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6/25/09
Even though I knew this was going to happen, I’m still irritated as all get out…..The deal that I lost a few weeks back (the one that dragged on for 2.5 months because the asset manager is a moron), ended up coming back on the market for LESS than what I was trying to renegotiate it for. Someone else now has it under contract. Probably DB.
You would think that the worthless agent would have called and given me a heads up, especially since I was giving her both sides of the commission and was ready to close yesterday. I guess that would make too much sense, though.
Oh, well. Win some, lose some..
In other news, I’m currently working a deal with Murphy that we should be getting locked up today. This is a property that I offered on right when it hit the market and they rejected it. So, I waited 2 weeks and had Murphy put an offer in on it. I have an investor who really likes this area, and I know he’ll like this house, so I want it. We’re only a few grand apart with the bank, and I think we’ll be able to get it wrapped up today.
That’s about it for now. A bunch of new properties hit the market over the last few days, so I’m off to check them out!
Have a great day, Blogosphere!
P.S.
A big, virtual, pat on the back is in order for one of my readers, Alex. He enrolled in Lee’s REO Rock Star course last month and just got his first property under contract! Nice job, buddy!
Fortune favors the bold, guys, so get on out there and MAKE SOME OFFERS!
On June 25, 2009 at 9:52am, Anonymous said...
I've been going after the REOs hard core for the last month and a half, but haven't landed a deal yet. I've gotten really close on a few of them, though.
I'll let you know when I get one, and maybe we can partner up.
Ray
On June 25, 2009 at 10:04am, Stephani said...
You'll get one. It took me over 120 offers to get my first REO. It gets easier one you get a feel for it.
Definitely let me know if/when you get one.
Steph
On June 25, 2009 at 10:17am, ARodOfIron said...
Thanks so much Steph!! It's an honor to get a virtual pat in the back by you!!!
BTW, we may be locking in two more under contract by beginning of next week. I may be going too fast, but whatever!!
I'm going to msg you privately about this deal in a few.
Cheers!
A&R
On June 25, 2009 at 10:29am, Stephani said...
Woohoo- look at you go!
Education + MASSIVE ACTION= Lots of moolah!
Keep up the good work.
P.S.
Did you put the signs out?
On June 25, 2009 at 10:37am, ARodOfIron said...
Not yet, Steph. I'm not sure how it "works" around the area, with the so-called "sign police" getting angry and stuff. I was thinking of waiting until tomorrow night to spread them out. What do you think about this?
I'm getting ready to do a little internet marketing, and although I know that can only get you so far, I've prepared a video walk-through of the house, as I may not be available to show the house until about next Tuesday. :S
At least that way, if a buyer calls me during the weekend, I can get their feedback right away with the online video.
That's what I was going to msg you about, to send you the movie and get your feedback/critique, which is always much appreciated!
A&R
On June 25, 2009 at 11:23am, Stephani said...
I think they are a little more strict in St. Pete about the signs. I've never put them out in Pinellas, but that's what I've heard.
I have a few friends who do deals over there, and they get one of those pay as you go phones from a gas station so they can't trace the #.
Why can't you show it until next Tues?
On June 25, 2009 at 11:37am, Shae said...
Just wanted to say congratulations Alex! Go get 'em!
On June 25, 2009 at 12:00pm, ARodOfIron said...
Shae, thanks a bunch!!
Steph, maybe you can ask one of your friends what's the best day to put them out? Don't worry if it takes up too much of your time.
I actually got myself a call forwarding service from PATLive, as those are also untraceable.
I can't show for now because of time constraints this weekend. I work FT in commercial video (actually animation) production, of all trades, and this weekend we'll be shooting a commercial in Ft. Myers, and it'll go overnight Sun to Mon!! This isn't typical, it's just the way things unfortunately aligned.
On June 25, 2009 at 12:15pm, Stephani said...
I'll give a call to one of my friends and ask them how they handle the signs over there.
I always just give people the lockbox codes if they want to see inside. I haven't shown a person a house in a long, long time. I tell them to drive by and then if they want to get inside they can call me when they are in front of the house and I will give them the code.
On June 25, 2009 at 12:19pm, ARodOfIron said...
I see, great to know!! I thought that I'd have to go through pre-qualifying buyers before I gave the codes.
By the way, what do you do to pre-qual buyers?
Do you have to constantly warn people not to call the agent's number on the sign, or do think your buyers pretty much get it?
On June 25, 2009 at 1:18pm, Stephani said...
I'm always upfront with people and let them know that I have the property under contract with the bank and that I'm going to be buying it from the bank the same time I'm selling it to them. It's better to just tell people what the deal is so they don't think you are doing something fishy if/when they find out it is listed. Most of the people I sell to are seasoned investors, so they know the drill, and it's no big deal.
As far as pre-qualing the buyers, I can usually tell from our conversation if they are for real or not. I usually ask people point blank if their intentions are to to wholesale the house, and let them know I will work with them if they bring a buyer.
I also let them know first thing that they need to cough up a 2k non-refundable deposit in certified funds before I will sign anything with them. No exceptions. If I think they are shady, I will ask for more. That usually does the trick.
Steph
On June 25, 2009 at 1:23pm, Shae said...
Steph, great advice that is perfect for your book!
On June 25, 2009 at 2:15pm, ARodOfIron said...
Yup, great advice as usual!!! Thanks!!
On June 26, 2009 at 12:45pm, Sanford Collins said...
Hi Steph,
Sorry that the deal fell through. Why on earth would the bank relist the property at a price lower than your offer? They must have some motivition. Could it be that the listing agent was working against you in favor of another buyer?
Alex – Congrats on the deal, man!
-Sanford
On June 26, 2009 at 12:50pm, Stephani said...
Hi Sanford,
No, they are just idiots. Incompetent and lazy, also.
You kind of get used to it after awhile.
Have a great weekend!
Steph
On June 26, 2009 at 12:54pm, Fort Wayne Realtor Jared Christiansen said...
Hey Steph,
Long time listener, first time question asker…
I was thinking the other day about how many investors I work with here in Fort Wayne, IN and it got me wondering… where are all the wholesalers here? Are there many that do what you do? If so I wouldn't mind working with them.
Then I thought of another question. When you make an offer on a property is it a verbal offer or do you actually write up the purchase agreement? I know that we have zip forms we use which makes the process easier and quicker, but it still takes time.
I imagine if you make 5 offers a day then at least a few hours of it is writing up the stupid paperwork. (I hate paperwork). So do you go verbal and then write it up when it's accepted?
Thanks, I'll hang up and listen to your answer.
On June 26, 2009 at 12:55pm, Fort Wayne Realtor Jared Christiansen said...
I just read my question and I wasn't asking you where the Fort Wayne Wholesalers are, just typing out loud and asking myself that question.
On June 26, 2009 at 1:16pm, Stephani said...
Hi Jared,
That's for the clarification- I thought you were asking me where they were..
As far as the contracts go- I write them up myself. Our As-Is contract is only 4 pages, so it takes me about 5 minutes to whip up an offer and send it in.
If you're looking for wholesalers to work w in your area, I'd go over to Real Estate Investor.com and do a search by city to see what you come up with.
Hope all is well w you.
Steph