Flip This Wholesaler 30 Day Challenge. You In?

Alright guys, so we’re more than halfway through 2010 (which I seriously can’t believe) and I think it’s time to kick things into high gear, don’t you agree?  There’s still a full five months left in the year, which is plenty of time to turn things around if you’ve somehow gotten yourself off track.

It’s time to regroup, reload, and GET GOING.  Is what I’m saying.

As I mentioned in my last post, I’ve decided to get back in the habit of making offers on MLS properties again, and I thought since it’s the beginning of a new month, I’d set a 30 day challenge for myself to make 100 offers before August is over. And also, to run 4 miles 5 days a week this month (M-F), for a grand total of  88 miles.

So that’s my challenge- 100 offers and 88 miles.

I’ve got my work cut out for me, eh?

And since misery loves company (just kidding), I thought I would invite all of you to come up with a 30 day challenge of your own and join me!

What do you say?

You say YES, is what you say!

The challenge doesn’t have to be real estate related- it can be anything at all that you want to accomplish over the next 30 days- whether it be a new habit you want to develop (like getting up an hour earlier every day to exercise), or a certain amount of deals you want to have under contract, or whatever your little heart desires…

The only thing I ask is that you be 100% committed to accomplishing whatever challenge you set for yourself.  No half-assing allowed here!  Think long and hard about what you want your challenge to be, and then commit yourself to following through with it come hell or high water.

You pickin’ up what I’m puttin’ down?

If you’d like to join in the challenge, just leave a comment below with your name and what you commit to accomplish in the next 30 days…

We’ll all meet back here on the 31st of this month to tell everyone how we did!

Ready, Set, GO!

:)

  1. On August 02, 2010 at 6:56am, Mike said...

    I’m in…already sent out 5 offers this morning and working on 5-10 more for tomorrow….I also commit to 3-5 ADK 4000 foot summits this month and 12-15 miles of trail running each week….

  2. On August 02, 2010 at 7:43am, Megs said...

    Count me in, Steph.

    My challenge is to line up 2 private money sources, and also send out my first mailing to a list of probate leads.

    Off I go!

  3. On August 02, 2010 at 7:58am, Josh D. said...

    I’m in Steph! My brother and I have one set up! Who ever gets the most volume of listings this month (using the objective Zillow value of course) between the two of us wins! And the loser has to attend a speed dating event. Haha!

  4. On August 02, 2010 at 8:45am, Scott Costello said...

    I’m in! Gonna put out 1 offer a week to get some momentum going. It’s not 100 for the entire month, but I need to break some barriers.
    .-= Scott Costello´s last blog ..MLS Offer Week- The Offer is Going Out Too… =-.

  5. On August 02, 2010 at 9:28am, ARodOfIron said...

    I want to get that course we discussed about in the next 30 days, but I’m not ready to call it a commitment as cash is low right now…

    I already had a challenge to get a six-pack (the abs kind, hehe) before I turn 35. About 90 days ago I had the biggest belly of my life, and my birthday is less than 60 days from today. I’ll check back in 30 days to report my progress. ;)

  6. On August 02, 2010 at 10:11am, Matt said...

    Hmmm, not 100% sure I have 100 I would *like* to offer on (although offering ON 100 is no problem as is…heh)

    I’ll shoot for 40-50. I think I have about that much I can feasibly offer on without egregiously low balling all of them….

  7. On August 02, 2010 at 10:17am, Bill Lassiter said...

    I need this…Great challenge Steph and I’m in 110%! My Goal is to send out 1000 direct marketing pieces by the end of the month. To some, that might not seem like a lot but its a lot more than doing NOTHING! and hoping the “deal fairy” brings me a deal…:)
    576 pieces geard up to go out 8/5. I had already started a more intense and consistent direct marketing program last month and already receiving calls from that. Ultimate goal of course is to get some deals in my funnel. Let’s make it happen and I encourage everyone to think positive!
    .-= Bill Lassiter´s last blog ..Are you Marketing Consistently Updated =-.

  8. On August 02, 2010 at 12:46pm, Armondo Bocci said...

    Game on Steph!

    My challenge is to contact wholesalers in my city and start marketing their deals with signs. I just ordered 200 blank signs and I committ to putting them all out in the next 30 days!

  9. On August 02, 2010 at 1:17pm, AnotherSteph said...

    Steph,

    What an awesome challenge! 100 offers – that’s impressive!! Do you look at all 100 houses before making offers?

    My goal is to have at least one property under contract this month, either for rehab or wholesale.

    Steph
    .-= AnotherSteph´s last blog ..First Direct Mail Campaign – Part 2 =-.

    • On August 03, 2010 at 5:32am, Stephani said...

      Hey Steph,

      I look at most of them, although sometimes if I know the area well enough and can get a decent feel for the house just by looking at the pictures, I’ll just make a blind offer, and then if I get a good counter I’ll go out and look.

  10. On August 02, 2010 at 6:45pm, Shae said...

    I’m pickin’ up what you’re puttin’ down, chica! My challenge for the next 30 days is to secure 2 more private money lenders. Let’s go!
    .-= Shae´s last blog ..1000 Postcards- Monkey Offers- and a 7-Day Action Plan =-.

  11. On August 02, 2010 at 9:48pm, Virgil Horner said...

    hell yeah, 100 offers I’m in, running not so much yet….but it’s coming

  12. On August 03, 2010 at 2:16am, Stephani said...

    Thanks everybody for joining me in the challenge!

    May the force be with you!

    :)

  13. On August 04, 2010 at 12:30pm, Mat said...

    Just 30 days!!!?!?! I just got my p90x DVDs today! So tommorrow is Day 1, Phase 1 – 90 days to get back to college football body….

    actually I’m a bit scared, that was 47 lbs ago and over 10 years :)

    But I’m totally with you! I’ll be blogging about it as well. http://realahhstate.weebly.com
    Oh and Steph I linked you on my resources page too. You rock!

    Thanks,
    Mat

    • On August 05, 2010 at 1:06pm, Stephani said...

      Cool, Mat- I’ll be following your progress over on your blog.

      Thanks for stopping by and taking the challenge! :)

  14. On August 04, 2010 at 7:38pm, Dustin In Indy said...

    Yep Yep… 4 deals accepted this month (so about a hundoo offers). I just got one today, so 3 more to go… No running, but I will start the P90X again and complete a 90 day cycle starting tomorrow – I feel soar already!! Good fun, thanks Steph!

    • On August 05, 2010 at 1:09pm, Stephani said...

      Congrats on the deal, Dustin! It’s always nice to kick the month off with a deal under contract.
      Now go get 3 more….

      Hope all is well up there in Indy.

      :)

  15. On August 05, 2010 at 11:15am, j said...

    Hey, very inspirational blog! You rock!

    I had a question about wholesaling. I can’t do the 1,000 dollar deposits that realtors would usually want at the moment – So I went out today in the hot sun (no air conditioning in the car) and looked for vacant houses. I am wondering if I’m just spinning my wheels doing this because alot of the properties I’m seeing are probably still bank owned and still haven’t either hit the auction process or got in the hands of the realtor.

    I guess what I’m asking is — Is driving around looking for vacants still a viable way to get some wholesale deals? Do you think I should expect like 1 out of 100 to be an actual deal in this case?

    Thanks a bunch for the help!!

    • On August 05, 2010 at 1:16pm, Stephani said...

      Hey J,

      Welcome to my blog. :)

      As far as driving for dollars goes, I’m sure you can get deals that way if you stick with it, but like you mentioned, a lot of those vacants are probably going to be bank owned. Especially if you’re in an area like I am that has a ton of foreclosures and short sales on the market.

      Do you have any money at all for marketing? You might consider putting some We Buy Houses signs out, or start a mailing campaign if you can afford it. That way you will be dealing with private sellers as opposed to banks, and won’t have to worry about a large deposit.

      You can also put ads on Craigslist, too. Can’t beat the price…

      Take care,
      Steph

      • On August 06, 2010 at 4:26pm, J said...

        Steph, thanks for replying so quick!

        I have a couple hundred dollars I could probably use. I’m not really sure how I would go about doing a mailer though. Would I buy a list from somewhere to mail to? Can you point me in the right direction? I could probably do the We Buy Houses signs too and for sure on the Craigslist ads:)

        With the mailer what’s a good closing ration to keep in mind? 1 out of 15 people I talk to? More less?

        Thanks so much for your help!!!:):)

        • On August 07, 2010 at 8:25am, Stephani said...

          I don’t have much experience w mailers, so I’m not really sure.

          Shae from GoodFaithInvesting.com and Esi from FlippingMom.com both are doing well with mailers- if you haven’t checked out their blogs yet, I would recommend doing so. I’m sure they would be happy to help you out. :)

          • On August 07, 2010 at 8:29am, J said...

            Thanks Steph! I really appreciate it!

            So is hitting the MLS pretty much the main strategy you use — or do you have anything else in your arsenal that you would recommend?

            I really appreciate all of your help – you’ve gotta let me buy you a drink when I’m down that way:)

          • On August 07, 2010 at 8:36am, Stephani said...

            Yup- I just focus on the MLS, and also partner on deals with a few of the other wholesalers around here. It’s very competitive (the MLS), but I like the fact that I don’t have to do any marketing- I can just search through the MLS and make offers all day long.

            It’s really up to you which strategy you decide to use to get deals. My only recommendation is that once you decide on a strategy that you stick with it!

            And you can buy me a drink any time. :)

  16. On August 05, 2010 at 5:01pm, Julie Broad said...

    So here’s the thing … I should have been totally on board with this but I don’t know what I need to accomplish in August. I am not clear. We were SO busy in June and early July with vacant properties and deal closings I kind of lost track of what I need to do next. We’re looking at houses tomorrow and doing a race on Saturday so I am still moving forward. I am doing stuff but I am not 100% clear. So … my 30 day challenge is to get myself back on the goal train. Specifically I am going to pull out my notes from Maximum Achievement (our pal Brian Tracy!!) and redo his 12 steps for goal setting … so my 30 day challenge is to get that done and get a new plan of action rolling so I can kick butt too!! WOOHOO!! Thanks for the push.
    .-= Julie Broad´s last blog ..The Tree that Just Shouldn’t Be! =-.

    • On August 06, 2010 at 9:57am, Stephani said...

      I think your challenge is perfect, Julie.

      It’s so easy to lose sight of your goals when you’re crazy busy, and sometimes it’s good to just take a step back and regroup. That’s pretty much what I did towards the end of last month- took a few days off and just focused on reworking my goals for the short term and long term. It was something I definitely needed to do, and I am already seeing some positive results from it.

      Good luck with your race this weekend!

      :)

  17. On August 05, 2010 at 6:59pm, Carey_PA said...

    Steph I am totally in! Awesome challenge.

    Here is what I’d like to do:
    – Get back to working out at LEAST 3 days a week (but I’d prefer 5.)
    – I’d like to have at least 2 meetings with people that I respect to get business advice/ideas/tips and to talk to them about private money opportunities.
    – Would also like to sit down with my mom, who just got laid off, and go over some things that I’d like her to do for my business that I’ll pay her for. (Eventually when the commercial thang is really rolling, I’d like to hire my mommy full-time so she never has to worry about getting laid off again.)
    – I’d like to finish the “Power of Focus” by Jack Canfield too.

    I think those 4 things are do-able even with the limited time I now have with working FT.
    .-= Carey_PA´s last blog ..Private Money Received- Billionaire- Tomato Watermelon Basil Salad &amp Ha-Ha’s =-.

    • On August 06, 2010 at 10:04am, Stephani said...

      That’s awesome what you’re doing with your Mom, Carey. I have plans to do the same with mine very soon. In fact, we were just talking a few days ago about her moving down here in the not so distant future. I just hope she can take the humidity, as it gets pretty brutal down here in the summer. I guess that’s what AC is for, though. :)

  18. On August 05, 2010 at 9:37pm, Alex said...

    I’m going to make 10 plus offers in the next 30 days and secure my first wholesale deal ever. I’m filling out the sales contract right now, as I write this. I gotta say, I’m already a little confused, but am going to do it anyway and get dirty with the experience. You are an inspiration Steph, keep it cool in Tampa, I miss the beach!

    • On August 06, 2010 at 10:08am, Stephani said...

      It’s all pretty confusing when you’re just getting started. I remember when I made my first few offers on REOs and I felt like I was going to puke because I was so nervous. You just have to get out there, like you said, and get dirty with the experience. It gets easier and easier as you go. :)

      If you have questions along the way, feel free to post them here or on my Facebook, and I’ll do my best to answer.

  19. On August 06, 2010 at 8:54am, Rebecca Savastio said...

    Hi Steph,

    Thanks for all of your great information. I’ve been wholesaling for about a year now and am getting ready to go for my RE liscense. Several realtors have told me not to get my liscense because it creates more complications when trying to wholesale. How does it work between a broker and a wholesaler? Here in PA, we are required to be under a broker. I don’t know how it is in other states but that’s how we do it here. My friend who is a realtor says that her broker expects a cut of anything she does that is real-estate related and that no broker will not expect the same. I am not willing to cut a broker into my wholesale deals if he/she is not doing any of the work. The only reason I want my liscense is only to have access to the MLS. How is this normally handled?

    Thanks,
    Becky

    • On August 06, 2010 at 10:11am, Stephani said...

      Hey Rebecca,

      I’m actually not licensed, so I’m not sure how it will work with your broker. If you have a friend who is licensed, why not see if you can become her assistant just for the purpose of using her MLS access? That would be a lot easier, and cheaper, too.

    • On August 06, 2010 at 6:08pm, Carey_PA said...

      Hey Becky,

      I live in PA also. I’m a licensed real estate agent (well I have to renew it) and I’ve also wholesaled while having my license.

      It’s not a big deal when being licensed and wholesaling. You just have to disclose to whoever you are dealing with that you’re a licensed agent and I generally would put a clause in my contracts (the PAR attorney told me that was acceptable.) That’s all I did different….and I actually thought sellers took me more seriously and trusted me more when they knew I was licensed.

      Oh and I also added in with the I”m a licensed agent clause that I am NOT acting on the seller’s behalf and am solely acting on my behalf and will make a profit. Simple. No issues.

      My broker before and even my current broker never expected a cut of ANY of my deals unless I listed them on the MLS. And if I did that, I most certainly would gladly pay them a cut as I”m acting as not only the owner but a listing agent. Also, I would pay them a cut if I was buying a house from the MLS IF I’m acting as an agent…..but if I”m going through the listing agent, then no, no cut for my broker.

      In other words, whenever I acted like a real estate agent whether selling or buying then I would pay a cut to my broker….other than that…..they are MY personal deals where I am acting as a principal and I am not using my real estate license in anyway shape or form (i.e. I found the seller with bandit signs and sold the house with bandit signs or from my buyers list, etc.)

      And Becky, I agree with Steph…if you friend is licensed, no use for you to go through the expense of getting licensed…just become her assistant and pay the MLS dues for the assistant. Problem solved.

      Btw, where at in PA are you?

      Carey
      .-= Carey_PA´s last blog ..Private Money Received- Billionaire- Tomato Watermelon Basil Salad &amp Ha-Ha’s =-.

  20. On August 06, 2010 at 6:42pm, Art said...

    Great timing!
    Today I spoke with Anthony Robbins’ Master Coach about my goals. I don’t think I will start a coaching program with them right now but that’s on of my goals now. (I want to start with their master coaching by Dec 1st – It’s $995 per month… they are one of the best around!)
    I have a property under contract that is closing on Friday. But I wasn’t too strong on my marketing so my Buyer might not come Thru – I’ll have to buy it with Hard Money and Rehab it. So, one of my 30 Days Challenge Goals is to find 10 Cash Buyers
    1 – Find 10 Cash Buyers
    2 – Make 40 Offers a Week
    3 – Find 2 Private Investors
    4 – Loose 5 Pounds of Fat / Go to the Gym in the Morning 6 days a week.
    5 – Get 4 good leads and one deal for my parking business
    6 – And an Spiritual Goal that I’ll keep to myself ;-)

    Let’s Do this Guys!!!!

    • On August 06, 2010 at 8:08pm, Stephani said...

      Hey Art,

      Im a huge Tony Robbins fan, too. I didn’t realize he had a coaching program. 1k/month is pretty steep, but I would imagine that it’s top-notch. What exactly does the coaching consist of?

      Congrats on the deal, btw. Have you tried using signs yet to market it, or are you in an area where you’ll get in trouble for using them?

  21. On August 06, 2010 at 9:39pm, Art said...

    Hey Steph,
    Well he has two levels of coaching – The Elite Coaching $595 a month and the Master Coaching $995 a month. They have contracts from a year and a half, a year and for 6 months. So the prices changes according to the level and the lenght of time. You get 3 sessions a month. The Master Coaching is the one Big Company Executives and Big Players Choose – So, I am thinking about picking up some good ideas, patterns and psychology from those coaches.
    They help you on all areas of your life you want to improve, just like any other coaching and they emphasize on helping you get Clear Goals – Sexy Goals that are appealing and to develop leverage around them. The other big thing is Accountability and hold you to your plan (Which is one of the biggest problems we entrepreneurs have) It makes you take Action because they will ask you what you did and what you didn’t do between sessions.
    And the Last area is “A Reason Why” you are doing what you are doing. – It help you discover waht your Rules and Believes are and what is holding you back.

    About my deal… I did not use signs like you do. I have used them before for other properties I took Subject2.
    Mainly because I post ads in Craigslist and I got some calls and when one guy told me he was very interested and wanted to sign a contract, I dropped the ball and kind of stopped marketing, so I didn’t get to use the signs. The buyer turned out to be a newby and now he wants me to send him my contract so his lawyer can review it. It looks like he is not going to buy the deal. He is just waisting my time, but it’s my fault, I know. I did get a good lead from a guy that has a Real Estate Investment Trust that is a Cash Buyer but he wants Deals around 50% LTV or lower.
    I

    • On August 07, 2010 at 8:31am, Stephani said...

      Thanks for the info on the coaching, Al. When you say you get 3 sessions/month, is that one-on-one sessions, or is it like a group call?

      Regarding your deal….if you still have the thing under contract, I would stop wasting your time with the other guy, and start marketing the crap out of it. Get those signs out and keep putting ads on Craigslist daily. Call all the For Rent signs in the neighborhood, pass out flyers at your local REIA, ask other wholesalers if they might have a buyer, etc. Gotta keep marketing until you get a contract!

  22. On August 07, 2010 at 9:40pm, Art said...

    They are one-on-one sessions. The whole thing of the coaching is for you to accomplish your goals and grow. The Coach will help you to come up with clear, sexy goals that will make you get up in the morning and will keep you accountable. Plus he motivates you and give you a fresh point of view to your business and what you are trying to accomplish in life.
    About my deal; I am going to put up signs Sunday Night (I had a prior commitment today Saturday and Sunday morning) But I did place and ad on Craigslist today and got a phone call.
    What other Online Classifieds do you use?
    I’ll also call the For Rent Ads on Monday as well.
    I did talked to a guy that owns some rentals today (He owns two Free and Clear houses besides some other properties with mortgages on them) and he is interested on what I am doing. So, a potential Buyer/Investor/Partner for future opportunities.
    Thanks for your help Steph!

  23. On August 17, 2010 at 11:45pm, Erika said...

    I am really going to get started with this. I have to LLC, get a website together, etc.

    Stephani, I had a question: Someone on realestateinvestor.com Wholesale forum stated that they use HUD-Settlement documents and I read that these make it possible to close w.out end buyer knowing your purchase price. How can this be done if they are suppose to get the original contract you made with the seller?

    I think I am unsure of the process that happens when working with a private seller and assigning contracts to cash buyers.

    Thanks again.

    • On August 18, 2010 at 12:34pm, Stephani said...

      Hi Ericka,

      If you don’t want your seller to see how much you are making, you would have to do a double closing- where you would close on the property yourself and then resell to your end buyer via a separate transaction.

      I recorded a couple videos that walk you through how to use a purchase and sale agreement to put a property under contract, and then also how to use an assignment contract to assign the purchase and sale agreement to your end buyer. Check those out as I think they will answer many of the questions you have about the process….

      http://www.youtube.com/watch?v=l_yy5NnpcuI

      http://www.youtube.com/watch?v=24yn0-7LYd4

      Hope that helps!

      • On August 18, 2010 at 1:10pm, Erika said...

        Thank you!

  24. On August 18, 2010 at 12:24pm, Lauren said...

    Stephanie,
    I know your niche is REO wholesaling but Have you flipped any commercial properties or looked into flipping commercial real estate? Can you recommend anyone who has good content on wholesaling commercial real estate? Thanks!

    • On August 18, 2010 at 12:36pm, Stephani said...

      Hi Lauren,

      No, I’ve never been involved in a commercial transaction, and also have no idea what courses are out there that are good.

      Sorry I can’t be of more help, but I don’t have any experience in that arena…

      Steph

  25. On August 19, 2010 at 8:01pm, Will said...

    Stephanie,
    Wanted to stop by and see how your 30 day challenge is coming along?

    I recently had my Realtor email me a list of homes on MLS that fit my criteria. The list had over 800 different houses on it. All of which have been on market for 150-200days or have just expired. I went through and picked out 1s that I liked and ran comps on them and looked at recent sales of similar homes in same area as from TotalViewRealEstate.com to get an estimate of price. I took 40% off the estimate and came up with offers for 72 properties. My Realtor told me when I was done just email her the MLS # and my offer.

    Do I need to tell her what my contingencies are to put in with offer like:
    · contingent upon; a home inspection to the buyer’s satisfaction

    · contingent upon; a clear title

    · contingent upon; subject to approval of buyer’s partner
    Also what about earnest money? Will I have to put money down for each offer I make and do you think it’s a good idea I haven’t physically seen the properties??

    Sorry just a newbie here and wanting to get in the game so bad!
    Thanks for the help Steph,
    Will Corey

    • On August 20, 2010 at 10:12am, Stephani said...

      Hi Will,

      Yes, you will want to let the Realtor know what terms you want in your offer- inspection period, financing, days to close, etc.

      Just keep in mind that you have a much better chance of getting something accepted if your offer is clean (no contingencies). If you must add a contingency to your offer, try to just have one- like an inspection contingency.

      As far as the earnest money goes, they don’t cash your earnest deposit until the offer is accepted, so you can just submit a copy of a check (in most cases), which will be cashed if/when an offer is accepted and the contracts have been signed.

      As far as looking at the properties, yes, especially if you are getting started, it’s a good idea to go out and look at all of them. Here’s a video I recently recorded that explains in more detail:
      http://www.flipthiswholesaler.net/2010/08/reader-mail-and-imaginary-photo-shoots-and-some-cool-free-stuff/

      Also, I have a ton of videos on the FAQ part of my blog that will answer many of the questions you have regarding making offers on REOs. You can check them out here:
      http://www.flipthiswholesaler.net/wholesaling-real-estate-faq/

      Hope that helps!
      Steph

  26. On August 20, 2010 at 1:09pm, Jim said...

    I’m attempting to wholesale a property listed on the MLS. The selling agent is giving me a great deal of trouble. I’m going to submit the Investor Disclosure Statement and Seller Acknowledgemnt form anyway. What do I submit along with this? Thanks Steph, Jim

    • On August 20, 2010 at 2:02pm, Stephani said...

      Hi Jim,

      Your first mistake was telling the agent that you’re planning on wholesaling. That’s just asking for trouble, as most agents have no clue what wholesaling is or if they do, they think it’s illegal. Keep those details to yourself from now on, and just make sure that if you put a property under contract, that it gets to the closing table. The Realtor doesn’t need to know what your exit strategy is (wholesaling), and telling them just creates a big headache.

      I don’t know what an Investor Disclosure Statement or Seller Acknowledgement is. The listing agent (or your buyer’s agent) will have the proper contracts for you to submit your offer on, and you shouldn’t need anything else besides a proof of funds or pre-approval letter.

      Hope that helps!
      Steph

  27. On August 20, 2010 at 1:28pm, Jim said...

    P.S. Any other methods work better?

    • On August 20, 2010 at 2:02pm, Stephani said...

      Methods for what?

  28. On August 20, 2010 at 3:57pm, Will Corey said...

    Thanks Steph,
    You are awesome. I’ve watched your videos on youtube they are very informative! I will watch the 1s you recommended for me.

    I took the contingencies out because my Realtor said I have 10 days to inspect the home and at the time can choose to decline my offer if needed.
    She is asking for a $1000 check for the earnest deposit. Can I ask her to lower it? Maybe 500 or so. And do I give her a copy of the check then she will send out to all the properties I’m wanting to make offers on?

    Also even though I’m looking to wholesale she is asking for POF letter. I told her I will get a Hard Money POF letter to use and also use a Hard Money loan as a last resort in case my end buyers don’t come through so I can secure the home for myself. Then rehab, flip or refinance out….. Is this a good idea?

    Thanks again Steph for all your help!

    • On August 21, 2010 at 8:40am, Stephani said...

      As far as the EMD goes, the bank usually wants 1k or more. You can try to offer $500, but if they have a minimum amount required (like 1k), there’s really not much you can do.

      I would just tell your realtor that you’re going to be making multiple offers and you aren’t planning on writing out a separate check for each one. You can also write into your contract that the earnest money will be deposited upon acceptance and ratification of offer.

      As far as the POF goes, it is something that is required from the person making the offer and it doesn’t matter whether you’re wholesaling it or not. You will need either a POF if you’re making a cash offer, or a pre-approval letter from a lender if you’re making an offer contingent on financing. They won’t submit your offer otherwise. Here’s a video that explains more about POF letters:
      http://www.youtube.com/watch?v=FUjDeT5p55I&feature=player_embedded

      Take care,
      Steph

  29. On August 31, 2010 at 11:41am, Matt said...

    Man I suck. Didn’t come CLOSE to my goal :( But got one accepted and ready to close in a short while…so I guess it TOTALLY doesn’t suck :)

    On the flip, I quit the inspection job I was doing…didn’t totally want to, but had to do so for other reasons. It’s good though! Now I have all the free time to make offers and market in the world, plus that was beginning to turn into a full-time “job” again (subsequently detracting me from this) which was NOT my intention…then again, just more and more people missing mortgage payments ;) (I think I had like 40 new homes I never did this month alone). More to market to!

    Out.

    • On August 31, 2010 at 4:52pm, Stephani said...

      Hey Matt,

      Don’t feel bad- I didn’t come close to either one of my goals, either.

      Sounds like you’ve got some other good stuff going on, though (congrats on getting the offer accepted!), and like you said- now that you’ve got your days free you can devote them to getting out there and making lots of offers!

      :)

  30. On August 31, 2010 at 4:26pm, Art said...

    Hey Guys! Just checking on the 30 Days Challenge….
    I also didn’t come close to my Goal…. (I don’t really like to say excuses BUT) Life gets in the way lol….
    I have a few properties cooking…. They just need a little more time, make a few counters. And There was one that I almost got accepted but It’s a piece of Junk! It needs to be bulldozed… And it’s behind another piece of Junk so in order to get the one in the back, I need to secure the one on the front… Because; who wants to leave behind a Old, Empty, Runned Down House???
    Hey, Steph… Let’s do another 30 days Challenge…. (This one was just the warm up lol)

    • On August 31, 2010 at 4:56pm, Stephani said...

      Hey Art,

      Like I mentioned above, I fell short on mine, too. I have a good excuse for not running- my back is royally screwed up, but as far as the offer-making goes, I just had too much other stuff going on. Which isn’t really a very good excuse. :(

      I’m with ya on a do-over. :)

  31. On August 31, 2010 at 10:40pm, Art said...

    Who else is with me on doing a Do-Over 30 DAY CHALLENGE???
    We can start Today Sept. 1st.
    Let’s do this People!!!!

  32. On September 01, 2010 at 8:33am, AnotherSteph said...

    Same here…I vote for a do-over! One of the houses I was pretty sure would be under contract in Aug fell through because the bank was acting crazy regarding a pre-approval letter, so I bailed.

    Steph
    .-= AnotherSteph´s last blog ..REO Offer Update =-.

    • On September 01, 2010 at 6:43pm, Stephani said...

      A do-over it is!