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3/17/2009
Well, I’m off to Baltimore tomorrow.
I was going to make some more offers today, but got caught up doing some other stuff, and never got around to it.
Of the 10 offers I made yesterday, 3 already had accepted offers, 1 was rejected without a counter (love those), one wasn’t looking at offers below 50k (my offer was 40k), and then I got one seemingly good counter.
This property just came back on the market after being under contract for 40 days. It’s listed at 65.9k. I offered 40k, and they came back with a counter of 45k. This is one that I did not look at before I made the offer because I thought it would be a slam dunk deal at 40k.
It’s a 3/2, concrete block house, that, from the pictures and the description, appears to be in move-in condition. So, I got all excited when I got the counter, and flew over to the house to check it out, thinking that I had a great deal on my hands…… And, this place would be a FANTASTIC deal, if only I could pick it up and move it one block to the East or the West, or North or South.
Unfortunately, it is the only single family house on this particular street, and is swimming in a sea of duplexes and multi families on a horrible block. Long story short….. not a good deal at 40k. This is why I don’t like to make blind offers anymore…
I have a few other deals that I’m working on with wholesaler friends, but nothing in writing yet. I’ve got investors hounding me for properties, so I’m going to keep making offers like a lunatic..
The other deal that I’m working with Lee is actually going to close early. SHOCKING! It was scheduled to close on the 31st of this month, but is now going to close a week from today. So that’s good news.
That’s about all I’ve got for today. Heading out to Baltimore early tomorrow, and will be back in action Friday afternoon.
Later alligators.
P.S.
Happy St. Patrick’s Day!!
P.P.S.
Congrats to Nate for paying off 110k in debt- you rock, Nate!
On March 17, 2009 at 10:56pm, Shae said...
Steph, can’t wait to hear the stories from the Wealth Explosion Event. Have a safe trip! I love this “I’ve got investors hounding me for properties”…now THAT’S what I’m talkin’ about!
P.S. It’s 2 AM and I’m over here writing up offers on homes that are FSBO.
On March 18, 2009 at 4:04am, Stephani said...
I will definitely bring pics back from the Wealth Explosion..
2am offers? You go girl!
On March 18, 2009 at 4:51am, Rick said...
Steph, do you use a realtor to make your offers or just submit them yourself? Have a great trip!
On March 18, 2009 at 5:08am, Stephani said...
Hi Rick,
I usually make them through a friend of mine who has his license.
Steph
On March 18, 2009 at 5:52am, Mobile Home Gurl said...
Wow, Steph! You’re on a roll – keep up the good work!
On March 18, 2009 at 8:02am, Anonymous said...
Hi, Steph. Why is it such a bad thing for a sfr to be surrounded by duplexes and apt bldgs? I could see if you were selling directly to owner-occupant families who want a “family” neighborhood, but if you’re selling to an investor who will only rent the house out, why would he care if it’s in a “rental” neighborhood?
Have fun in Baltimore!
On March 18, 2009 at 8:18am, Stephani said...
If it were another duplex or multi, it would be no problem. Most of the investors I sell to, though, do not want a single fam home that is surrounded by duplexes. I sent a few guys by there yesterday, and they both said the same thing- nice house, but not in that location. If I got it in the 30’s I could prob sell it, but not at 40k.
These buyers are eventually going to put the house on the market to sell, and it will be much harder to sell it being the only sf on the street.
Steph
On March 18, 2009 at 11:59am, Eileen-WI said...
I’ve gotten excited over blind offers also. In fact most of my offers are submitted blindly but only b/c I would rarely make offers otherwise. I’m going to make some effort to look at more properties prior to submitting offers. I’m going to look at 2 tonight!
Good luck on getting properties for your buyers and have a great weekend!!
On March 18, 2009 at 2:17pm, Rookie R.E.I. said...
What??? So you can’t sit out on the beach w/ your wireless laptop and cell phone, and buy and sell houses all over the world, in 10 minutes or less, without ever leaving your chair???? I could swear I got about 100 e-mails in the last few weeks to the contrary!!
Don
On March 18, 2009 at 3:16pm, Stephani said...
Eileen- I used to make all of my offers blind, but rarely do it anymore. Especialy with the really cheap, crappy houses, I really have to get out and take a look at them and see what’s going on..
Don, you can do all of that AND MORE…. Using my PROVEN SYSTEM, you can even be in a COMA and flip properties from your hospital bed with NO EXPERIENCE WHATSOEVER!! It’s so easy a caveman can do it!
CLICK HERE RIGHT NOW to learn how you can flip properties and start making 100k/month in the next 7 days!!!
Act now, because who knows how long this offer is going to be available..
On March 18, 2009 at 3:58pm, Shae said...
Steph, you have me CRACKING UP over here! Flipping properties in a coma…LOL! That’s a good one, but sadly not that far off from some of the emails that come in my inbox.
On March 21, 2009 at 7:47pm, Jason said...
Steph,
Just curious, have you talked to the owners of the multi-family properties. That property could make a decent general office or property manager unit.
There are several up the street from me that have the same problems.
I hope you enjoy the wealth explosion event. We had a similar event in Scottsdale and they are really a breath of fresh air. Nothing more energizing then talking to like minded folks who are making things happen.
On March 22, 2009 at 7:19am, Stephani said...
Hi Jason,
No, I didn’t contact any of the owners of the multis. Good idea, though…
Had a great time at the Wealth Explosion. Met a lot of the people from the Flippinghomes forum, and was able to put faces to names, finally.
Hope you are doing well,
Steph
On March 23, 2009 at 9:39am, Scot said...
So where are the pics!? Especially the infamous daiquiri pic? I want a copy of that one.
It was awesome meeting you and staring at Larry, Dale and Dennis!
Lets keep in touch.
On March 23, 2009 at 9:44am, Stephani said...
Hehe. I forgot all about Larry/Dale/Dennis and his mullet.
Was nice meeting you, too, even though I drank your firefighter ass under the table.
Pictures are coming..
On August 11, 2011 at 12:18pm, Jay A. said...
Hey Steph,
I’m pounding away at your blog by the hour! i hope to finish it all up soon and get back in 2011. So far I love your 2009 year.
I noticed from this post, and several before them, that you mentioned you no longer do blind offers anymore, that you drive out to see what the property and neighborhood looks like now.
In one of Marcel Umphery’s video blogs, he mentioned that he uses google maps? I’m not even sure if in 2008-2009 that google maps had the feature where you can see the actual property and the block from their website, and I was wondering if you use this at all now in 2011 or would have in the past like in this post?
On August 18, 2011 at 4:16pm, Stephani said...
Hi Jay,
If I know the area really well, and there are plenty of pictures in the listing, I will still make offers without going to look at the property first.
If it’s in an area I am unfamiliar with, I will usually drive out and take a look first. OR I will just make my offer so low that I know even if
it gets accepted right off the bat, I will still be OK.
As far as Google Maps goes, yes I do use it to check out the street/neighborhood that a property is on if I’m unfamiliar with the area.
Take care,
Steph