Happy Friday, y’all!
I’m pleased to announce that I found my Mojo and am up and at ‘em again- woohoo!
I should be good to go for another six months or so, so don’t expect any more 2 week hiatuses (hiati?) for awhile..
Anywho, I’ve got some possible deals cookin’ that I should be finding out about by the end of the day. One of them is a deal that Murphy got under contract 3 weeks ago. I thought it would be a no-brainer deal for a buyer of mine that I have done quite a bit of business with. The house fits his buying criteria perfectly- neighborhood, price, beds/bath, all that stuff..
I sent it to him 3 weeks ago and he wasn’t interested because it is too small. He gets pickier and pickier every time I talk to him, and now he’s only buying stuff that is 1200 sf or more, concrete block, in nice neighborhoods, and 3 bedrooms/2 bath minimum. Smart guy. He’s got over 20 houses right now, and wants another 30. He’s going to hold all of them as rentals (all are producing positive cash flow), and I’m guessing he’s going to be sitting on a freaking gold mine 10 years down the road..
So, anyway, he passed on the deal, but called 2 days ago to ask if it was still available. He’s now working with a group of investors from outside of the US who want to do the same thing he’s doing, and apparently they want the property.
Long story short, we should be getting a contract for 64k by the end of the day (contract price with the bank is 58k), but I’m not holding my breath. The title work on this one is ready to go, so if all works out, it should close by Friday of next week. There are a few too many “ifs” and “shoulds” in that sentence for my liking, but we’ll just have to wait and see..
The other deal is a duplex that I offered on last week and just got a counter back from the bank yesterday. I picked up a new buyer earlier this week from one of the signs I have out (I’ve got about 60 signs out right now), and he just so happens to be looking for duplexes in this neighborhood. He just bought one right up the street from the property I offered on, so I know he’s interested in this area. Right now the bank is at 41k, and I need to get them down about 5k more. I countered back this morning and am hoping to hear back from them by the end of the day.
If I don’t end up getting this one at my price, I’ll wait 2 weeks and have Murphy put in an offer and see if they will come down a little more. Half of something is better than nothing, ya know..
Oh, before I forget, my buddy Patrick Riddle, AKA P-Rid, is holding the first annual “Battle of the REI Blogs” starting this coming Monday. I’m up against some heavy hitters, so I really need for you guys to put on your game faces and help me out. Some of the contestants are already starting to talk smack (not mentioning any names, TREVOR MAUCH), and I would really like to put them all in their places!
I’ll be back Monday morning to explain the details of the contest, so make sure to check back here bright and early. I’m actually heading off now for a weekend long Top-Secret-Ninja-Blog-Battle-Boot Camp (it’s known in the industry as TSNBBBC), to brush up on my skills.. I hear it’s some pretty intensive training, so wish me luck!
Have a great weekend, Everybody! 
Later Alligators..
P.S.
If you’re ready to get off the fence and learn how to flip REOs, grab yourself a copy of my Flip This REO! eBook today- click here to get it now!
P.P.S.
Don’t forget to check back here Monday morning- I need all the votes I can get!
P.P.P.S.
This has nothing to do with real estate, but if you’re into nature-y stuff like I am, you’ll appreciate this GINORMOUS dead snake they recently found in South Florida. Crazy! If you look really close at the end you can see his fangs. (Sorry to all my Facebook friends, I know you’ve already seen this a time or two) 
On October 23, 2009 at 10:35am, Trevor Mauch said...
Hey Steph,
Lol… calling me out huh?
In all seriousness… I’ve said it a few times… but I really think that you, JP, and Patrick will be the pack leaders in this contest… I just like to mix things up a bit 
.
But, I’ve got a few tricks up my sleeve come Monday… should be fun
Have a great weekend!
– Trevor
Trevor Mauch´s last blog ..Expect Housing Prices to Drop More
On October 23, 2009 at 10:41am, Stephani said...
Sorry, I couldn’t resist.
I don’t know if any of us can compete with Patrick and his Ninja kicks- he’s a bad ass.
May the best man (or woman) win! AKA: me.
On October 23, 2009 at 10:47am, Patrick Riddle said...
Hola to all you Flip this Wholesaler fans …
Like Stephani said … head on over to my blog on Monday to check out the “Battle of the REI Blogs” contest … there’s gonna be some awesome prizes, killer REI resources, chances to get social with it, and more …
Show Steph you’re love by swinging by the contest and voting!
See ya next week for the battle
~ Patrick
Patrick Riddle´s last blog ..How to Become a CIA: (Part 7) How to Get Full Control of a Property with ZERO Liability
On October 23, 2009 at 11:03am, ca said...
hey steph, do you know if i could use private money to buy a property if i cannot find a buyer for my wholesale deal? also wanted to know if i can just use private money to buy and fix? i know this is off subject, but wanted to know what you knew about private money.
On October 23, 2009 at 11:16am, Stephani said...
Do you mean transactional funding? If so, then no- you will need to have an end buyer lined up if you want to use a transactional lender.
If you’re talking about lining up money from a private individual, then yes, you can.
Actually, Patrick Riddle (from the post above) is a private money expert, so if you have specific questions about it, you definitely want to get in contact with him. You can click on the link at the end of his comment, which will take you to his site, or hit him up on Facebook..
http://www.facebook.com/patrick.riddle
Hope that helps,
Steph
On October 23, 2009 at 11:45am, Bobby said...
New discovery, this blog. Great info–new to real estate investing/prospecting, and this is very helpful. Frightening vid, btw.
Bobby´s last blog ..About Us
On October 23, 2009 at 4:39pm, Stephani said...
Welcome to the site, Bobby- thanks for stopping by.
On October 23, 2009 at 4:01pm, carlos said...
steph, when you call your buyers regarding a property,do they normally go out and see it the same day or do they take several days to get back to you?. reason why im asking is cause i feel like some buyers are just giving me the run around, or it could be they are just busy with other properties. thanks!.
On October 23, 2009 at 4:38pm, Stephani said...
Hi Carlos,
If I need an answer from them ASAP, I let them know.
If it’s a great deal, they are usually out there lickety split. If it takes them a few days to go look at it, it usually means the deal is not so hot..
Steph
On October 23, 2009 at 7:16pm, Shae said...
She’s BAAAAAACK! And so glad you are
Shae´s last blog ..Seller follow ups, Bigger Pockets debut, and more…
On October 23, 2009 at 7:20pm, Stephani said...
W00t!
On October 23, 2009 at 9:02pm, Chris Ranney said...
Steph, what do the bandit signs say that attracted the buyers?
-Come close and look at the dead snake?-
JK-
that scared the crap out of everyone but me. see ya soon.
On October 23, 2009 at 9:32pm, Stephani said...
Hi Chris,
Here’s a link w a picture…
http://www.flipthiswholesaler.net/2008/11/how-i-find-cash-buyers-in-a-crappy-market/
On October 24, 2009 at 5:29am, carlos said...
hey steph, do buyers in your area normally buy properties from the MLS ? what do you tell your buyers when they say i would rather just buy them from the mls. reason why i ask is cause almost every buyer i talk to just says “i get all my properties from the mls”…….what would say when they say that? (any tips) thanks!
On October 24, 2009 at 6:15am, Stephani said...
I’ve never run into a situation like that.
Most buyers are looking for a great deal, and if you bring them one, they don’t care where it came from.
A lot of my buyers get deals off of the MLS themselves, but that doesn’t mean they won’t take a deal from me if the numbers work and it fits their criteria.
A deal is a deal. Doesn’t matter where it comes from..
On October 24, 2009 at 9:19am, Jamie said...
Hi Steph,
Do you know how the process of selling a contract for a property that I have under contract to another cash investor works? I was told that this would be my best bet in a situation that I am in, but I have heard of different ways in which this works. Thanks.
On October 24, 2009 at 9:28am, Stephani said...
Hi Jamie,
If it’s not an REO, you can just assign the contract. Here’s an article that explains the process:
http://www.flippinghomes.com/articles/readarticle.aspx?artid=41
If it’s an REO you will have to close on the deal yourself and then resell it. There are ways to do this without using your own money. I use a simultaneous closing to close my REO deals. Here’s a video that explains how I do it:
http://www.flipthiswholesaler.net/2009/09/simultaneous-closing/
Hope that helps,
Steph
On October 24, 2009 at 12:12pm, Greg said...
Hi Steph, I saw that you don’t use stands for your bandit signs. What do you use so the sign doesn’t fly away or tip over? Thanks
On October 24, 2009 at 12:16pm, Stephani said...
Hi Greg,
I use the metal H stakes. They are just really short- if you look at the bottom of the sign you can see them a little bit.
On October 24, 2009 at 12:31pm, carlos said...
Steph, When you have a house under contract and you feel the price is to high can you try to lower the price(when already under contract) . Also is it possible to extend the closing date an extra week?. thanks!
On October 24, 2009 at 3:53pm, Stephani said...
You can try to to go back and get the price lowered, but there’s no guarantee that they will do so. Same thing with an extension. Sometimes they will let you extend the contract, but will charge you a fee for each day you go past the closing date. This will all be outlined in the bank’s addendum.
On October 24, 2009 at 11:30pm, Shawn Rand said...
Steph,
When you close on a home, and you are married, does your spouse have to sign the closing papers if you are doing a double closing. here in TX it is a community property state.
On October 25, 2009 at 6:59am, Stephani said...
Hi Shawn,
I don’t know how it works in Texas.
I saw that you posted the question to the Flipping Homes forum.. if you don’t get an answer there, I would just call up a title co in your area and ask them..
Steph
On November 24, 2009 at 1:08pm, Adam said...
Hello Stephani,
Just curiuous…. Do you ALWAYS sell to a cash buyer? Just wondering if you have ever sold a REO to a Buyer who is getting traditional financing?
Thank you,
Adam
On November 24, 2009 at 1:15pm, Stephani said...
Hi Adam,
I sell 99% of my deals to cash or hard money buyers.
In most cases if the buyer wants to use conventional financing, it will not work because of title seasoning issues…
Steph
On November 24, 2009 at 5:18pm, Adam said...
Much appreciated Steph!