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Greetings Everyone- I hope you all had a delightful weekend!
I had a fantastic time in Naples with Shae…
Well, except for that one part where we tried to upgrade the version of WordPress on my blog, and got a FATAL ERROR, and then for about 45 minutes it appeared that my entire blog got erased except for a few posts from 2006. I almost had a nervous breakdown right then and there in Starbucks, and Shae almost lost her lunch. Good times! Thankfully, Bluehost did a backup that morning, so they were able to restore eveything back to normal. Whew.
Anywho….aside from that little incident, we had an awesome time. We did a whole lot of brainstorming, and I came back to Tampa yesterday feeling refreshed and ready to give the rest of 2009 the SMACKDOWN.
We’ve got 95 days left in 2009 (including today), and I plan on kicking it into high gear and ending this year with a big fat bang!
Anybody else care to join me?
Imagine the damage you could do if you took consistent, MASSIVE ACTION from now until the end of the year. Go ahead, imagine- I’ll wait….
So, what do you say?
Instead of coasting through the rest of 2009 and telling yourself that you’ll wait until January to get moving……why not start NOW?
I spent some time last night reviewing and rewriting some of my goals for 2009, and while I’ve accomplished several of the big ticket items on my list, I still have several that I need to knock out before the year is over. It won’t be easy, but if I bust my ass for the next 3 months, I can do it..
Anybody else up for the challenge?
I’m on board 100%, and I hope you all will join me…
OK, gotta run- I’ve got houses to look at and offers to make..
Later Alligators!
P.S.
If you haven’t picked up my Flip This REO! eBook yet, you can go here to get it.
P.P.S.
If you haven’t written any goals out yet for the year, it’s not too late- DO IT TODAY!
On September 28, 2009 at 10:06am, Doug Greathouse said...
Steph,
Great post! We have a mutual friend, Patrick Riddle. Although I am not in the REI field it is nice to know some fellow butt-kickers!
On September 28, 2009 at 10:11am, Stephani said...
Hi Doug,
Nice to “meet” you..
Thanks for stopping by- tell P-Rid I said hello.
On September 28, 2009 at 10:11am, Shawn said...
Ok Steph! I am ready!!!! i am on board with you! Today I will make offers on at least 5 homes that I have seen and think are good deals. I am going to stop saying I will wait until Jan to start my wholesaling career off and take massive action NOW! Thanks for the boost! Ok here I go. I need to start my blog. I can see it now. Former Fleet Manager quits her job in one year and now is a successful wholesaler in Houston. Let’s do it!
On September 28, 2009 at 10:14am, Stephani said...
Nice- go get ‘em Shawn!
I’ll be looking forward to your success story..
On September 28, 2009 at 10:12am, Joe Ziolkowski said...
Hey Steph! Very motivational! Good luck on knocking out the rest of that list before the end of the year. I look forward to hearing about it!
On September 28, 2009 at 10:14am, Stephani said...
Thanks, Joe
On September 28, 2009 at 11:08am, Shae said...
Oh you just HAD to bring that incident up, didn’t you? LOL! I was hoping that we could just act like it never happened. Ok, so we’re all going to have an a$$ kicking contest…love it. I’m in! I have 4 potential deals in the works already…and its only Monday. Let’s get ‘em! W00t W00t!
.-= Shae´s last blog ..94 Days of Focus to Finish 2009 Strong! =-.
On September 28, 2009 at 11:10am, Stephani said...
Sorry, I just had to bring up the Great Computer Debacle of 2009.. hehe..
You’re totally going to get a deal out of those four leads…..W00t!!
On September 28, 2009 at 12:35pm, Justin McClelland said...
I’m always down to kick some a$$. It’s the 4th quarter and the play-clock is ticking. Where has the time went???
And it’s so strange that I’ve had almost every computer issue you’ve ever written about. I’ve had the same thing happen to me with Wordpress. I’m a grown man and I almost cried. Sometimes you have to go with the “if it ain’t broke don’t fix it” mentality. Newer isn’t always better with computing.
.-= Justin McClelland´s last blog ..Recovery Mode =-.
On September 28, 2009 at 12:41pm, Shae said...
J, you are SO right! Afterwards I told Steph that upgrading Wordpress should not take place until left with no other choice LOL! It was crazy. “One click upgrade”…. whatever. That’s a joke.
.-= Shae´s last blog ..94 Days of Focus to Finish 2009 Strong! =-.
On September 28, 2009 at 2:01pm, Stephani said...
I didn’t cry, but I was pretty close.
The only reason I even had the idea to upgrade was because I read something that said if you don’t, you run a greater risk of being hacked into. Or something like that.
Either way, I’m not touching it with a ten foot pole from here on out..
On September 28, 2009 at 4:38pm, Shawn said...
Steph, can you tell me what percentage of your deals get accepted??? I have made several offers and none are getting accepted. How do you determine what to offer, and yes i know that is probably in your ebook which I am purchasing on pay day!!! But I wanted to know if you could help me out. thanks!
pretty please!
On September 28, 2009 at 4:45pm, Stephani said...
Hi Shawn,
It really depends on what contingencies you are putting in your offers, how much competition there is in your market, and the terms of your offers (earnest money, time to close, etc).
It took me more than 120 offers to get my first deal, but that went way down once I got to know my market better and started making stronger offers.
To figure out what to offer, I ask my buyers what they are looking for, and then make offers with those numbers in mind, making sure to leave room for my profit.
It’s more of an art than a science, and something you will get better at as you go..
HTH,
Steph
On September 28, 2009 at 4:55pm, Shawn said...
Ok thanks!
On September 28, 2009 at 4:59pm, Erby said...
My clock started ticking when I realize we only had a hundred days left in the year. I’m down with you to kick some a$$ but I don’t take names. So I won’t be keeping track of how many A$$E$ I Kicked till the end of the year!
.-= Erby´s last blog ..4/2 CB Home with Den & Garage =-.
On September 28, 2009 at 5:06pm, Stephani said...
Woohoo!
On September 28, 2009 at 5:21pm, Jerry said...
DAMN RIGHT!
On September 28, 2009 at 5:24pm, Stephani said...
I knew you’d be up for it, Jerry.
On September 28, 2009 at 5:47pm, Kelly Miller said...
Yes please, I would like to kick some A$$, thank you very much!
.-= Kelly Miller´s last blog ..Back from Vegas =-.
On September 28, 2009 at 6:06pm, Stephani said...
W00t!
On September 29, 2009 at 7:03am, mikePA said...
I’m in…..
.-= mikePA´s last blog ..2441 W. Union St.-COMING SOON!!! =-.
On September 29, 2009 at 9:46am, Roshard said...
Does anybody need a computer doctor in the house? I’m here =) Anyway, yes I’m on board, previously we had accountability Mondays…Steph what do you think? Do you want to start that up again? I got more stuff done when I was held accountable!
On September 29, 2009 at 11:44am, Stephani said...
Next time my computer blows up- you’ll be hearing from me, Roshard- considered yourself warned…
Perhaps I will start up the Accountability Monday thing again..I kind of got off track with that a few months back..
On September 29, 2009 at 10:35am, Chad said...
What’s up Steph? Loving the eBook so far. Picked it up last night and should be finished by tonight. I’ve got one question though. I tried getting access to the MLS as an unlicensed assistant, but it’s a no go here in Indy. The Managing Broker has to sign off on it and send in proof that I actually work there, in the form of a paycheck stub. I am going to ask my friend, who is a sales agent, to send me a list of properties based on the criteria I send her. I want to offer her some compensation, but I’m not sure what to offer. I will submit my own offers, so this is all I want her to do. Does 1% of every deal I close with a minimum of $50 or maybe $100 sound fair to you? How would you handle this situation? I will ask, but I don’t think she feels comfortable letting me use her ID and password to search for myself. Thanks.
On September 29, 2009 at 11:55am, Stephani said...
Hi Chad,
Glad you are liking the book..
If you have a licensed friend, I would just be honest with her and tell her exactly what you need her for, and then figure out a solution that works for both of you. If she is just sending you listings, I don’t think you should be paying her part of your deals- she can set you up with automatic email notifications which only takes a few minutes to do. Maye you could get her a gift card or something to show your appreciation.
If she gives you access to the MLS, then I would definitely compensate her, although I’m not sure what I would offer..
My friend Shae just set something up with her neighbor, who gave her access to the MLS, but I can’t remember how much she is giving her (I’m pretty sure it’s a percentage of the profit from any deal she does). I’ll find out for you, or maybe she will chime in here..
Steph
On September 29, 2009 at 12:57pm, Shae said...
Hey Chad, its definitely about finding out what the realtor wants. In some cases it could be cash and in other cases it could be leads. In my case, I’m providing the agent with short sale leads from my direct mail and also will give a couple hundred bucks when we close on deals since we give all the commissions to the listing agent.
.-= Shae´s last blog ..94 Days of Focus to Finish 2009 Strong! =-.
On September 29, 2009 at 1:13pm, Chad said...
Thanks Steph and Shae. Great advice. I’m off to start my empire. See you at the top.
On September 29, 2009 at 1:15pm, Shae said...
Sweet, see you there, Chad!
.-= Shae´s last blog ..94 Days of Focus to Finish 2009 Strong! =-.
On September 29, 2009 at 1:28pm, Stephani said...
Go get ‘em, Tiger!
On September 29, 2009 at 12:03pm, Roshard said...
Just make it a habit to back up your stuff frequently, on a USB drive, and/or on a CD/DVD. A back up a day keeps the computer geeks away. =)
On September 29, 2009 at 12:07pm, Stephani said...
Shae installed a back up plug in thingy, so I think I’m all good now.
Famous last words…
On September 29, 2009 at 12:30pm, Jamie said...
Hi Steph,
When you submit offers what, if any contingencies do you use in your offers? Also, what do you feel about making offers on homes that are not short sales or reo’s, just homeowners wanting to sell? I have about 10 homes that I am ready to make offers on they have been on the market anywhere from 220-600 days and some are 60-80k off of the price at which they originally listed it at. I am just researching the area and doing comps and what not and I figured if I can get them at a low enough price I could still wholesale them and they would be a great deal.
I just am wondering what types of contingencies to use. We plan on using the trans funding and double closings and we are trying to avoid paying closing costs and what not as we don’t have an abundance of money right now.
Thanks for all your help. Jamie
On September 29, 2009 at 1:08pm, Stephani said...
Hi Jamie,
I don’t put any contingencies in my offers.
You can add whatever you want though, just keep in mind the cleaner your offer, the greater your chance of it being accepted.
As far as offering on non-REO properties, I say go for it. As long as the numbers work, it doesn’t matter whether it is an REO or not.
Steph
On September 29, 2009 at 7:05pm, Jerry said...
Lets go! What did you do to move things further today? 90 days will be gone in the blink of an eye.
On September 29, 2009 at 7:09pm, Stephani said...
I was out hustling all day. Looking for new buyers, marketing deals for my wholesaler buddies..
How about you?
On September 30, 2009 at 5:08am, Jerry said...
Workin on this Cleveland deal that is like a dinosaur. Setting up the new access for Trend….you know why I have to do that. Working on this other KF deal, just hustlin’ the day away!
On September 30, 2009 at 7:25am, Stephani said...
Nice. Glad you were able to work out the MLS thing..
On September 30, 2009 at 9:55am, carlos said...
hey steph, when you go to closing is your attorney required to be there with you? or do you need an attorney if using a title company? thanks!
On September 30, 2009 at 9:59am, Stephani said...
Hi Carlos,
No, I don’t need an atty present.
Closing procedures will vary by state, though, so you will want to check and find out how it is done in your area..
Steph
On November 04, 2009 at 12:13am, Jason said...
hi steph,
I have 10 buyers and all want different things. But how much should an end buyer make from an REO transaction for it to be labeled a “good deal”
On November 04, 2009 at 7:22am, Stephani said...
Hi Jason,
It depends on the buyer- they all have different buying criteria. The best way to figure it out is to find some investors who are currently looking for deals, and ask them EXACTLY what they are looking for. Once you figure that out, you can head to the MLS in search of deals that fit their criteria….
Steph
On November 05, 2009 at 7:21pm, Jason said...
Hey steph,
really need a answer for this!!!
have you used the transactional funding on this websites link?
when using transactional funding, is it still labeled as a “all cash offer” or “hard money”
On November 05, 2009 at 9:07pm, Stephani said...
Hi Jason,
No, I have never used transactional funding- I do simultaneous closings on my REO deals, so I don’t need to bring cash to closing.
Some lenders will not consider transactional funding to be cash, but some will- it just depends on the lender. Best way to find out is to just make an offer and see….
Take care,
Steph