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Holy crap, Blogosphere- long time, no post.
I do apologize for my severe lack of posting lately. I think I said that last time, but I’ll just go ahead and repeat myself.
I have a pretty good excuse for my absense, though…
I wasn’t even going to mention this yet, but Oprah (Winfrey) found out about my eBook, and she had her people contact my people, and next thing you know, I’m off to Chicago for meetings and such. She’s preparing to launch her “eBook of the Month Club,” and wants Flip This REO! to be a part of it…
I’m still thinking it over.
So, anyway, things have been kind of crazy over here, as you can imagine..
I know it was six years ago when I wrote about it, but remember those two deals that I was working on with Murphy?
Well, one of them, as it turns out, has some serious settlement issues going on (as in, it’s on a sinkhole). I don’t know if you guys in other parts of the country have to deal with sinkholes, but they’re all over the place in sunny F-L-A.
This isn’t the first time this has happened to me, and if I wasn’t deliriously tired right now, I would search through the archives and find the post about the other time I thought I had the deal of the century and then I went back to inspect the house for the 2nd time and realized that I had a big problem on my hands. Remember that?
Actually…..wait a sec……..here it is.
So, anyway, long story short, the back of the house looks kinda like this…

Good times.
It’s not quite that bad, but bad enough to put the kibosh on the deal.
In case you’re wondering how in the heck both of us could have missed something like this, I don’t really have an answer for you. Apparently, we both had our heads up our asses when we walked around the house..
Thankfully, the bank’s addendum included a 10 day inspection period, so Murphy was able to get out of the contract and get his deposit back.
I wonder if I learned my lesson this time? I also wonder if that sentence should have a question mark after it?
We found a buyer for the other deal, which is supposed to close at the end of the month. Unfortunately, we have the worst title company in the whole wide world handling the closing, so I’m not holding my breath.
(BTW, I just Googled “Watson Title”, and apparently I’m not the only one who thinks they SUCK.) And no, Filip Kunovski is not my alias. Although, the name does have a nice ring to it..
Let’s see….what else?
I’m leaving for St. Louis tomorrow to visit with my sister and nephew, and then my Dad is coming down from IL and we’re all heading to the sticks of Southern IL for a family reunion where there will most likely be a pig roast, and possibly a tractor pull.
And hopefully, lots o’ beer.
In the can.
I probably won’t be able to post to my blog while I’m there, but you can follow my updates on Facebook and Twitter if you feel so inclined.
I guess I better get going. It’s almost 3am, and shockingly enough, I haven’t started packing yet..
Later Alligators!
P.S.
Happy Birthday Mom, I LOVE YOU!! XOXOXOXO
P.P.S
Happy belated Bloggiversary, Shae!
P.P.P.S
Congrats on your first year in the flipping biz, Jason!
P.P.P.P.S. (sorry- I’m making up for lost time)
Patrick Riddle is kicking off a 7 part, creative real estate training series over on his blog.
It’s FREE, and if you haven’t figured it out by now- he always puts out awesome, quality content, AND, no sleazy sales pitches! I HIGHLY recommend you head on over and check it out..
P(to the fifth power).S.
In case you’ve been in a cave for the last two weeks, and haven’t seen this video with Tony Robbins, Frank Kern, and John Reese…you have to check it out. I’ve watched it four times already. No sales pitches, just good, quality information, and very inspiring.

On September 03, 2009 at 6:26am, Alex R said...
“I’m still thinking it over.” WTF!, it’s Oprah, come on. I can see it now, “e-book best seller ‘Flip This REO!’” Think of the possibilities, talk about passive income. $$$. Just giving you a hard time. Reading your blog has become a lot like having my coffee in the morn. It is a great start to the day!
Alex
Perpetual Investments, LLC
On September 03, 2009 at 7:55am, Stephani said...
Thanks for stopping by Alex!
On September 03, 2009 at 6:28am, Patrick Riddle said...
Yo Stephani …
Once you hit it big on Oprah, don’t forget about us little people
Thanks sooo much for plugging my upcoming creative real estate training series … I really appreciate it!
And thanks for telling everyone about the Tony video. I’ve seen tons of people promoting for it, BUT I saw the link to it first on your FB page.
Catch you later …
~ Patrick
On September 03, 2009 at 6:38am, Stephani said...
Don’t worry, Patrick, I won’t let the whole Oprah thing go to my head..
I’m looking forward to the CIA training, and also, the Battle of the Real Estate Blogs- BRING IT ON!!
Adiós Amigo.
On September 03, 2009 at 7:06am, shawn said...
Hi steph! Glad you came back to the blog! I look forward to reading them! It seems as though the blogs that have anything to do with Houston are dead with little response so I find myself always referencing your for assistance!!! Congrats on the oprah show!!!!! Can’t wait for youtr ebook I will surely purchase it. How long before it comes out?
On September 03, 2009 at 7:12am, Stephani said...
Hi Shawn,
It’s taking me a bit longer than I had expected, but it should be ready to go in the next 2 weeks. If you subscribe to my newsletter (top right corner), I’ll send out an email letting you know..
Thanks for stopping by.
On September 03, 2009 at 7:24am, ARodOfIron said...
Unbelievable but true Steph. I visited two houses in Pasco last week that seemed like good deals, until I walked around the house and saw issues closer to that other post you linked to. I’m always questioning myself whether I’m playing too conservative, but I think it’s pretty reasonable that if it’s scary to me, it’ll be scary to my buyers as well.
I don’t even know that it’s worth putting in a lowball offer, but I’d be curious to hear what you would have done had you realized it before proceeding.
Fortunately, not ALL of FL is like that, but that’s been one of the MUST items on my checklist when I go out and see the houses.
On September 03, 2009 at 7:42am, Stephani said...
Hi Alex,
Yeah, Pasco is really bad with sinkholes.
I don’t even bother offering if I see bad step cracks, as my buyers will not touch anything with settlement issues.
Lee sells the crap out of them. I don’t know where he finds the people to buy them, but I’ve seen him sell houses where the floor was slanted at a 45 degree angle (I’m exaggerating a little, but you get the picture). Not sure how he pulls it off, but he does..
I need to start stealing his buyers..
Hehe.
On September 03, 2009 at 7:40am, Raquel said...
Congrats on your ebook Steph. If Oprah features it for you, be prepared for even more success. Books featured by Oprah always end up as bestsellers. Hope it all works out for you!
On September 03, 2009 at 7:44am, ToyaVG said...
Congrats Steph! I’m sooo excited for you. Can’t wait to read and sell your e-book.
Toya
On September 03, 2009 at 8:02am, Shae said...
LOL! Steph you are such a riot. Tell my girl Oprah I said wassup ok? Oh, and you may want to add your typical “sarcasm alert” tag to this post
Thanks for the shout out and enjoy your trip to St. Louis!
On September 03, 2009 at 8:47am, Ingrid said...
I had this blog post up on the laptop this morning, and when the girls came in the kitchen for breakfast, my youngest saw the house pic and said “Awww, poor house.” lol
On September 03, 2009 at 10:34am, Vannie said...
That is so kewl Steph!! Congratulations!!! You will have to let us all know what month your book’s going to be featured! Do you think it’ll be this month?
On September 03, 2009 at 11:41am, Wonderland Chronicles said...
Great news! Reading your blog has been so insipiring to me over the years. You are proof that if you put yourself out there, block out all the negative stuff, and just move forward – success will come your way. Congrats again!
On September 03, 2009 at 1:52pm, Jamie said...
Congratulaions on the ebook that is so awesome!! Your life a few short years ago , bartending and struggling financially is me, and now I am trying to change my life for the better and taking the route you took! You are wonderful! By any chance, I know you live in Florida but do you know of any title companies or lawyers in the chicago area that deal with what we do ie: wholesaling? I have asked around to people but no one knows of anyone. Thanks.
On September 03, 2009 at 1:59pm, Stephani said...
Hi Jamie,
Sorry,no,I don’t know of any title cos in Chicago. I would ask around to some of the local wholesalers in your area and ask them for a referral..
I was just kidding about the Oprah thing.. I thought you guys would know I was just playing around
Thanks for stopping by!
On September 03, 2009 at 3:13pm, Justin McClelland said...
That is good to hear, that you were joking. I thought I sensed the sarcasm. But on the other hand, maybe playing it cool is mo betta.
Tell Oprah not to waste your time and to have her people get in touch with your people when they’re ready to add more zeros to your check, then hang up on her.
*But since these new digital phones don’t generate that good-ole-fashioned noise of hanging-up, you have to say “CLICK!” after your last word.
On September 03, 2009 at 3:26pm, Shae said...
Justin, you are a trip.
On September 03, 2009 at 8:00pm, Matt K said...
Damn…. I thought you were serious about Oprah. I think you got a bunch of us with that one!!
On September 04, 2009 at 3:46pm, Tamara said...
Have a great trip to your family reunion!
On September 05, 2009 at 11:48am, Kelly Miller said...
I wasn’t fazed by the Oprah thing (it’s possible) I was thinking, “her people??? …I want people.” LOL
On September 05, 2009 at 5:46pm, Tim (ME) said...
STEPH!!! I thought you weren’t kidding about Oprah! You have a very convincing way about you. Plus I am very naive. But “I’m thinking it over” kind of made it sound fishy. When Oprah calls, you drop everything and go, you don’t think about it. Good one!
On September 06, 2009 at 6:53am, Shawn said...
Steph- I know you are very busy!! Can you please take a look at this link for me and let me know whether or not you thik it would be a good ide to offer 19K fo this?
http://search.har.com/engine/dispSearch.cfm?mlnum=7335446&backButton=Y&Address=5911%20Glenhurst%20Dr
Thanks!
On September 06, 2009 at 8:28am, Stephani said...
Hi Shawn,
It’s hard for me to tell just by looking at a listing. You need to find out what investors are paying for homes in that condition in that neighborhood.
Checking the lowest comps in the neighborhood will give you an idea. Also ask some of the active wholesalers in your area what they are paying for deals in the same neighborhood.
HTH,
Steph
On September 06, 2009 at 3:31pm, shawn said...
Thanks!
On September 06, 2009 at 10:38pm, J.Lamar Ferren said...
What up Steph! Interesting Crackhouse…lol Just kidding… That’s pretty wild though.
Oprah! Holy crap…That is huge steph…I guarantee after the show people will be slamming your server to get the ebook…What ebook is it by the way? I must have missed something
-J. Lamar
On September 07, 2009 at 1:36pm, Chris said...
tsk tsk tsk Ms. Sarcastic Steph…you had me going to
On September 10, 2009 at 2:21pm, Jamie said...
Hi Steph,
I need some reassurance from you about wholesaling bank owned homes. My partner is getting a little nervous that the banks are going to decline any offers from us because we are using transactional funding not traditional funding or cash to purchase the property then going to double close with our cash buyer/investor the same day. Would you be able to give me any thoughts on that? or any problems or situations that have come up or may come up for you when doing these kinds of deals? As of right now, we have the title company, lawyer, realtor, cash end buyers, funding, now we just need the property and the process with the bank to run smoothly. Any advice or thoughts you have would be great. Thanks so much.
Jamie
On September 10, 2009 at 2:50pm, Stephani said...
When you make your offer, the bank is not going to know that you are reselling the property, and this is not something that you want to tell them. If they have a problem with your proof of funds letter, they will let you know when you make the offer. Most banks will accept them, but some won’t. The only way to find out is to make the offer and see.
Don’t scare yourself out of moving forward. Make some offers, see what happens, and go from there.
Steph
On September 10, 2009 at 2:36pm, Jamie said...
Sorry Steph,
One more question can you do a simlutaneous closing when using transactional funding? Thanks again.
Jamie
On September 10, 2009 at 2:51pm, Stephani said...
When doing a simultaneous closing, you will not need transactional funding because you are using the money from your buyer’s purchase to fund the purchase between you and the bank.
Steph
On September 11, 2009 at 10:04pm, Jamie said...
Hi Steph,
Sorry to bombard you with all of the questions, but you have no idea how much I have learned from your comments, blogs, websites,e tc in the past month. You really are great, but anywhoo….to my question when you submit offers to the banks and there is the line in the contract that asks what type of funding you are using. obviously, if your using cash that is not a problem, but when your’re using trans funding is where my question is…have you or anyone you know ever ran into problems where banks ask what type of funding this is or have them reject it because they know what your trying to do…or instead of putting trans funding could we just put cash? THanks.
Jamie
On September 11, 2009 at 11:31pm, Stephani said...
Hi Jamie,
Don’t worry about asking too many questions- that’s what I’m here for.
Your offer will appear much stronger if you are offering cash, so I would recommend trying that first.
Some banks will not accept letters from hard money or trans funding sources as cash offers, but there’s no way to know unless you make the offer. If they say no, then submit the offer using a financing contingency instead.
My suggestion is to make some offers with the letter you have and then see what sort of response you get.
It’s not that big of a deal- most of the banks and their asset managers have their heads up their asses, so try not to feel intimidated…
Steph
On September 12, 2009 at 7:07am, Jamie said...
Thanks Steph. Could you please go into detail more about submiting an offer using a financing contingency? What will it say?
On September 12, 2009 at 8:09am, Stephani said...
There should be a box that you check that says whether your offer is cash or contingent upon you getting financing.
On September 15, 2009 at 2:44pm, Tony Zamberlin said...
Stehp,
What ad do u use on Craigs to attract buyers?? thanks in advance.
On September 15, 2009 at 5:41pm, Stephani said...
I advertise deals I have for sale, or deals that other wholesalers are selling.
On September 23, 2009 at 12:30pm, Tony Zamberlin said...
so do you mark up when advertising other wholesalers deals?? Also do u have an email buyers list or do u just call your buyers with deals??
On September 23, 2009 at 12:31pm, Tony Zamberlin said...
Steph,
When making offers and doing simeltaneos closings, what do you put in the “property to be deeded” in blank on the contract??
PS. I have multiple offer situations on two reo deals right now, not sure what to do to get mine accepted!! the other offers are like 6k more than mine!! ??