’s how I learned how to do it- reading Steve and Bob Norton’s posts, and asking questions along the way..
Hope that helps,
Steph
On December 03, 2009 at 4:31am, Josh said...
Steph,
I can definitely identify with this blog because my computer isnt in the best shape…….
(I put the periods after the last sentence because my computer froze after typing that 1st sentence and Im typing this one 5 minutes later!)
Anyhow I want to buy a laptop in about 6 weeks, and I was actually highly interested in the vaio. Do you find that functionally it works well with this business.
That was a question for the future. Im actually setting up home office, and wanted to know if you use an electronic faxing service and if so which service? If you dont personally subscribe to one is there a service that you are familiar with that someone uses in this business (high volume of faxes). I dont want to have to physically buy a fax machine.
Secondly, are you opposed to a digital phone service like vonage or would that work just fine?
Lastly, I created my company logo (its very simple), and I wanted to know if you knew of any lowcost services where I can get that logo drawn up & digitized so that I can get my business cards done? I was thinking of just using stock photos but I already know what I want and I might as well get those cards out there.
I know these are very basic business questions however I wanted to get your thoughts.