Flip This Wholesaler

1/8/2009

Well, guess what I FINALLY got Tuesday…….

One of these:

If you’ll recall, the computer I was using prior to this, I bought on Craigslist for $350. It worked like a champ for awhile, but then it started to have problems, and then I spilled a glass of wine all over it, and thought it would be a good idea to dry the USB ports out with a hair dryer.

As it turns out, using a hair dryer on a computer is not a good idea, and things just went downhill after that incident. Towards the end, every time I would shut the computer off (or it would shut itself off for no apparent reason), I would lose EVERYTHING. All of my bookmarks, and settings, and pictures. Everything. Good times.

Also, the keyboard stopped working, so I had to plug my keyboard from my old PC into one of the USB ports, and then set the keyboard on top of the laptop. This wasn’t too bad, except for the fact that there was only 1 extra USB port, so when I wanted to print something, I had to reach around to the back, unplug the keyboard, and plug the printer in. When you are writing offers all day, this can get really, really annoying. Especially for someone with zero patience (Me).

So, anywho, Circuit City had the pink Vaio on sale, and now I gots me a new computer. And I LOVE, LOVE, LOVE, it! End of story.

On to real estate…

I got my first deal of ‘09 under contract on Tuesday!! This is the one that I had been offering on for 6 months, that I just offered on again a few weeks ago at 8k below list and I didn’t even get a counter. It was just re-listed with another agent, so I made another offer, and got it accepted. The funny part is, the offer I made a few weeks ago was for 30k, and this time I offered 25k and ended up getting it accepted at 26.5k. Hehehehehe!

California Guy told me he would take this house at 35k a month or so ago, but he seems to be ignoring me lately, and every time I call him with a property I get the impression that I am annoying him. I’m not sure what his deal is, but he’s been really short and rude with me the last few times I’ve called him. I don’t know if he thinks he’s doing me a favor by buying my deals, or what the problem is, but I refuse to kiss anyone’s ass, no matter how much money is at stake, and as far as I’m concerned, he can take a hike. There are plenty of buyers out there.

I’m actually kind of glad that he’s not going to buy this, because it will force me to get out in the streets and market the hell out of it, and in doing so, I will find other buyers. I’m going to put out 100 signs this weekend advertising this deal, and also a deal that one of my wholesaler friends just bought at auction. I guarantee you I will pick up a few new buyers as a result..

OK, gotta run..

12/9/2008

So, I decided to try a new approach to getting the bank’s title companies to get my deals closed on time.

I like to call it…….. “Operation Throw Your Lazy Ass Under The Bus.”

Basically, what I do is, dig up the asset manager’s contact info (this is not the easiest thing to do, but I am nothing if not resourceful), and then start throwing people under the bus, one by one.

It’s actually more fun than I’ve had in a really long time.

The best part is, I do it in such a way so that it doesn’t appear that I am actually tattling on people, because, as we all learned in kindergarten- no one likes a tattle tale. So, I just send an “innocent” email explaining the absolute nightmare that it has been to get a straight answer out of anyone as to why in the hell my deal is not going to close on time, and why are files getting lost, and why are addenda (addendums? addendi?) never getting sent to the bank, and why is Paige ignoring my phone calls and emails when she said she would get back to me by noon yesterday??? I just want a straight answer from someone.

This approach is still in Beta testing, but I have high hopes.. I had to give up on the bribery strategy, because there are just too many people involved in the closing process/fiasco, and it’s hard to pinpoint the one person who actually might be able to push the deal through. Plus, it really irks me to have to pay people extra to do their job correctly.

I got another offer accepted today, which makes 5 that I have under contract right now, and which also pushes my stress level into the red zone. Especially since I offered to close on Monday on this one, and they ended up taking me up on my offer. This would not be problematic since I already have a cash buyer lined up, however, there are some issues to be dealt with. Here’s how the phone call went today between me and my buyer…..

………………………………………………………………………….

Me: Hey Jim, I can get that property on Sitka to you for 27k. You interested?

Jim: Heck yeah.

Me: Well, it needs to close by Monday, and I know you like to use your title company, but I’d feel much better using mine because I know they can get it done in less than a week, so how about we split the closing costs (I normally make my buyers pay all closing costs on the second transaction), and we close at my title company?

Jim: Well, that’s fine, except I don’t have an ID.

Me: Huh?

Jim: Yeah, I don’t have an ID. I’ve been doing deals at my title company for so many years and they will notarize my documents without my ID. Is that going to be a problem.

Me: You don’t even have a state ID or anything?

Jim: Nope.

Me: Uhhhhhhh, let me call my title company and see what the say……

………………………………………………………………………………………………………………………………………………

So, I call my title company and explain, and they, of course can not do the closing without an ID from him, because the docs have to be notarized, but they say they can do all of the title work, and then just send it to his title company and have them do a courtesy closing, and sign the docs there and wire the money to my title company, who would then wire it to the bank’s title company. Lost yet?

This sounded good for awhile, but I can’t even imagine having to add a 3rd title company into the mix, so I called and talked to the attorney who owns my buyer’s title company, and he said they would do a simultaneous closing (using my buyer’s funds to fund both deals) as long as there was full disclosure to my buyer (there is ). S0000000000, long story long, it looks like we are closing at his title company, and I just KNOW it is going to be a really good time. Should make for some great blog fodder, anyway.

Well, now I have 4 deals that are supposed to close by the end of next week, and I think we should all take bets on how many actually close. I’ve got my money on one. One out of four- that sounds about right.

10-4. Over and out.

P.S.
In case you’re wondering why my buyer doesn’t just go out and get an ID, well, I’m just guessing that he can’t, and I don’t really want to know why.

12/4/2008

Gosh, lots to write about- and I still have to pack for Phoenix, clean my condo, and figure out how I’m getting to the airport….

Well, lets see…..the deal that was supposed to close Tuesday where they forgot to get the addendum signed……that has turned into the biggest circus that I have ever seen. I’m not kidding you. I really, truly, have never seen a bigger mess before in any of the deals I’ve done….The contract expires on this deal tomorrow, and the asset management company still does not know what is going on. I will explain it in more detail when I get back, but just trust me when I tell you this has turned into one ginormous fiasco. It’s almost kind of funny, except for the fact that my paycheck is once again at the mercy of a bunch of bumbling idiots.

I finally gave up on the property where the asset manager disappeared… the last counter I received from them was Monday, so I just figured it was a dead deal and I had lost it to someone else. Well, I got an email from the listing agent at around 4pm today telling me they accepted my offer!! They didn’t even counter back, they just took my offer of 24.5k. This is phenomenal news, as I’m pretty confident I can make 10k on this one. Woohoo! My favorite part of this deal is that the listing agent was too lazy to check the mls history on this house (or actually walk through the house and look at it), so it is listed on the mls as a 2/1 (that’s what it says in the tax records, which are often incorrect), when it is really a 3/2. Hahahahaha. Nothing makes me happier than capitalizing on other people’s laziness. Really.

I also am probably going to get another one accepted tomorrow. We’ve been going back and forth on this one for a few days and are now only 4k apart. The listing agent told me he’s pretty sure he can push it through, so hopefully I will get a confirmation tomorrow. I already have a buyer for this one if I get it (he’s the buyer for the deal that fell through on Wednesday where the bank screwed us over and sold to someone else).

I have more to write about, but it is 1am, and I need to get at least a few hours of sleep- my flight leaves at 6am, and I always like to get there extra early, just in case.

Have a fantastic weekend y’all……..I’ll be back Monday with tales from the Flip Vip’s trip.

P.S.
I hijacked the title to this post from Vanilla Sky. In case you were wondering.

11/17/2008

Well, guess what? I got another one under contract today! I put the offer in on this one 10 days ago, and they finally got back to me today. My offer was 20k, and they countered at $23,500, which I accepted. This house is a 3/1 that needs no work at all (except the air condenser has been stolen), and will rent for $750-ish. Can you believe that? I actually don’t have a buyer lined up for once, but I have 30 days to close (I offered to close in 7 days knowing full well that there’s no chance in hell of that happening, but it makes my offer look better, so that’s what I do sometimes. Hehe. Tricks of the trade).

I spent the weekend looking at houses and making offers. I have 12 offers in right now, and have a feeling I’m going to get at least one of them accepted. I found this buyer who likes the really crappy stuff that needs a lot of work, so I offered on a bunch of crap that I normally don’t go after. I don’t have a lot of competition on houses like this (everyone wants concrete block houses that don’t need a lot of work), so I think I have a shot at getting one of these pieces of junk. I’m also offering 2k deposits, no contingencies, and a 7 day close, so that helps. You’re probably thinking, “But what happens if they all get accepted?” Well, if they all get accepted, I will be jumping up and down, because I am offering so low that there’s no way I wouldn’t be able to sell them for a tidy little profit. It would be kind of stressful, but I’m used to that by now. …I’m told that fortune favors the bold. Sign me up, please.

What else?

I’m going to be doing some traveling next month….. The Flip Vips mentoring group that I belong to is having a retreat in Phoenix the first weekend of December, which I’m really looking forward to. All of the members of the group picked a goal to achieve by the time of the retreat, and then the rest of the group picked the consequence if the goal is not reached. I guess I better get my ass in gear, or I am going to be doing a lot of walking when I get back… My consequence for not achieving my goal is that I have to donate my car to charity. Thanks guys. I guess it’s better than having to walk around in a Speedo that’s two sizes to small. (Yes, that is one of the consequences). Heeeheehee.

I’m also heading to St. Louis for Christmas to see my sis. It will be my nephew’s first Christmas, and I don’t want to miss it.

So, that’s what I’ve got cookin’.

Adiós

P.S.
This is what you can get for 23.5k in the Tampa market nowadays…

11/11/2008

Sorry for not posting much lately…….. things have really picked up for me in the last month, and I have have been swamped. I’ve been going at it full speed ahead, and the results I am getting are well worth the hard work I’m putting in…… I’ve closed 2 deals in the last 2 weeks, and have 4 more scheduled to close in the next 30 days!

I’ve been making offers like crazy, and also marketing like crazy for new buyers. I put out 25 signs on Saturday and 25 more today. My phone has been ringing off the hook, and I have found several new buyers as a result.

Today I went and looked at 7 houses while I was putting signs out. I also compiled a list of 23 numbers to call from “for rent” signs I passed while I was en route to the 7 houses (see how I killed 3 birds with one stone?). I will make those calls first thing tomorrow morning.

I have seriously struck gold with the new buyers I’ve found over the last few weeks. I have 3 cash investors who call me every day to see if I have any new deals, and these guys are serious investors who are buying right now, and want to buy lots and lots o’ houses, and they have the money to do so. I know that there are many more buyers out there like these guys, so I am marketing my ass off to find them.

There is no stopping me at this point.

I am going to kick this market’s ass and take lots of names while I’m at it…

Gute Nacht!

P.S.
Happy Veterans Day!