Hi Guys.
It’s been awhile since I’ve posted, and I have all kinds o’ stuff to talk about, so grab yourself a refreshing beverage and pull up a chair…
First of all, I’m happy to report that, as of Friday afternoon, I removed all of my email accounts from my Crackberry!
After two weeks of trying to limit my email checking to only twice/day, I finally came to the realization that it wasn’t going to happen if I have my Blackberry on me all the time. And since I can’t really ditch my phone, I decided to just delete the email accounts and be done with it. It’s kind of like how I can’t have any candy or chips or cookies in my house, even if my intent is to only have a little bit once in a while to treat myself. What happens is, I will eat all of it in one day, no matter how hard I try not to. So, I just don’t ever buy any of it. Problem solved…
So, anyway, I’ve been without email on my phone all weekend, and it’s been AWESOME. I’ve decided to check email from my computer twice daily (noon and 7pm), and so far, it’s working out just fine. It has only been 2 days, but I’ve been much more productive without the constant distraction of that stupid red light beeping in my face and tempting me…
Oh, I also finally committed Twittercide, and this time, I’m not ever going back. I tried my best to get to know and love Twitter, I really did, but the truth is, I think it’s stupid and I hate it.
There, I said it. I HATE TWITTER.
I am officially a Twitter Quitter. Hehe.
Moving on to the real estate front….
I spent the weekend putting out signs (my sign guy seems to have disappeared into thin air), looking at houses, and looking for new buyers. I was out the door at the crack o’ 7am both today and yesterday. I put out 50 signs total- 30 on Saturday, and 20 today.
I had only planned on putting 30 out, but since I didn’t get one single phone call on Saturday (which I thought was very odd), I got pissed and decided to go back and put out 20 more today. After driving around for a little while this morning, I soon solved the mystery of why my phone hadn’t been ringing the day before….some asshole thought it would be a good idea to pull all of my signs up and toss them on the ground.
Exhibit A:
Exhibit B:
There are about 20 more Exhibits, but I think you get the picture.
Good times.
I’m about 99% sure it was another wholesaler who did it- perhaps the one who has signs out all over the place advertising a 3/1 block for 49k (mine is a 3/1 block for 42k). Probably has a little bit of deal hate going on…
So anyway, after I finished replacing my signs, I spent a good part of the day today hunting down some of the cash buyers that have recently bought properties off of the MLS. I did an MLS search last night and came up with 15 cash investor sales in the last 30 days in the zip code that I am working in. I drove by all of the houses today, and ended up getting 7 numbers from For Sale or For Rent signs that were in the front yards. Not bad. I’ll give them all a call in the morning, and let you know how it shakes out…
Other than that, I’ve been busy making offers and working on deals with some of the other wholesalers I know. I got a counter back from the bank Friday on a duplex that just came back on the market. It’s a nightmare inside and it’s on a not so good street, but I have a buyer who loves him some duplexes in the hood, and I’m pretty sure he’d take this one if I can get them down a wee bit more…
OK, I have some other stuff to talk about, but I will save it for the next post since this one is turning into a novella.
Adios Amigos!
P.S.
In case any of you are wondering why there are no apostrophes in the title to this post- for some reason, they just don’t show up. No idea why. Just an FYI for those who may be thinking I don’t know how to spel. Hehe.
On November 15, 2009 at 8:43pm, Fred said...
Twitter does suck, I can’t understand why people tweet. Steph, do you hire someone to write up your signs? It must take a long time to do. I follow what Ron Legrand teaches – “The less I do, the more I make.” verytime I have an urge to do some time consuming task myself, I just remember that phrase.
On November 15, 2009 at 8:49pm, Stephani said...
Hi Fred,
I know a lot of people who really like Twitter- it’s just not my thing. I do like Facebook, though.
Regarding the signs- I write them up myself, but have been paying a college kid to put them out for me for $1/sign. He’s not answering his phone anymore, though, so I think I need to find someone else for the job.
On November 15, 2009 at 9:18pm, Jerry said...
What the hell is Twitter anyway Steph? You go on there and tell people what you are doing all the time?
On November 15, 2009 at 9:21pm, Stephani said...
You crack me up Jerry.
It’s kinda like micro blogging. Pretty sure you would not like it.
On November 15, 2009 at 11:27pm, Matt said...
“know how to spel.”
Signed,
Spellcheck
On November 16, 2009 at 6:22am, Stephani said...
I did that on purpiss, Matt.
Hehe.
On November 16, 2009 at 5:44am, Shae said...
LOL! Twitter quitter graphic was hilarious. Steph, congrats on getting some control over your time back by shutting down email on the Blackberry. Keep this up and you’re unstoppable! I really need to tackle the email thing too…not so much on the Blackberry but just in general.
Shae´s last blog ..2 Weeks for a Jailbird
On November 16, 2009 at 6:23am, Stephani said...
I love that graphic, too. I’d like to make a T-shirt out of it, actually…
On November 16, 2009 at 8:27am, Bilgefisher said...
Steph,
Congrats on getting rid of twitter. I can see great use in many social networking sites, but the reality is they just waste your valuable time. Its like getting rid of TV. Good Luck.
Jason
On November 16, 2009 at 12:13pm, Stephani said...
Hi Jason,
I actually get quite a bit of blog traffic from Facebook, which is good, and have made some solid business contacts. For some reason, though, I just never could get the hang of Twitter. It’s not interactive enough, I guess.
Hope you are doing well,
Steph
On November 16, 2009 at 9:53am, Scott Costello said...
Great work on deleting your email accounts from the blackberry, next is to get rid of the blackberry so you are not tempted to put them back.
I’m not a huge fan of twitter either, but I’ve connected with a few people I normally would not have so it has it’s value. I just limit my use to once a day before bed.
Scott Costello´s last blog ..Lead List? Get it Yourself!
On November 16, 2009 at 12:15pm, Stephani said...
Hey Scott,
I don’t think I will ever add the email accounts back to the Blackberry. It’s just way too distracting. Maybe when I’m traveling, but that’s it…
On November 16, 2009 at 12:08pm, Chad said...
Hey Steph,
I think I’m going to start calling you Steph-Money. I think that gives you more street cred than TampaSteph.
Anyway, I’ve got an idea for your next video blog. Could you give us an idea about how you approach your calls to the cash investors you find from the MLS and For Rent/Sale signs? Like how do you introduce yourself and what kinds of questions do you ask them? Do you ask them to meet you at Starbucks to talk face to face? Stuff like that Thanks.
Chad
On November 16, 2009 at 12:18pm, Stephani said...
You must be a mind reader, Chad.
I was actually thinking today of recording some of my calls on video so you can actually hear first hand. I have to figure out how to mute their names and phone numbers, though.
Thanks for the suggestion- I will work on it.
Steph-Money
Hehehe.
On November 16, 2009 at 1:07pm, Charles Rilley said...
Step…hi there! Quick question if u will. I’m located in New Jersey, where I’ve lived almost all of my 33yrs. I know my area well…my question is: I live in an area where I know three towns very well, i’m in and out of these towns alot visiting fam., shopping, and I live in the other, all three are good to wholesale in. I have built a buyers list where some of the buyers dont mind buying in any of these three towns…should I wholesale in all three of these area codes? With hard work and getting to know the property values well, I believe I could do it…do u wholesale in other area codes…can it be done?
On November 16, 2009 at 1:18pm, Stephani said...
Hi Charles,
If you already know the areas fairly well, and you have buyers willing to buy in those areas, I don’t see why not.
I recommend starting with one part of town and becoming an expert on it before moving on to others. however, if you are already familiar with the other towns, you might as well go for it.
I pretty much will go anywhere in Tampa, which is a large area, but when I was starting out, I picked one little section of the city and focused on that first…
Hope that helps,
Steph
On November 16, 2009 at 4:13pm, Debbie said...
Funny, this morning I told my husband that some of my signs have reappeared. My husband admitted that he put up one sign near the hospital that terminated me after I reported patient abuse. I don’t know who put the other signs up.
Update: I told you that I had found serious cash buyers. The problem turned out to be that my potential sellers are not really motivated to sell and if anything seem to be in need of a counseling service. I am going to take your advice and contact other wholesalers because I don’t want to lose VIP Buyers. Oh. I have over come my fear of talking to sellers, buyer and Agents. I am meeting lots of people.
Do you have a website or squeeze page? I signed up for Web3.0 and I am not sure how I feel about it. Personally I hate the squeeze page.
Debbie
On November 16, 2009 at 4:31pm, Stephani said...
You are really rockin’ and rollin’ Debbie- nice job.
Isn’t it funny (or not), how after you start talking to people and getting over your initial fears, it just keeps getting easier and easier? You just have to step out of your comfort zone and get the ball rolling- which it sounds like you are doing a great job of.
I don’t have a website or squeeze page for sellers or buyers, so I’m the wrong person to be giving you advice on that subject- sorry.
Keep up the good work- you are doing AWESOME!
On November 16, 2009 at 6:02pm, Bruce said...
Absolutely agree with you Steph: TWITTER SUCKS TOTALLY…enormous waste of time. Just stupid.
On November 16, 2009 at 6:38pm, Jason said...
hey steph,
question(s) of the day!
1.how do you keep good realtionship with your buyers, even though you havent found them any properties for a long time??
2. I use a ( complex) contract since I’m all ready with a real estate ofice. If I send you a copy could you fill it out like a wholesaler would, So I know how too? That way I dont get cast like a leopard if I ask my broker how to do it like a wholesaler.lol
On November 17, 2009 at 6:50am, Stephani said...
Hi Jason,
It shouldn’t really matter if you haven’t sold anything to your buyers in awhile- I wouldn’t worry yourself about that too much. When you get a great deal, just give them a call and let them know you have something available…
Not sure what you mean by a complex contract… For REOs, the bank will have a specific contract that they will require you to use. If you have questions about how to fill it out, I would recommend using a buyer’s agent for your first few offers, then once you have taken a look at how it’s done, you can write them up yourself.
Steph
On November 16, 2009 at 9:03pm, Jason said...
Sorry steph one more question( i know u hate me.lol)
what do you put in everyone of your offers
deposit, days of inspection, days to close escrow, and any other items>
Im making alot of offers, but I dont want any liens, judgements or big fees hitting me and my buyer while were trying to close. How do I protect myself from those things with an offer with NO contingencies?
On November 17, 2009 at 6:57am, Stephani said...
Hi Jason,
I usually offer 1k-2k for earnest deposit, zero inspection period, and close in 7 days.
The banks usually need 3 weeks to a month to close, but I always put 7 days just to make my offer look stronger.
It will usually state in the bank’s addendum that the property will be delivered with clear title, so you shouldn’t have to worry about any liens or judgements.
Steph
On November 17, 2009 at 9:48am, Jason said...
hi steph
But will your buyer have time to do his due diligence on the property with a 7 day close.
I have trouble with that!! I do so much research on the property before I offer on it with hard evidence, but some buyer insist on doing their own due diligence wasting the little time we have.
how do you get around this?
On November 17, 2009 at 4:01pm, Stephani said...
Jason,
Like I mentioned, the banks will usually need around 30 days to close- I’ve never had them actually be able to close in 7 days. Even if they could close that fast, my buyers usually only need a few hours to make a decision.
If you don’t feel comfortable offering a quick closing, then give yourself more time. It’s your offer, so you can put whichever terms in it that you want.
Steph
On November 17, 2009 at 9:51am, Jason said...
also how do you find enough time to market a REO property before the bank wants their deposit, or ready to close?
OK NO MORE QUESTION!! SORRY
On November 17, 2009 at 4:04pm, Stephani said...
The bank will want their deposit once the offer is accepted, so unless you can find a buyer really fast- you will need to have the cash available to give to the bank.
Here’s a video that explains more about earnest money and REOs- you might find it helpful.
http://www.flipthiswholesaler.net/2009/08/ernest-money-and-reo-offers/
Steph
On November 17, 2009 at 5:48pm, Jason said...
you said in the video that they will send you a new contract after acceptance of offer. If I dont have a buyer or a deposit, can I still just walk away from it telling them Im not interested? or will they try to sue me for the deposit or something?
On November 17, 2009 at 6:09pm, Shae said...
Hey Jason, its great that you’re getting started with wholesaling and I wish you the best! Just wanted to respectfully suggest that you pick up a copy of Steph’s ebook Flip This REO! I have read it and can tell you personally that it’s an awesome resource and worth way more than the $47 she charges for it. She answers all your questions and much more in that book.
Shae´s last blog ..Kryptonite!
On November 17, 2009 at 7:06pm, Stephani said...
The bank’s addendum is technically a counter offer, since it contains new terms/conditions, so you could walk away from the deal if you wanted to, and there is nothing they can do about it.
I would not recommend making a habit of doing this, though, as you will lose all credibility with the listing agents rather quickly..
On November 17, 2009 at 8:29pm, Shawday said...
First of all I hate twitter too (lol) Second of all- I have been there with the signs thing! Only I had to take my own signs down. When I was just starting, a jerk called me and pretended to be a cop and said I would get fined if I didn’t. Being 19 and naive, I of course believed him and took down all my signs (2 full days worth of work). I found out later from a colleague that he was not only competition – but that it wasn’t something I could get fined for!!! GRRR.
On November 18, 2009 at 8:15am, Scott Costello said...
Shawday,
I think we all would get fooled if that happened to us. The best way to look at potential fines, is to call it [b]a cost of doing business[/b].
Scott Costello´s last blog ..Probate Monday #4 – Is Real Estate Involved?
On November 18, 2009 at 8:22am, Stephani said...
I’ve never had a problem with people taking them down until now. Hopefully it’s a one time thing and won’t happen again. I’m actually going to pick up another 100 from the sign shop today…
On November 19, 2009 at 9:54am, Jim said...
Let me know when you find that guy that took your signs down, we’ll take em’ out back by the wood shed.. J/k
Jim
On November 19, 2009 at 3:10pm, Stephani said...
Sounds like a plan, Jim.
I have a bunch out all over West Tampa, too, so we’ll see if they get pulled down.
On November 19, 2009 at 2:29pm, Tony Zamberlin said...
Steph,
do u normally make offers if the realtor says multiple offers on the house already?? or if they think its gonna go into a multiple offer situation??
PS. what is the best thing to write on your signs to sell the houses?? thanks
On November 19, 2009 at 3:12pm, Stephani said...
I usually stay away from new listings where there are multiple offers. Usually is a waste of time.
Here’s what my signs look like….
http://www.flipthiswholesaler.net/2008/11/how-i-find-cash-buyers-in-a-crappy-market/
On November 19, 2009 at 6:07pm, Shawn Rand said...
Steph~
I am pretty sure that I have read this on your page somewhere, but is there a wayt get around using your own money for earnest money? An if you dont have the money what do you do. Do you just not wholesale until you have at least $1k in the bank? Please help. thanks!
On November 19, 2009 at 6:12pm, Stephani said...
Hi Shawn,
There’s really no way around it, unless you can sell the deal fast enough to get a deposit from your end buyer and then use that to give to the bank. Kinda hard to pull off..
Here’s a video I posted that explains it in a little more detail:
http://www.flipthiswholesaler.net/2009/08/ernest-money-and-reo-offers/
HTH,
Steph
On November 19, 2009 at 6:22pm, Shawn Rand said...
Wow you ARE QUICK! LOL thanks!
On November 19, 2009 at 6:24pm, Stephani said...
On November 19, 2009 at 9:29pm, Adam said...
Hello Stephani,
Had a quick question regarding title insurance…. In a simultaneous close do you have to pay for it twice? Once for the A-B transaction and once for the B-C transaction? How does that typically work? How do you usually structure that between each of those transactions?
Thanks in advance,
Adam
On November 20, 2009 at 6:50am, Stephani said...
Hi Adam,
It depends on what the contracts say…
Most of the time the bank will cover the title insurance on the A-B sale- you will need to check their addendum to be sure, though.
On the B-C sale, I always sell my deals at a net price to me, which means my end buyer pays all closing costs.
Steph
On November 20, 2009 at 9:42am, Adam said...
Perfect, thanks!
On November 20, 2009 at 9:51am, Tony Zamberlin said...
Great on the sign and multiple offer stuff Steph!! thanks
On November 20, 2009 at 9:58am, M.A. said...
Good site – good content, good design. I like the video content that is to the point as well as the background music.
On November 20, 2009 at 4:04pm, Stephani said...
Thanks!
On November 20, 2009 at 1:16pm, Russ L said...
Steph,
You should make your own twiter quitter shirts and then sell them
go here http://www.cafepress.com/cp/info/sell/
oh and your reo book rocks
-Russ L
On November 20, 2009 at 4:05pm, Stephani said...
Hey Russ,
Maybe I will come out with a T-Shirt line- I’ll put it on my list…
Glad to hear you liked the book.
Hope all is well with you,
Steph
On November 22, 2009 at 10:31am, Bill Lassiter said...
OMG Steph I SO feel you with Twitter!
I’m still trying but it honestly seems like a useless tool.
Bill Lassiter´s last blog ..Pardon our Dust!
On November 23, 2009 at 6:41am, Stephani said...
Hey Bill,
I tried to like it, but it ended up feeling more like a chore than anything, so I gave it the boot!
On November 25, 2009 at 10:25am, Niki said...
Hey Steph,
About your cash buyers that you find on the MLS, I have found all kinds of cash buyers but I am having a hard time locating a phone number. Most of them are not listed with their business or personal name. How do you go about finding phone numbers, or do you mainly deal with the big investment companies that are listed?
On November 25, 2009 at 1:52pm, Stephani said...
Hi Niki,
I drive by the houses that have recently been sold for cash- there is often a For Rent or For Sale sign in the front yard. You can also try Googling their name- I’ve found a few that way, too.
On December 03, 2009 at 3:20pm, Taylor Dane said...
Hello Ms. Davis.
When dealing with reo flips, after contract is accepted by bank and your emailing buyers, Once buyer accepts what paperwork do I use between me and buyer?
On December 05, 2009 at 6:57am, Stephani said...
Hi Taylor,
You will need a purchase and sale agreement for the sale between you and your end buyer.
I use the FAR (florida association of realtors) As-Is contract, with some extra stipulations of my own added to it…
Steph