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Well I got another deal sold yesterday! Woohoo!
It’s a JV deal with another one of my wholesaling buddies, and it’s actually closing TODAY which I’m thrilled about!
The lady who is buying it is a new buyer of mine that I found on Monday. I went out to look at a property in one of the neighborhoods that I’ve done quite a few deals in, and while I was there I decided to spend some time driving around and writing down all of the numbers on the “For Rent” signs that I saw. This area is probably 80% rentals if not more, so there were quite a few of them. Initially I was going to write down 10 numbers and then go home, but I decided I might as well get as many as I could while I was there, so I ended up with 24.
Usually when I do this, I will take the list of numbers along with the corresponding property addresses, and research the owner in the tax records and on the county clerk’s website to see what the scoop is. If, for example, the owner only bought one property in 2006 for an astronomical price and they have a lis pendens filed against them….. I cross them off my list. This usually narrows the list by at least half, which is good because cold calling sucks and I hate doing it, so the fewer people I have to call- the better.
Monday, however, was the day of my first Toastmasters meeting, and I decided it would be good practice to cold call all 24 of the people on my list.
Good times, let me tell you.
One of my first calls went like this:
ME: Hi, my name is Steph Davis, and I saw your For Rent sign in front of a property on Main St. I was just wondering if you were looking for any more rentals in the area……
Angry Guy: (Silence)
ME: Um….Yeah, I’m a wholesaler and I was just calling some of the landlords in the area to see if they were looking for more rentals. I’ve got a property for sale over on X Street for 37k and thought you might be interested……
AG: Oh you’ve got a property for sale do ya? Gee, what a surprise! SO DO I! SO DOES EVERYBODY! NO, I’M NOT INTERESTED!!!!!!!!
Click.
Awesome.
15 calls later, I was considering scrapping the whole mission, but forced myself to finish the list.
Long story short, the 24th call (seriously) ended up being the lady who is buying the deal that is closing today! How do ya like them apples? And she’s also buying the crap out of properties in this neighborhood right now, so I’m sure this will be the first of many deals I sell to her.
Glad I finished making those calls. 
That’s all I’ve got for now. Have a great day everybody!
Over and out…
P.S.
Just a friendly reminder to those of you who are participating in the Flip This Wholesaler Book of the Month Club …… you’ve got two weeks left to finish up! January 1st is right around the corner.
On December 18, 2009 at 9:15am, Erby said...
Good for you Steph! Every time I go see a new property I pick up I also drive around the area and collect for rent sign numbers. Like everything else its a numbers game. Sometime its the last call OR sometime its the first call. Regardless persistence PAY$$$$$$$$$$$!
.-= Erby´s last blog ..3BD/2BA SINGLE FAMILY HOME $42,000 =-.
On December 18, 2009 at 9:32am, Stephani said...
Amen, brother!
I’ve found some of my best buyers using this strategy. It works, but you have to be willing to make lots o’ calls in order to find the gems…
Hope you have a wonderful holiday, Erby!
On December 18, 2009 at 10:18am, Scott Costello said...
Way to go Steph! I wonder what the heck that first guy sat on when he answered the phone?? crazy people out there.
Also I’d like to announce that I finished the book last night and am looking forward to the discussion. You should really look at google wave as a place to hold the discussions, it has a great timeline feature. I know you don’t want to start any new “social media” stuff, but this can just be used for group conversations. Just a thought
.-= Scott Costello´s last blog ..Giveaway #5: T Harv Eker’s Millionaire Mind Seminar =-.
On December 18, 2009 at 10:27am, Stephani said...
Hmmmm.
Maybe I’ll look into that, Scott. I don’t know much about it- would everyone participating have to have a GW account?
What do you think of it, btw? I’ve heard mixed reviews.
On December 18, 2009 at 10:35am, Scott Costello said...
Haven’t really put it through it’s paces yet because there aren’t enough people who have accounts that I know. I thought the BOTMC discussion would be a great test. Everyone would have to have an account, but I’ve got 25 people I can invite and I’m sure some others like Nick Johnson and Shae have some invites also. That should cover anyone who wants one. Here is a funny example of what google wave can do. might not help but it’s funny.
Wave Fiction
.-= Scott Costello´s last blog ..Giveaway #5: T Harv Eker’s Millionaire Mind Seminar =-.
On December 18, 2009 at 4:20pm, Stephani said...
Hey Scott,
I just watched the Wave Fiction video. So that was actually Google Wave that was being used? Seems kind of confusing, but I still haven’t figured out Twitter, so maybe I am just slow.
Looks kind of like instant messaging on steroids, no?
On December 18, 2009 at 1:07pm, Shae said...
I love this post
Awesome example of why persistence pays off! Just finished up the Brian Tracy book today and looking forward to the discussion on it. BTW, I don’t have invites for Google Wave but Nick and Alex do!
Congrats on the deal! W00t!
.-= Shae´s last blog ..The saga continues =-.
On December 18, 2009 at 4:23pm, Stephani said...
Thanks, Shae.
On December 18, 2009 at 2:48pm, LM said...
I know that what you say about persistence is true but when you are actually making those calls and sweating while sitting at the phone it’s hard to remember that persistence works!
But then again you cannot persist in this business otherwise…
.-= LM´s last blog ..12/18-Credit Card Debt Solutions =-.
On December 18, 2009 at 4:28pm, Stephani said...
It does suck making cold calls, especially when you are just getting started, but you have to keep your eye on the prize and do it anyway.
No pain, no gain.
On December 18, 2009 at 8:38pm, Nance said...
Hey Steph – you’re missing a wholesale deal. Call AG back and see what the least he’ll take if you pay all cash and close quickly. Definitely a motivated seller! His last tenant probably stuck him for a couple of months rent and trashed the place.
But then he probably paid too much in 2006 and can’t afford to sell it.
Congrats on the deal and the new buyer.
On December 18, 2009 at 9:26pm, Stephani said...
Hey Nance,
I actually checked the tax records after I talked to him just for fun. He paid 160k for the property, so he’s waaaaaaaaaay upside down. Probably pissed him off that I was selling a similar property for 37k. It’s like rubbing his nose in it, I think..
Have a great holiday!
On December 19, 2009 at 12:57pm, Carey_PA said...
Shoot! I want to play in the book of the month club!! I gotta get to the library and get to reading that book! Sure would be nice it it wasn’t snowing out today! Tomorrow or Monday I think I’ll pick up that book.
Way to go Steph with persistence. Tell me…any idea how to teach a 17 yr. old boy about persistence cuz I’m not having much luck lately and it’s getting super frustrating
.-= Carey_PA´s last blog ..The strip club meeting =-.
On December 19, 2009 at 1:03pm, Stephani said...
Welcome to the Club, Carey!
Unfortunately I don’t have much advice for you regarding the 17 year old. I know when I was 17 I was a little hell-raiser, but I eventually straightened myself out, thankfully…
On December 19, 2009 at 4:50pm, Chris Ranney said...
I am almost done with the book ! Just starting chapter 10. Great job on the JV.
CAREY, you can’t teach a 17 yr old anything. They already know it all ! Seriously though, just keep setting a good example. Your actions will speak louder than your words.
On December 19, 2009 at 7:13pm, Bruce said...
What a GREAT post!!!…awesome example of going the extra mile and getting rewarded for it.
On December 20, 2009 at 7:11pm, Will said...
Steph,
A little off subject here…
I will be focusing on using my end buyer as my money partner when closing on REO’s. I have a few (partner-buyers) already in Miami. I was wondering if you had a copy of a contract or agreement which stipulates to my end buyer that i will indeed quit claim myself off the property right after closing?
Btw, your Flip This Wholesaler e-book course was/is excellent. No fluff and to the point…loved it.
Kind Regards,
Will
On December 20, 2009 at 7:39pm, Stephani said...
Hi Will,
I only did the quit claim thing a few times- twice with one buyer, and once with another. I already had a good relationship/rapport with both buyers, and we just did the deals on a handshake. Probably not the best idea, but that’s how it went down.
I think you would probably want to have an atty draw something up for you and your buyer, as I don’t think a handshake will fly with most people…
Sorry I can’t be of more help.
Happy Holidays to you, and thanks for stopping by,
Steph
P.S.
Glad you liked the eBook
On December 20, 2009 at 11:05pm, Mitch said...
Steph — Why aren’t you calling that first guy back? He’s obviously stressed, hates the business he’s in, and maybe he’ll sell cheap. To heck with buyers, you might have a seller there!
On December 21, 2009 at 7:10am, Stephani said...
Hi Mitch,
He he owes about 160k on the property, and it’s worth about 30-35k (wholesale) in today’s market. I don’t mess with short sales, so there’s not a whole lot I could do with it…
Happy Holidays!
Steph
On December 20, 2009 at 11:34pm, Mitch said...
Nice site, Steph. And next time I’ll read all the posts before I duplicate a comment…
Mitch
On December 21, 2009 at 11:21am, Stephani said...
No worries, Mitch.
On December 21, 2009 at 10:20am, Dave Peniuk said...
Great post Steph on persistence and congrats on the deal! Did you get’r closed on Friday?
I am still in disbelief at how inexpensive real estate is down there….heck across most of the U.S.! In Canada, we are currently excited when we find a motivated seller willing to sell for less than 90% market value and it will still cost $200,000! At least in the areas where we invest….and those aren’t even the expensive areas.
Persistence persistence persistence. Keep it up!
On December 21, 2009 at 11:34am, Stephani said...
Hey Dave,
Yeah- the prices are super cheap down here, and I think we still have a long way to go. I don’t see how we can be anywhere near the bottom- last time I checked there were still over 2000 lis pendens being filed each month in my county.
If you guys ever decide you’d like to pick up some bargains in Tampa- let me know!
Happy Holidays!
Steph
P.S.
Yes, we got the deal closed on Friday. Yay!
On December 21, 2009 at 1:42pm, Raquel said...
Congratulations, persistence really is key in this business. It works for me when calling FSBOs and Craigslist ads. I actually have people tell me that I’m the only one who keeps calling back
On December 22, 2009 at 12:35pm, Dave Peniuk said...
Great stuff Steph! Glad you got it closed…an early Merry Christmas present for you and Jim!
We’ll definitely come to you first if we are shopping in the Tampa market! Thanks for the offer.
Oh, and I think you may be right about the floor not yet being hit. From everything we’re reading/seeing/hearing, the U.S. market still has further to go…unfortunately. But, that will create opportunities for the PERSISTENT, HARDWORKING peeps, and make home owning more affordable again.
All the best to you and yours over the holidays!
Cheers
On January 07, 2010 at 12:52am, Tony Zamberlin said...
Steph,
I’ve got a bird dog im my local market bringing me deals. i’ve decided to work with him and pay him 10% for a number, name, address and reason the owner is selling?? is this a good idea??
Also got another real estate investor/bird dog today that told me about another one like 45 mins away from here. hes already spoken to the owner, got a rehab guestimate and cant get comps. i don’t have access to mls here either. how the heck would u handle this lead?? or would u say the hell with it and give it to another investor and tell them to give me 25% and i can split that with him and have him keep bringin leads?? thanks
PS. Im thinking my time is better spent in my county and outsource to other investors in others…
On January 10, 2010 at 3:31pm, Stephani said...
As far as paying the bird dog, that sounds fair to pay 10% once the deal closes.
To get comps out of your area you could always call a Realtor who works that market and ask them for a ball park estimate. Combine that with some of the free online resources and you should be able to get a pretty good idea of the value.
I personally don’t like to go out of my area to do deals, but that’s just me. If it looks like a good opportunity, go for it.
Steph
On January 07, 2010 at 12:56am, Tony Zamberlin said...
Hey Steph,
what did u end up makin on the jv wholesale deal??
On January 10, 2010 at 3:32pm, Stephani said...
3k.
On January 13, 2010 at 11:04pm, Tony Zamberlin said...
k what do u normally do when someone brings a buyer for one of your deals or u bring a buyer for another wholesalers deals. is it 50/50 ??
On January 13, 2010 at 11:07pm, Tony Zamberlin said...
steph,
i’ve decided to focus on my area by outsourcing short sale leads in other counties for 10% and other leads for 25% in other areas as well for doing practically nothing!! lol
Also my mentor/partner here has a girl he sends his short sale leads too and all she gets is a comission and he gets the whole deals once accepted. i have mls access here in my county so would u work regular leads and short sale leads in your county with partner or just do the regular stuff and outsource the short sale stuff to him for 10% ??
On January 13, 2010 at 11:08pm, Tony Zamberlin said...
Thanks steph,
well i have my own mls access here through my appraiser, but do you make sure u have good comps even on rentals b4 working the leads??