Stuff

Hola amigos!

I hope you all enjoyed your Halloween weekend.

My plan to dress up as a hot dog never materialized, so instead I decided to be Steph with pink hair and sunglasses….

Halloween

I kind of look like a transvestite, no?

Anywho, I don’t have too much to report on the real estate front.  The deal that I was working on with Murphy never materialized.   My buyer decided to take his sweet old time getting back to me with a contract and deposit, and by the time he made up his mind and decided to go for it,  it was too late.  Yay!

Today I went and looked at 6 properties and put offers in on all of them.  Right now I’ve got a handful of buyers who are chomping at the bit for new deals, so I’m making offers on anything and everything.  I’ve got a list of properties to look at tomorrow as well.  I’ll just keep making offers until I get one.  That always seems to do the trick..

In other news, after reading this article by Tim Ferriss for the 100th time, I’ve decided that I need to do something about my addiction to my Crackberry.  My email habits are totally out of control, and I need to put my foot down ASAP.  So……from here on out, I’m only checking my email ONCE A DAY.  I’ve tried implementing this strategy several times in the past, but was not able to stick to it. This time I mean business, dammit.

I’ll keep you posted..

Oh, I also recorded a Saturday Night Reader Mail on Halloween, which turned into a 4 hour production because Windows Movie Maker is a steaming pile of dog crap. I posted it to my blog late Saturday night (after many Halloween cocktails), then I went back to edit the post and accidentally deleted the whole thing. I was seconds away from punching my laptop in the face, so I decided to wait until I cooled off to repost it.

So, here it is….(it’s about using bandit signs to find buyers, btw).  Enjoy!

[vsw id=”tIfEgqPOblk” source=”youtube” width=”425″ height=”344″ autoplay=”no”]

Click here to get your FREE BANDIT SIGNS!

Later Alligators!

P.S.
Try not to pay attention to how many times I say “Um” in the video.

P.P.S.
Don’t forget to pick up your copy of Flip This REO! :)

P.P.P.S.
Like my videos? To subscribe to my YouTube channel, go here, then click on the yellow “Subscribe” button above the video!

  1. On November 02, 2009 at 10:52pm, Gene said...

    Love the pink wig, Steph. Kind of reminds me of Lady Gaga. I know how much you love her and that Poker Face song. :)

  2. On November 03, 2009 at 6:36am, Clifford said...

    I feel your pain Stephani.

    Actually the email twice a day plan worked out great for me. Lack of interruptions actually got my brain thinking of other ways to stir things up. Once you go through withdrawals, you’ll feel better.
    .-= Clifford´s last blog ..Cleaning Out =-.

    • On November 03, 2009 at 9:25am, Stephani said...

      Hey Clifford,

      I think I may have to disable email on my Crackberry in order for this to work. Otherwise it’s just too tempting since I have my phone on me 24/7..

      Steph

  3. On November 03, 2009 at 6:43am, Erby said...

    Good Stuff as usual Steph. We are in November now. Are we still Kicking a$$ till the end of the year? We have to hit those numbers that we put up!!!!!!
    .-= Erby´s last blog ..Investment Rental Property! =-.

    • On November 03, 2009 at 7:48am, Stephani said...

      Absolutely Erby- I’m with ya! :)

  4. On November 03, 2009 at 9:19am, Melanie said...

    Hi Steph,

    Thanks for the video and link. I’m going to get some signs and put them out over the weekend.

    I have a question for you- do you ever get calls from code enforcement when you put the signs out? If so, what do you say when they call?

    Thanks Steph!
    Melanie

    • On November 03, 2009 at 9:27am, Stephani said...

      Hi Melanie,

      Code enforcement never bothers me about the signs. Pretty much every wholesaler I know in Tampa uses them, and I’ve never heard of anyone getting in trouble (in my county, anyway).

      You might want to ask around before you decide to put any out, though- just in case…

      Steph

  5. On November 03, 2009 at 10:05am, Fred said...

    Steph,
    Since you are making so many offers, do you ever use a letter of intent rather than a contract? Then if the bank accepts or makes a counter you can write up a full contract.

    • On November 03, 2009 at 10:40am, Stephani said...

      Hi Fred,

      The required contract for REOs in FL is only 4 pages long, so it’s not so bad. It only takes me 5 minutes or so to write one up…

      I don’t know how well received a letter of intent would be, but you could always give it a shot and see what happens.

      Steph

  6. On November 03, 2009 at 11:29am, Shae said...

    Steph, good luck with that checking once per day bit…. :-) Considering your current habits, maybe you should give yourself twice a day. Once in the late morning and then once again in the late afternoon/early evening.
    .-= Shae´s last blog ..Subscribe via email and connect! =-.

    • On November 03, 2009 at 11:32am, Stephani said...

      Yeah, good idea Shae.. I think I’m going to have to do that- baby steps…

      Maybe once at noon and once at seven. I’ll try that.

      :)

  7. On November 03, 2009 at 1:41pm, Sam said...

    Hi Steph,

    I am back with a block home this time. East Tampa.

    3917 East Henry Tampa

    4/1 Block
    Needing very little work for 35k.

    Please let me know if this would work.

    Sam

    • On November 03, 2009 at 1:50pm, Stephani said...

      Nice!

      I just got off the phone with a new buyer of mine looking for something just like that.

      Shoot me an email, will you? reosteph@gmail.com
      Thanks.

  8. On November 03, 2009 at 2:00pm, Debbie said...

    Wow! I left this detailed comment about my bandit sign experience but I guess it was deleted. What I said was I was nervous about using bandit signs and Steph told me to, ” Get out and put those signs up.” So trusting Steph, I made a deal with my husband and sons. My sons would prepare the signs and my husband agree to put the signs out. I will do everything else because this is my business.

    I received many calls and made 2 good contacts from buyers one day after the signs went out.
    I also advertise on Craigs List, and look up absentee owners who won free and clear or have owned their rental or vacant home for 20 yrs. After I make my first deal I am going to have a system that automates my squeeze page to my blog to collect buyers email address.

    Stephs e book is great, it really directs the reader step by step on how to buy REO’s. So, if you have not bought her book, but are still trying to wholesale just make sure you don’t spent a lot of money on gurus before buying her book.

    Her e book is one one the best deals on the market.

    Debbie

    • On November 03, 2009 at 2:10pm, Stephani said...

      Hey Debbie!

      So you ended up putting the signs out, eh? Glad to hear made some contacts from them already…

      If you make a habit of putting them out several times every month, you will have a nice sized buyers list before long.

      Keep up the good work!
      Steph

      P.S.
      Thanks for the testimonial. :)

  9. On November 03, 2009 at 9:40pm, Greg said...

    Hi Steph, how are you? I’ve been reading the Biggerpockets forums and see that many people feel as though wholesaling is a type of investing “gurus” sell but many do NOT profit from. I know you went through hard time to get to where you are. Do you have any suggestions to become successful at wholesaling and do you feel it is a great strategy to do in REI? Thank you! Nice Custome btw :)

    • On November 03, 2009 at 10:08pm, Stephani said...

      Hi Greg,

      There’s plenty of money to be made in wholesaling. There’s definitely a learning curve involved, but if you’re willing to work through it, it will be well worth your while.

      My advice to become a successful wholesaler would be to educate yourself, and then take massive action and apply what you have learned. The sky is the limit, but you have to be willing to put in the work- it’s not a get rich quick scheme like many of the gurus will lead you to believe…

      Take care,
      Steph :)

  10. On November 04, 2009 at 7:45pm, Joe Ziolkowski said...

    Great vid Steph, thanks! You mentioned marketing other wholesalers’ properties if you don’t have one. When you do that, do you market it at their original price and split their fee, or do you try to mark it up slightly and keep the difference? Also, do you use a flex-option contract for that or something else. Thanks again! You rock!

    • On November 04, 2009 at 7:58pm, Stephani said...

      Hey Joe!

      I have a handful of wholesalers that I work with on a regular basis, and normally we market deals at the same price and then split the profits 50/50.

      Not everyone does it that way, though- some people will want you to add on to their price instead, and keep the difference…

      If you aren’t licensed, you will definitely want to get the property under contract or option so you don’t get in trouble for brokering without a license…

      HTH,
      Steph :)

  11. On November 05, 2009 at 6:53pm, Joe Ziolkowski said...

    Great thanks Steph! I just got an option on a property yesterday shortly after reading this, so the timing couldn’t have been better :)

    • On November 05, 2009 at 7:21pm, Stephani said...

      Nice! Let me know how it works out.. :)

  12. On November 07, 2009 at 10:20am, Carey_PA said...

    Steph,

    Haven’t watched the video yet but I wanted to comment on you trying to only check your email once a day. I heard about that when reading the “4 Hour Work Week” by Tim Ferris and I actually did pretty well with it.

    I think if anything the biggest thing that would make a difference is if you do NOT check your email first thing in the morning. And like he said, at least get a critical task done by 10am. That is worked best for me. Of course I stopped doing that but now that I read your post I’m going to get back doing it again.

    Carey
    .-= Carey_PA´s last blog ..8 offers made! =-.

    • On November 08, 2009 at 9:16am, Stephani said...

      Hey Carey!

      Yeah- that is a big problem for me, too…I go to check email first thing in the morning, and next thing you know, it’s noon!

      I think I’m going to try setting aside 2 times/day- maybe noon and 8pm, and see how that works.

      Hope all is well!
      Steph

  13. On November 09, 2009 at 11:49pm, Mary said...

    Hi Steph,
    I’m a newbee in So. CA – Thanks for adding me to your contacts – I love your blog & vidoes… Sounds like you work hard but know how to make it fun too.

    Mary

  14. On November 12, 2009 at 12:30pm, Adam said...

    Hello Stephani,

    Loved the eBook! Tons of great info in there! Really liked the Q & A format you went with. I’m sure you’ll continue to get gobs of good questions from your readers. Maybe you could publish a ‘Flip this REO, Expanded and Updated’ version (similar to what Tim Ferriss did w/ his 4 hour Work Week book) in a year or two or three?

    Would highly recommend the book to anyone!

    Quick question about bandit signs…. Ever put up “we buy houses” bandit signs to try and capture motivated sellers and then to make them a quick close, cash offer?

    Regards,
    Adam

    • On November 14, 2009 at 1:19pm, Stephani said...

      Hi Adam,

      Glad to hear you liked the book!

      Yes, when I was first starting out, I used the We Buy Houses signs all the time. I put hundreds and hundreds of them out. I only ended up doing one deal out of all the signs I put out- I think I made 4k. Eventually I got burned out with talking to sellers (mostly unmotivated ones), which is why I decided to switch to REOs.

      Have a great weekend!

      Steph :)

  15. On November 14, 2009 at 4:52pm, Matt said...

    haha..umm. umm. um.

    You’re approaching the record.

    http://www.youtube.com/watch?v=rFQTaXY6eP8

  16. On November 18, 2009 at 12:17pm, Josh Burnett said...

    Steph,

    I just stumbled across your site (through biggerpockets.com), and I am really glad I did. I am a beginning investor and actually already have the bandit signs to go out and post but I dont have a property under contract to offer nor do I have established working relationships with other local wholesalers that I can JV with and market their properties. I am out looking for properties but I also want to have my ducks in order and have a few cash buyers lined up.

    How would you advise me to use the bandit signs that I do have to attract cash buyers besides the great tactic that you use of posting a sign with a great deal that you are marketing.

    Josh

    • On November 18, 2009 at 12:22pm, Stephani said...

      Hello Josh,

      I would call up the next bandit sign you see that is advertising a deal, and ask the wholesaler or investor if they would mind if you
      helped market their property. You can also look for ads on Craigslist (do a search for the term “ARV” and you should find a bunch of wholesaler ads). Send the person an email and let them know you are a beginning wholesaler who is trying to build your buyers list, then ask if you can market deals for them.

      Good luck!
      Steph :)

      P.S.
      Welcome to the site- glad to have you here.

  17. On November 23, 2009 at 5:51pm, Scott said...

    Hey, guys just wanted to update you all. I’m following Stephs course closely and today I just accomplished step 1. I got MLS access. Found a new realtor that is very open to new things. Hes actually a past friend that I ran into and now he just started doing real estate. Awesome Luck for Me! Anyway he sent me a username and password to have MLS access! If theres anyone thinking about getting into wholesaleing do yourself a favor and get stephs ebook. I have about a 1000 in courses and its as good if not better than the others. I hate the courses that are 300 pages long. Stephs is to the point. You can read it and get started. Steph has answered all my questions even before I ever purchased anything from her. I can only say that about 1 other guru. Visit my blog guys and keep your eye open for my progress!
    http://flippingpa-scottb.blogspot.com/

    • On November 23, 2009 at 6:01pm, Stephani said...

      Hey Scott!

      Awesome job getting MLS access, and awesome job getting out there and TAKING ACTION!

      Glad to hear you are doing well, and looking forward to your updates. :)

      Steph

    • On November 23, 2009 at 6:15pm, Shae said...

      Congratulations Scott! I agree that Steph’s e-book is right on point and that’s awesome that you’re out there making progress.
      .-= Shae´s last blog ..The Option House Strikes Again! =-.

      • On November 24, 2009 at 5:50pm, Scott said...

        Shae
        I was reading your blog. You mentioned to get a 60-90 day option. How are you doing this. Just signing an option to purchase agreement and letting seller know what your doing I assume? Are you going to assign the contract?

        • On November 24, 2009 at 6:17pm, Shae said...

          Hey Scott, I hate to hijack Steph’s thread here (sorry Steph!), but yes in the cases where I use an option contract (vs. a standard purchase & sale contract), I’ll set it for 90-120 days and the seller will know my plans. I only use an option if I’m not 100% sure I’ll be able to sell it (and if I have no intent to keep it myself if I couldn’t find a wholesale buyer).
          .-= Shae´s last blog ..Subject2 Investing: Finding Deals & 2 Key Questions to Ask Sellers =-.

          • On November 24, 2009 at 6:56pm, Stephani said...

            Hijacker.

  18. On November 24, 2009 at 6:22pm, Scott said...

    Yeah, That sounds good. That sounds like a great way to do a couple deals until I know for sure my buyers are going to follow through. I didnt see any where on your blog to comment for some reason. Thanks for the idea.

    • On November 24, 2009 at 6:32pm, Shae said...

      No problem Scott – and if you scroll to the bottom of the posts you’ll see a place to post any comments or questions. Happy to help (and of course if you’re making REO offers you won’t have the flexibility of using the option contracts…but this works great with private sellers). Keep up the awesome work!
      .-= Shae´s last blog ..Subject2 Investing: Finding Deals & 2 Key Questions to Ask Sellers =-.

  19. On December 11, 2009 at 3:33pm, Josh said...

    Steph,

    I am looking to implement one of your buyer list building strategies (Look on MLS for cash sales in the last month and then drive to those houses) but have ran into a little pit. I live in California so I cant just get a Realtor’s password and have access because the pass code changes daily. How would you approach a Realtor and ask them to do the research for you, and do it in a way that there is some benefit to them?

  20. On December 11, 2009 at 3:50pm, Stephani said...

    Hi Josh,

    It should only take them a few minutes to run a search for you. They can also set you up for automatic email updates so when anything pops up that fits your criteria, it will be automatically sent to you.

    I would offer to take them to lunch or get them a gift card to compensate for their time.

Post a comment

Subscribe without commenting