Saturday Evening Ramblings… | Flip This Wholesaler

So, I got quite a few emails about my last post. Seems like everyone really likes the “Reader Mail” video thing, so I will definitely be posting more of them. I was a little bit apprehensive about doing videos, so I’m glad to hear you guys approve…

I ended up slacking off in the offer-making department this past week, so I got up early today, picked a bunch of houses to look at, and just now got finished sending offers in. I ended up making 16. Kinda went a little overboard, but I haven’t made any offers in a long time, so I figured I might as well jump back in and make a big splash.

The mastermind group that I belong to (the Flip Vips), is having our second retreat of the year in Chicago two weeks from today. I’m going to fly up a few days early to see my parents, so I’ll be gone for almost a week. My goal is to have at least one property under contract before I leave..

Speaking of the Flip Vips, I got an email earlier today from JP over at REI Tips.com, letting me know that Bob Norton’s KISS Flipping program is back on the market as of today! I know there were some people who were not able to get in on the training last time around, so if you were among those who missed out, make sure to head on over and sign up. You won’t be disappointed…

Well, that’s all she wrote for today. I’ll be back with another post or video tomorrow..

Buenas Noches!

P.S.
One of the guys who signed up for my mentoring program (Joe) decided to start a blog to track his progress. He’s the definition of a go-getter, and I am 100% confident that he is going to be a huge success. Stop by and say “Hi” when you get a chance..

On August 02, 2009 at 12:00pm, Brandon said...

New site looks awesome Steph.

Love the videos, too. Keep up the great work.
On August 02, 2009 at 12:06pm, Stephani said...

Thanks Brandon. Hope all is well with you.
On August 02, 2009 at 12:21pm, Build Bankroll said...

What is the market like in Tampa right now? Here in California every property has multiple offers on the first day, which has really lowered out success rate, but we’ve just increased the amount of offers we’ve submitted.
On August 02, 2009 at 12:24pm, Stephani said...

It’s the same here. I don’t usually bother with the stuff that just pops on the market at a really good price. They always get bid up, and it’s just a waste of my time.

I have always done much better with the properties that have been sitting for awhile. I go after those and let everyone else fight over the new stuff.
On August 02, 2009 at 12:33pm, mikePA said...

Hey Steph..the blog looks great….i’m working on one too….hopefully it’ll hold me accountable AND help some people with the same crap we (as investors) go through…..

mikepa
- On August 02, 2009 at 12:38pm, Stephani said...
  
  Hey Mike!
  
  Let me know when it’s up and running so I can check it out.
On August 02, 2009 at 12:39pm, Hugh said...

Hi Steph,

Let’s say you sit down and identified that you want to make 10 offers today. What is your process?
ie meaning… Whats in your offer package?
Do you send a letter of intent?
Proof of funds letter?
Full blown contract?

I’m loving the new blog… Can’t wait for more videos.

Hugh
- On August 02, 2009 at 12:42pm, Stephani said...
  
  Hi Hugh, glad you like the new blog.
  
  I just send in the 4 page As-Is contract (that’s what they require), along with my proof of funds. That’s it. Takes me about 5 minutes to write it up and send it off.
On August 02, 2009 at 2:14pm, Hugh said...

Thanks for answering my question.

By the way….. How you put your picture inthe little box to the right that says reply.
Just curious.

Hugh
- On August 02, 2009 at 2:26pm, Shae said...
  
  Hey Hugh, sign up for a Gravatar at http://www.gravatar.com. It will follow you around on the web so whenever you post something that supports these images, you’ll show up in the little box too
  
  Steph, I’ve put Joe’s blog on my reader and look forward to tracking your first mentoring student’s success. He’s in great hands! (Ok, I sound like Allstate now)
  - On August 02, 2009 at 2:41pm, Stephani said...
    
    Thanks Shae! (HAPPY ANNIVERSARY, btw!)
    
    Joe is going to do well, I’m sure of it.
    
    We’ve been going back and forth with emails for the last few months, and I have been very impressed with his attitude and drive. I’m pleased to have him as a full time student.
    I also threatened to hunt him down and kill him if he even thinks about giving up. So there’s that..
    - On August 02, 2009 at 4:06pm, Shae said...
      
      Thanks Steph! Phil & I had a great anniversary celebration!
      
      And re: your threat to Joe…whatever works! LOL! I’m sure he’ll do great!
On August 02, 2009 at 8:48pm, Hugh said...

Thanks Shae… That what I need for something to follow me around the net. LOL
On August 03, 2009 at 10:40am, Vanessa Brostovski said...

Hey Stephanie, enjoying the blog very much! Got a question about ARV, what do you do for ARV? For example, some people in my area want me to have a place at 70% after repair value, but it doesn’t include my part of commission or closing costs, does it? ARV $100k, $60k purchase price, $10k repairs= 70% ARV….so if i wanted $5k for the deal, that puts them at 75-80% ARV plus if they’re carrying the closing costs, that’s another 3% or so closer to ARV….sooo what is the process to get this to work? I want to make sure I get all my money and have no one bail when we’re ready to get er done! One more thing, are there two separate closing costs, one from A-B and one B-C? Thanks for all your help!
- On August 03, 2009 at 10:49am, Stephani said...
  
  Hi Vanessa,
  
  I don’t pay much attention to ARV. I don’t use any formulas. I find out exactly what types of houses my investors want in each of the different areas I work. I find out what they will pay for them, and then I go find deals that fit their criteria, making sure that my price with the bank is below what my buyer is willing to pay so I can make a profit.
  
  There are 2 separate sets of closing costs, yes. The bank usually pays the majority of the fees on the first transaction (not always, but most of the time- you have to check their addendum to see what they are paying and what you are paying). I sell all of my deals at a net price to me, which means that my buyer pays all of the closing costs on the 2nd transaction.
  
  My closing costs usually end up being around $500 for the entire deal.
  
  HTH,
  Steph

	Ned Carey on Friday Night Reader Mail: Reo Wholesaling Questions Steph, I am not sure why but in my area sometimes agents take the lockbox off after going under contract. We ...
	Dean on Friday Night Reader Mail: Reo Wholesaling Questions Steph,Could not Michael have said that you can get full retail if you want to be the banker,and or subject ...
	Carlos on Friday Night Reader Mail: Reo Wholesaling Questions Hi Ryan! Great to hear from you! You can reach me at my email. It is caruiz76@gmail.com, I look forward ...
	Carlos on Flip This Success Story- Charles Rilley Flips 3 Foreclosures And Makes $35,909.69! Hi Charles! I am into the Real Estate arena and I live not too far from you, I believe your ...
	Ryan Paliukaitis on Friday Night Reader Mail: Reo Wholesaling Questions Hi Carlos, I reached out to Charles as well. I'm in norther NJ but I do come across deals in his ...

Free Wholesaling Contracts! (From FlipThisWholesaler.net) Enter your first name and email below to get instant access to my: Assignment Contract Option to Purchase *Purchase and Sale Contract (Check Your email after clicking the "YES" button!)

Name:
Email:


Powered by Optin Form Adder