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Hey Guys and Gals!
As I promised in my last post, I’ve got a brand new Flip This Success Story interview for you to listen to. This month’s call is with Justin Wilmot- a 25 year old surfer dude from Palm Coast, FL who recently completed his very first REO wholesale deal, and since then has closed 2 other deals (one wholesale and one rehab), and currently has 2 more under contract! Woohoo!
Please give a warm welcome to Justin Wilmot (and his lovely wife)……..
The call is about 45 minutes long, so pull up a chair, grab yourself a refreshing beverage, and enjoy!
If you have any questions for Justin, feel free to leave a comment and I will see if I can get him over here to answer them for you! 
On March 22, 2010 at 7:32am, Shae said...
Don’t buy houses in the middle of a trailer park. LOL!
Steph, another great interview! Justin, really great work bud and wish you much continued success!
.-= Shae´s last blog ..Conversations with Millionaires (Book Review) =-.
On March 22, 2010 at 8:10am, Stephani said...
Those damn trailer parks!
Glad you liked the interview, Shae.
P.S.
Happy almost Birthday!!!!!!!
On March 24, 2010 at 6:22am, mobilehomegurl said...
Oh, wow! I’ve seen this before, too bad it couldn’t just be picked up and moved! (lol!)
Great interview, Steph. It’s really nice to hear these success stories, you really take the time to help people out. I think it’s really cool. I agree with your advice, learning the market is so important. I see a lot of people just going out there looking for cheap homes without taking the time to learn the market, it takes time but is so important.
Thanks for sharing, nice to hear your story Justin – good work!
p.s. I had no idea Shae’s birthday was coming up, Happy Birthday Shae!
On March 24, 2010 at 9:07am, Stephani said...
Yeah, I think people probably get sick of hearing me preach about how important it is to take the time to learn your market, but it just makes things sooooooo much easier if you do it. It’s not the most fun thing to do, but it is definitely worth the time and effort!
On March 24, 2010 at 9:08am, Shae said...
Thanks Rachel!
Steph, the whole family is enjoying those yummy birthday cookies you sent…even more so knowing that you baked them yourself! You’re doing pretty good at this cooking and baking thing, pal. Thanks!
.-= Shae´s last blog ..Conversations with Millionaires (Book Review) =-.
On March 24, 2010 at 9:18am, Stephani said...
Well I hope you really do like them!
I’m pretty sure if they tasted like shit you wouldn’t tell me, though.
On March 24, 2010 at 9:22am, Shae said...
You’re right….I wouldn’t tell you that. BUT I wouldn’t make the point to tell you that I was enjoying them either…I’d just say “Thanks so much for the cookies!”
.-= Shae´s last blog ..Conversations with Millionaires (Book Review) =-.
On March 24, 2010 at 9:23am, Stephani said...
Fair enough.
On March 22, 2010 at 8:49am, nthagame said...
Great Interview Steph, you are always giving back.
On March 22, 2010 at 8:57am, Kelly said...
I really enjoyed listening in on this. Being in the Orlando area is is even more inspirational! I am interested in learning which REI group Justin attended. My local sub chapter seems to cancel meetings at the last minute, so that has not been a reliable resource for me. Also, are all of your deals in the Orlando area? Just wondering…..Palm Coast is a bit of a drive to Orlando. Keep up the good work!
On March 22, 2010 at 11:40am, Justin said...
Hello Shae and thank you for the kind words. Good luck to you as well this year. It’s gonna be a great one!
On March 22, 2010 at 11:50am, Justin said...
Hello Kelley. I am a member of the CFRI (Central Florida Real Estate Investors) Group. It is a large and successful REI group with weekly focus group meetings as well as large General Meetings. I highly recommend checking it out if you have not already. You will meet and be rubbing elbows with some of the biggest “Movers and shakers” in central FL. I actually work both markets and have been wholesaling in Central Fl (Orlando and Kissimmee) and renovating back here in Palm Coast and selling to end users. I like to do what seems to be working or moving best in each market. Thank you and let me know if you ever have any more questions. To your success!
On March 23, 2010 at 9:42am, omar said...
I am looking to get into wholesaling here in MN. I have seen some “coaching” programs that may be of interest to me. Of course there is a fee, as there should be. Do you guys recommend a “mentor” who charges or do you think that you can learn this all on your own through books, etc….ty
On March 23, 2010 at 9:49am, Stephani said...
Hi Omar,
You can definitely learn what you need to know to get through your first deal(s) by studying info online. That’s what I did when I was just getting started. Once I had a little bit of extra cash I joined Steve Cook’s coaching program.
I am personally a big fan of hiring a competent mentor who has been there and done that as it will shorten your learning curve tremendously, however, I only recommend doing so if you are 100% committed to succeeding. If you go into it with a half hearted approach, it’s just a waste of $$. It doesn’t matter how good your coach is if you aren’t committed to making it happen.
Not sure if that answered your question….
My two cents.
On March 23, 2010 at 2:12pm, RJ said...
Another great interview Steph! Hey Justin, awesome bro! Congrats on the First deal and Best Wishes to the many more deals you are going to do.
.-= RJ´s last blog ..What We’ve been Up To =-.
On March 23, 2010 at 2:20pm, AnotherSteph said...
Hi Steph, Great interview…In fact, I’ve enjoyed both Justin’s and Eileen’s interviews. Like you, I love hearing success stories, they’re great to keep you motivated. Much better than a lot of REI podcasts that sell you stuff at the end. Keep up the great work!
Steph
.-= AnotherSteph´s last blog ..stealthreinvest: State Could Face Surge in Foreclosures http://bit.ly/azlGXu =-.
On March 23, 2010 at 2:46pm, Stephani said...
Thanks Steph- glad you liked them!
On March 23, 2010 at 9:56pm, Matt said...
Nicely done. Justin sounds like you’ll be in the game for a long time to come…
Just don’t go collecting surfboards with those checks…(look up Frank Kern who’s got a TON of them)
On March 24, 2010 at 10:30am, Eileen-WI said...
Congratulations Justin, awesome work!! Sounds like you are just racking up those contracted properties. Fantastic!
Steph, great interview!!
On March 25, 2010 at 10:55am, Shawn said...
Hi Steph! I am going to send you an email as soon as I get out of a meeting and I wanted to just know your thoughts on this property if you have the time. No rush just wanted to know what you think! Thanks!
On March 27, 2010 at 12:00pm, Michael Weller said...
Steph,
Got your REO book, found an investor and woke up to an opportunity that is beyond overwhelmingly awesome!…..My investor is purchasing 17 homes and wants me to ‘project manage’ to renovate and sell as soon as possible….would love to speak with you regarding this project…thanks, Michael
.-= Michael Weller ´s last undefined ..If you register your site for free at =-.
On March 27, 2010 at 3:06pm, Stephani said...
Sounds like that could be a great opportunity, Michael- congrats!
I don’t have any experience with renovations or project management, so I don’t know how much help I’m going to be in that department. Have you ever taken on a project like that before?
On March 27, 2010 at 7:42pm, Eric said...
Great Job on this call Steph. You were asking a lot of questions I had for Justin.
Justin… Great Job! Keep on hustling! Sounds like you found a great person in that Agent in charge of the HUD properties. That is pretty neat.
I noticed here as well that we have a single person in charge of HUD properties as well. I left him a couple messages on his voicemail to try to talk a few weeks ago but no return call. Wonder if he is investor friendly. HUD props aren’t my focus right now but I’m still interested.
I’ll be in Orlando in early June. Maybe I’ll do a little “Business” while I take my wife on a vacation.
.-= Eric´s last blog ..Marketing Plan Implementation =-.
On April 06, 2010 at 10:14am, Joel said...
Steph, I am just starting out with wholesaleing and cannot get a staight answer with regards to Do I need money to do a wholesale to secure the property and the amount needed. I have been told everything from no you don’t, to yes you do it’s like earnest money cost ranging from a $1.00 to $200.
On April 06, 2010 at 12:03pm, Stephani said...
Hi Joel,
If you are going after listed properties, you will need at least $500-$1000 for an earnest money deposit.
If you are targeting non-listed properties (private sellers), you can get away with giving a very small amount as a deposit. When I was going after non-listed properties, I would offer $10, and never had anyone ask for more. If they are motivated sellers, they don’t really care- they just want their house sold.
Hope that helps,
Steph