Wholesaling Real Estate Blog
Happy Hump Day, everybody!
I’ve got another Reader Mail Video for ya (that I edited on iMovie, which totally kicks Windows Movie Maker’s ass, btw).
Enjoy!
P.S.
Don’t be afraid to show me some love by clicking the “like” button below if you liked the video.
P.P.S.
If you haven’t signed up for the webinar I’m doing tonight with Drew Downs @ 8pm, you can click here to register. We’ve got 117 people signed up so far. Hope to see you there!
On April 28, 2010 at 10:36pm, Options To Get Lock Box Codes – Without A License | Real Estate Investing News Watch Blog Aggregator pinged...
[...] Options To Get Lock Box Codes – Without A License Posted by: ed | Category: Flipping Houses, Real Estate Investing, Rehabbing Houses, Reos [...]
 | Ned Carey on Friday Night Reader Mail: Reo Wholesaling Questions Steph, I am not sure why but in my area sometimes agents take the lockbox off after going under contract. We ... |
 | Dean on Friday Night Reader Mail: Reo Wholesaling Questions Steph,Could not Michael have said that you can get full retail if you want to be the banker,and or subject ... |
 | Carlos on Friday Night Reader Mail: Reo Wholesaling Questions Hi Ryan! Great to hear from you! You can reach me at my email. It is caruiz76@gmail.com, I look forward ... |
| Carlos on Flip This Success Story- Charles Rilley Flips 3 Foreclosures And Makes $35,909.69! Hi Charles! I am into the Real Estate arena and I live not too far from you, I believe your ... |
 | Ryan Paliukaitis on Friday Night Reader Mail: Reo Wholesaling Questions Hi Carlos, I reached out to Charles as well. I'm in norther NJ but I do come across deals in his ... |
![\"Crush](\"http://www.flipthiswholesaler.net/wp-content/uploads/2012/02/FTREO-Banner1.png\")
On April 28, 2010 at 6:52am, jp moses said...
Loved the “I’m bringing my contractor by later” idea. Brilliant!
.-= jp moses´s last blog ..Fannie Mae Relaxes Rules for Once Troubled Borrowers (Investor Opportunity?) =-.
On April 28, 2010 at 7:27am, Stephani said...
Thanks, JP. And thanks for the like love, too!
On April 28, 2010 at 7:25am, mikePA said...
…as usual, great stuff steph…I have a list of codes on my iphone and lotsa times there will be other properties near one I’m going to check out….so having the list makes checking them out so much easier…I’ll usually call my realtor and let him know just in case someone gets pissed off that I’m there and he’ll provide cover on the occasions he can’t show up…..much nicer than using the SEM (shoulder entry method)…hypothetically speaking of course….btw, imovies is pretty cool, eh?
mike
.-= mikePA´s last blog ..DEAL UPDATE!!!!!! =-.
On April 28, 2010 at 7:29am, Stephani said...
SEM- hehehe. Never heard that one, but I like it!
And yes, I love me some iMovie, although it took me a few hours to get the hang of it. Much better than Movie Maker for sure.
On April 28, 2010 at 7:51am, Nicole said...
Great ideas, Steph! The other option is becoming an “unlicensed assistant” for a realtor (check with the part-time ones first) and then getting the lockbox codes on “their” (your) behalf. You should, of course, clear this with them first.
: ) Nicole
On April 28, 2010 at 8:05am, Stephani said...
Thanks for bringing that up, Nicole- that is definitely another viable option..
On April 28, 2010 at 8:26am, Cisco said...
Thanks for the advice Steph, and my business partner and I really appreciate the vast wealth of knowledge you share on your site, in fact we will see you later tonight on your webinar presentation. Thanks again Steph and please keep it coming !!!
On April 28, 2010 at 11:51am, Stephani said...
My pleasure, Cisco- see ya tonight.
On April 28, 2010 at 8:30am, MarkVA said...
Great post Steph – thanks for sharing this tip.
On April 28, 2010 at 11:51am, Stephani said...
You’re very welcome.
On April 28, 2010 at 8:34am, Marquida said...
That was great getting that info. I was trying to go thru an agent that I’ve built a relationship to get the cash buyers in the are but he is so slow sometimes because of the low prices of the properties (not very motivated). So this is wonderful for me to use!!!!! thx lots
On April 28, 2010 at 11:52am, Stephani said...
Glad you found it helpful, Marquida.
Give it a try and let me know how it works out for you.
On April 28, 2010 at 12:04pm, Shae said...
Another great tip! I love the new “like” facebook buttons too…makes it so easy to share! I’ve shared this on Twitter too (via your YouTube page)
.-= Shae´s last blog ..Lessons from XBM: Time Management =-.
On April 28, 2010 at 12:12pm, Stephani said...
Thanks, Shae for the Twitter and FB love!
The like button is the greatest invention since sliced bread, imo. Facebook is taking over the world….
On April 28, 2010 at 3:44pm, Erby said...
Good content as usual. The Realtors deal with so many tire kickers that any property under 40K they’ll just give you the code.(if you can ever get them on the phone.)
I like the iMovie transition and the Facebook Like button. Nice! Looks like someone is getting the hang of this blog thing.
.-= Erby´s last blog ..3BD/1.5BA Single Family Home $43,000 =-.
On April 28, 2010 at 8:56pm, Stephani said...
Thanks Erby. I’ll figure this damn blog thing out sooner or later.
On April 28, 2010 at 5:30pm, Chris said...
VERY NIIIIIIICE!!! I normally call the agent (if I can’t get in through my Jedi Lockbox Code Memorization skills) and directly ask them for it….but me thinks this is a better way lol.
Steph,
We had our first REO closing today. The A to B closing happened and the B to C was set up for today as well however the end buyer’s wire didn’t come through (it’s coming in tomorrow) so my partner had to close on it himself. What do you normally do in this situation? Close on it yourself? Slap your end buyer upside the head? etc?
On April 28, 2010 at 9:00pm, Stephani said...
Hey Chris,
I’m kind of confused. Are you doing a simul close?
On April 28, 2010 at 6:48pm, Charles Rilley said...
Excellent way to get the codes Steph…I’m gonna us it!
On April 28, 2010 at 9:02pm, Stephani said...
On April 28, 2010 at 6:53pm, Charles said...
Great tips…can u give us more like that? It’s always the little things that count the most!
On April 28, 2010 at 9:02pm, Stephani said...
Glad you liked the video- I’ll have another one up next week sometime.
On April 28, 2010 at 6:58pm, Tiara said...
Great video as usual… I loved the song at the beginning… I think i want that as a ringtone lol
On April 28, 2010 at 9:01pm, Stephani said...
Hi Tiara,
The song is by Beck, it’s called Go it Alone. I think. Bought it off of iTunes for .99
On April 29, 2010 at 9:37am, jason said...
Hey Steph,
Great call last night!!! I’m glad Drew answered my question about the tech support of the MLS. I have a problem though. I got a deal together and my buyers deposit. But how do I get the bank to accept it if its coming from someone else bank account and not mine. NEED YOUR HELP!!!
On April 30, 2010 at 6:08am, Stephani said...
Hi Jason,
You can try telling them it’s your money partner who is putting the deposit up, or you can have your end buyer make the deposit out to you, then once you cash it, get a new deposit from your own acct and give it to the bank.
Sometimes your end buyer will want to have the EMD held at their own title co, though, so you should plan on having a deposit of your own handy just in case.
Hope that helps,
Steph
On April 30, 2010 at 6:58pm, jason said...
That helps a lot!! will the bank ask for something proving he is my money partner?
On April 29, 2010 at 12:44am, Matt said...
It’s nice when you have a list of lock box codes…even nicer when you have a set of keys to go with them! (still not 100%, but gets me into enough).
Of course the topper is when they’re “unsecure”
Makes life REAL easy.
On April 30, 2010 at 6:09am, Stephani said...
Hey Matt,
Yeah, I have a list of the codes memorized, too, and may have to look into getting my own set of keys. Would make life a lot easier.
On April 29, 2010 at 8:30am, Victoria said...
Saw the webinar with Drew. It was awesome. I’m combing my MLS for the word shortsale as we speak. Can you give me any tips as to what to ask the shortsale agents as well as how to not put down earnst money. Once again, thank you for bringing Drew in and all your vidoes and tips!
On April 30, 2010 at 6:11am, Stephani said...
Hi Victoria,
You just want to find out what the status of the short sale is. Sometimes they will say it’s approved when it doesn’t say so in the MLS. Regarding the EMD, I just write into my contracts that it will be deposited upon acceptance and ratification of offer.
Hope that helps,
Steph
On April 30, 2010 at 7:25am, mobilehomegurl said...
Great tips, Steph! I like the whole “reverse psychology” thing. It’s so true, it’s all in the approach. It’s funny b/c this business is more of an art than a science, thanks for sharing!
p.s. Glad to know you’re really digging iMovie, it’s awesome and so easy to use!
On May 01, 2010 at 10:17am, Stephani said...
Hey Rachel,
I’m definitely liking iMovie. It took me awhile to get the hang of it, but it’s pretty cool once you figure it out. Lots of bells and whistles to play with…
On April 30, 2010 at 2:14pm, Amy said...
In my area, most of the properties are on electronic lockboxes, so I can not implement your technique, Stephani. What do you advise?
Thanks, Amy
On May 01, 2010 at 10:16am, Stephani said...
Hi Amy,
If they are all electronic, you will need to get a Realtor to let you in, or you could always get licensed yourself or see about becoming a Realtor’s assistant.
Steph
On April 30, 2010 at 6:28pm, Eric said...
Great one Steph! It definitely shows you are interested when you are bringing a contractor out. It is pretty annoying that seller agents 90% of the time refer you or ask you to use a buyers agent. I can see why they do it, but still annoying for us investors.
.-= Eric´s last blog ..First Contracted Deal =-.
On May 01, 2010 at 10:18am, Stephani said...
Hi Eric,
I agree it can be annoying, but if you approach them in the right way, it can definitely work out in your favor.
Have a great weekend!
On May 01, 2010 at 5:04pm, Chris said...
Steph,
The last post I made we got figured out and closed that deal a few days ago.
However, we have another REO that we have in an LLC and we are looking to sell the LLC (we actually closed on the property yesterday). We have offers already but the problem is the prospective buyers (who are proven legit) aren’t familiar with buying an LLC to get around the 3 month deed restriction and are skeptical. What do you say to your buyers to ease their concerns? Unfortunately I can’t just say “on to the next buyer” because the concern is universal among them. Thanks in advance.
On May 02, 2010 at 6:05am, Stephani said...
Hey Chris,
Glad to hear you got the other one figured out- did you end up closing on it yourself? I asked around to try and find some title cos in your area but everyone kept pointing me to the one you were using already.
Regarding the LLC, I’ve never done a deal that way, but if I were going to, I would probably get an attorney involved to explain the process to my end buyers. I do that now sometimes, if one of my buyers ever has questions about simultaneous closings. The title company I use is owned by 2 attorneys, so they are able to explain everything and set people’s minds at ease if there is ever an issue.
Other than that, I would just be upfront with them as to what you are doing and why, and hope that they don’t get scared away.
Good luck, and let me know how it turns out.
Steph
On May 02, 2010 at 3:51pm, Chris said...
Steph,
The first one we closed on and then sold it the next day. Not exactly what we want to do but whatever lol.
As far as the LLC goes, yeah we’ve been upfront with them. They just aren’t familiar with it. Dorn is helping us with it and they both know Dorn pretty well so that should help. Pretty simple stuff, just unfamiliar to these guys. We’ll do the attorney thing as a last resort (good idea).
On May 03, 2010 at 10:27am, Stephani said...
Let me know how it works out.
By the way- what deed restriction are you talking about? Are they Fannie Mae REOs? Or short sales?
On May 02, 2010 at 6:04pm, jason said...
Hi steph,
I just cash in on 20 new buyers at a REIA event in Los Angeles. But I have a question, how do you tell if these new investors are really actively buying real estate. I don’t want to have a deal put together and come to find out they are really not who they say they are?
Thanks
On May 03, 2010 at 10:29am, Stephani said...
Hi Jason,
If you have questions as to whether or not they are legit, just make sure to get a large, non-refundable deposit in certified funds when they sign the contract. That always weeds out the time-wasters.
On May 04, 2010 at 7:05pm, Eben Marascia said...
Hey Steph – Just started my RE investing career with a MAJOR mailing/bandit sign campaign in my target areas. Just curious – why REO’s, rather than motivated sellers as your main source of deals?? Like I said, I’m pretty new to this (so forgive my ignorance) . . . I would love to hear the pros & cons of wholesaling from both sources. Thanks for being so generous with your hard earned knowledge.
– Eben
On May 05, 2010 at 12:14pm, Stephani said...
Hi Eben,
I choose to go after REOs because there are a ton of them on the market here. Also, I like that I have zero marketing costs.
It’s really a personal choice- some people prefer to target motivated sellers, some prefer the MLS. For now I’m sticking with the MLS because there are so many opportunities…
Take care,
Steph
On May 04, 2010 at 7:24pm, Ron said...
Sephani….what is the difference between your REO Wholesale product and REO Rockstar? I’m on a limited budget and would like to learn more.
On May 05, 2010 at 12:20pm, Stephani said...
Hi Ron,
The REO Rockstar is much more extensive than my eBook, hence the price tag of 1k.
Both are great courses- it really just depends on what your budget can handle…
Steph
On May 05, 2010 at 9:10pm, Koby said...
Super Strong, Steph. Loving that “Reverse Psychology”.
.-= Koby´s last blog ..CRUSH IT in something, guys. Start today & PROFIT… someday. =-.
On May 06, 2010 at 2:05pm, Stephani said...
Thanks Koby!
On May 05, 2010 at 11:43pm, Joe said...
Hello Steph,
I’m a Realtor and enjoyed your video as well as your MLS bargain-hunting tips in BiggerPockets. It seems to me that, if you are running across the same REO listing agents over and over again, that you could just send them an email with a standardized statement of who you are, what you do, along with your phone, address, LLC/corporation or company name (if any) and see if they could somehow consider you a “trusted” non-agent. Here in Broward County, FL, many REO agents use showing services with toll-free numbers and they may also have criteria for other-than-agents, although I’m not sure.
On May 06, 2010 at 2:07pm, Stephani said...
Hi Joe,
You can become a Realtor’s assistant pretty easily here- just have to take a class and pay a small fee. I did that initially, but now I am just calling up each individual listing agent and most of them end up giving me the codes without too much hassle.
Thanks for stopping by!
On May 09, 2010 at 4:52pm, Neil Uttamsingh said...
Steph,
Thanks for the tip with iMovie.
I am planning on editing my videos now, and am looking for a user friendly program.
.-= Neil Uttamsingh´s last blog ..The secret to becoming a successful real estate investor =-.
On June 01, 2011 at 7:16am, runninmomma said...
Loved this info, like it was stated, it’s not 100 percent proof but will work. Just keep in mind, Alot of realestate agents are used to reos and don’t get much profit out of a bank sale, so they just want to get them over with. Having them their can work to your benifit. Alot of them will tell you when the price will be reduced and what the previous offers have been. They wont just give you that info over the phone, so having them their in person can work to your benifit too. Good luck and Thanks for the extra info!!! Keep it up Honey!!!