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Happy Hump Day guys and gals!
I’ve got another Flip This Success Story interview for you guys to listen to (this one was a probate deal that was not listed on the MLS). This was Greg’s first wholesale transaction, and in the call he walks us through the deal from beginning to end and explains how he was able to make over 8 grand when all was said and done!
Please give a warm welcome to Greg Ward and his lovely girlfriend Jenny….
*Click here to listen to the interview*
If you guys have any questions about the call, or how Greg worked the deal, feel free to leave a comment and I will see if I can get him back here to answer them for you. :)
Have a great day, everybody!
On April 21, 2010 at 8:20am, Shawn said...
Steph, what is a probate? Sorry I have heard of it but have no idea what it is. thanks!
On April 21, 2010 at 8:23am, Stephani said...
Hi Shawn,
Probate is the legal process of administering the estate of someone who has kicked the bucket.
On April 22, 2010 at 4:44pm, jason said...
Yea it was!! me and my partner know how to get properties before they hit the market.
Out here their are a lot of banks who buy REO property!!! (Kind of feel like the twilight zone doesn’t it?) I think the banks are trying to buy and hold them now, since they don’t have to do much lending these days. Have you ever seen a bank buy another reo property? if so do you give them a call or just move along?
On April 22, 2010 at 5:18pm, Stephani said...
I am always looking at who is buying what, and I’ve never seen anything like that before.
Are you sure these aren’t property investment companies that are buying the houses, and not banks? That doesn’t make much sense to me at all.
On April 22, 2010 at 4:46pm, jason said...
Hey Steph,
How can I make my buyers deposit look like my own when giving it to the bank. Im using transactional funding so I would need to know how to change his funds over to my LLC? any advice
On April 22, 2010 at 5:21pm, Stephani said...
You can try having the end buyer make the deposit out to you, then deposit it into your account, and then get the deposit out of your acct and make it out to the bank’s escrow company. That’s how I did it on my first few deals.
Not all buyers are going to go along with that, though. Some will want it held in escrow with their title co or atty.
On April 21, 2010 at 8:39am, Shawn said...
Nicley put Steph! you are hilarious! Thanks!
On April 21, 2010 at 9:18am, David MacGown said...
Steph I came across an unusual way to acquire estate properties by accident. When I was living in St Petersburg I noticed the Tampa Bay business paper came out with delinquent tax liens once a year, these were all properties heading for the property tax foreclosure auction due to delinquent property taxes. I discovered that some properties were listed as est. and also invluded the administrator which is usually a family member. I targeted these estate properties where the administrator lived out of state as they would most likely be the most motivated and then sent them all letters.
On April 21, 2010 at 9:52am, Stephani said...
Hey David,
Thanks for the tip- I will have to check that out.
Hopefully no one else from Tampa is reading this….
On April 21, 2010 at 11:07am, jason said...
looks like April is a good month for all wholesaler. just made my first 3k check for wholesaling in LA(the worst market in this planet.lol)
Steph I got a question. I’m looking for buyers on the mls and finding alot of mortgage companies? do you have any mortgage companies as buyers? also if the buyer is married, is that a red flag that their not investors. just average homeowners?
On April 21, 2010 at 11:16am, Stephani said...
Hi Jason,
Congrats on the deal! Was it an REO?
Not sure what you mean by buyers as mortgage companies. Can you explain?
I wouldn’t concern yourself w the buyer’s marital status. Some investors are married and some are not.
On April 23, 2010 at 9:13pm, jason said...
yea it was!! pre-listed. but what I mean is that banks are starting to buy reo’s rather than selling them. I was able to talk to some really savvy investors last night at a networking event and they all said that banks are really making money on the reo market. Is that going on in tampa as well?
On April 23, 2010 at 9:49pm, Stephani said...
Not that I know of.
Lots of investors buying REOs, but not banks. That doesn’t make any sense to me.
On April 21, 2010 at 11:34am, Alvara DaCosta said...
what are the steps to finding a probate property?
On April 21, 2010 at 1:33pm, Stephani said...
I’ve never done a probate deal myself, but if you listen to the call, he explains how he found this deal.
On April 21, 2010 at 11:40am, Alvara DaCosta said...
Steph…. i had a real estate agent to send me a list of the most recent list of houses that were bought very very below FMV….and when i checked they where all ReO;s….what did we do wrong? i am looking for the most recent sells that were way below FMV, i am hoping to find more cash buyers this way. help me please!
On April 21, 2010 at 1:33pm, Stephani said...
Here’s a video that explains how I use the MLs to find cash buyers.
http://www.flipthiswholesaler.net/2009/08/reader-mail-how-to-use-the-mls-to-build-your-wholesale-buyers-list/
On April 21, 2010 at 1:10pm, Shae said...
Another great success story – way to go Greg!
.-= Shae´s last blog ..So close I can taste it =-.
On April 21, 2010 at 1:59pm, Karmen said...
H
I onlyu could hear the first 8 seconds of the call and it stops.
On April 21, 2010 at 2:04pm, Stephani said...
Hi Karmen,
Not sure what the problem could be- I tried it out on my computer and it works fine.
Anybody else having issues hearing it?
On April 21, 2010 at 2:36pm, Karmen said...
Thanku Steph Got it working Great Call ! You asked lots of great questions
Love
Karmen
On April 21, 2010 at 2:52pm, Stephani said...
Cool- glad you got it to work, and glad you enjoyed the call.
On April 21, 2010 at 6:27pm, RJ said...
Great call Steph and Greg, my first deal was a probate deall too and it was definetly a learning experience..Thanks for sharing homies!!
cheers
RJ
.-= RJ´s last blog ..Here’s Some Post Easter Motivation =-.
On April 22, 2010 at 7:34am, Stephani said...
Thanks for stopping by, RJ.
Hope all is well with you.
On April 21, 2010 at 7:51pm, Eric said...
Great job Stephani on asking the right questions! Congrats to Greg as well! Probates seem like a pretty cool little niche. Unfortunately there are always going to be people taking the “dirt nap”. We might as well help their families out.
.-= Eric´s last blog ..Joint Venture in the works =-.
On April 22, 2010 at 7:33am, Stephani said...
Dirt nap. Hehe. Never heard that one.
On April 23, 2010 at 8:40am, mobilehomegurl said...
Great video, Steph! Also, congrats Greg! I like the advice at the end, “Never give up!” It’s so true – I remember having that low point in my REI career too. Just wondering, “What am I doing, am I crazy?” But, then something happens – it’s kind of like magic. And, suddenly a deal comes out of the woodwork. Fun stuff, thanks for sharing and looking forward to the next “Flip This Success Story!”
On April 23, 2010 at 12:01pm, Stephani said...
Hey Rachel,
Yeah- I think most everyone goes through that struggle right before they finally break through. It’s almost like you’re being tested or something. Most people give up when the going gets really crappy, not realizing if they would have just stuck it out a little longer, they would have made it.
Thanks for stopping by.
On April 23, 2010 at 8:41am, mobilehomegurl said...
Whoops, sorry – I meant great audio! (sorry about that!)
On April 23, 2010 at 12:01pm, Stephani said...
I figured that’s what you meant.
On April 26, 2010 at 5:25pm, Craig Fuhr said...
Got to love when a plan comes together! That is awesome.
.-= Craig Fuhr´s last blog ..Video Tip: Make Big Money with Probates =-.