![\"Crush](\"http://www.flipthiswholesaler.net/wp-content/uploads/2012/02/FTREO-Banner1.png\")
1/18/2009
I spent most of yesterday putting signs out in the hood advertising the deal I just got under contract for 16k. Here’s a few pictures of the house, in case you were wondering what kind of digs 16 grand will get you in this market….
Not a bad little house. Well, except for the fact that it’s in the hood, but for 16k, what do you expect?
I put out about 25 signs, and have received probably 10-15 calls yesterday and today. No takers yet, but I did manage to add a few new buyers to my arsenal….. Love those signs!!
I spent the rest of my time this weekend monkeying around with my soon to be new website, and realizing that I don’t have enough time or patience (or skill) to design it the way I want it to look, so I searched around the net looking for a web designer to do it for me. I finally found what I was looking for, but turns out they have a 3 month waiting list for new projects.. Dang. I’m willing to wait, though, as I was really impressed with their portfolio.. So, anywho, I should be rolling out my new site sometime this Spring. I’m very excited..
And, in other news- my wholesaler friend, Dave, sold one of his deals to a pimp on Friday. For real. He came into Dave’s office early in the day with a contract and a grand in cash to put down as a deposit. Dave had never worked with him before, so he asked him for a copy of his bank statement, since he claimed to be a cash buyer. Mr Pimp said he didn’t have the cash in the bank, and that he would be back later with proof of funds. And then he came back a few hours later with a DUFFEL BAG FULL OF CASH. I swear I’m not making this up. And then he explained that he was a pimp, and that’s why he had all of this cash laying around. WTF?
P.S.
Click here if you have questions about what I write on my signs…
On January 18, 2009 at 7:51pm, Anonymous said...
So I take it he cant sell it to him? I have a friend who is a stock broker in LA and he says he gets like 10 people a year who want to open an acoount with cash and no bank account lol. Hmmmm I wonder were the money is coming from??
On January 18, 2009 at 7:58pm, Stephani said...
He can sell it to him as long as he has enough cash to buy it.. and it sounds like he does..
On January 19, 2009 at 7:00am, Anonymous said...
Steph,
Just curious what you put on your yard signs to find buyers? I don’t see people doing this here in New England, so I’d like to borrow some of your mad skills!
Thanks,
Steph (not from Tampa)
On January 19, 2009 at 7:29am, Stephani said...
Hi Not From Tampa Steph…
I just added a link to the bottom of the post we are commenting on that will take you to another post I wrote that gives more detail about the signs I use and what I write on them.
Feel free to ask questions if you still have any after reading..
Steph (from Tampa)
On January 19, 2009 at 8:50am, Anonymous said...
Awesome, thanks so much!
Keep on rockin’,
Steph (not from Tampa)
On January 19, 2009 at 2:23pm, Mike in CA said...
And who said pimpin’ ain’t easy . . .
On January 19, 2009 at 2:51pm, Stephani said...
Hehehe
On January 19, 2009 at 5:31pm, Alison said...
A pimp! That is hilarious. I wonder what he will do with the house…
On January 19, 2009 at 5:44pm, Kyle-OH said...
Steph,
Whats the arv of that house in “da hood” you just picked up for 16,000
On January 19, 2009 at 6:08pm, Stephani said...
I was wondering the same thing, Alison…
Kyle- This one is probably worth around 60-65ish. Most of my investors who buy in this area aren’t concerned at all with the ARV, though- they are just looking for positive cash flow..
On January 19, 2009 at 6:37pm, Kyle-OH said...
Steph,
Yeh,that is a good point and is something I was not thinking of. I posted something just recently on flipping homes regarding this. Investors I talked to want atleast 60% turnkey homes(which is fine). Homes ARV in my investing area are typically 40k-50k and I was worried about that the 15-20k in equity after my wholesale fee would not be enough to sell quickly. -Kyle
On January 19, 2009 at 6:48pm, Stephani said...
I don’t even check comps anymore when I am working in these really cheap areas- I just find out who the buyers are and ask them exactly what they are looking for and at what price.
It’s really hard to figure out what a good deal is just by looking at the comps in these neighborhoods (they are all over the board), so if you have a few buyers lined up and know what price points they are buying at, it makes it a whole lot easier.
Steph
On January 19, 2009 at 7:01pm, Kyle-OH said...
Yeh, After checking comps on about 40 houses in a given area I already know pretty much what I should be offering and I have not even did a deal yet. I just need to get a property under contract and them market the hell out of it. I believe every thing will fall into place (hopefully) lol
On January 19, 2009 at 8:13pm, Christopher said...
That blog development site looks great. Really “vibrant.” I’m not a big fan of the current pink strip down the middle, but it’s the content I keep coming back for.
On January 19, 2009 at 8:18pm, Stephani said...
If you aren’t a fan of pink, you probably aren’t going to like the new site too much then….
On January 19, 2009 at 9:40pm, Christopher said...
Oy. Every time I read your blog I have to go fix something just to keep my man card up to date. Lol.
On January 20, 2009 at 2:23am, matt said...
cash is king…figuratively and literally.