Flip This Wholesaler

1/20/2009

Well, I was an offer makin’ fool today……

I got on a roll and just couldn’t stop myself.

That happens sometimes.

I submitted 9 offers total, my favorite being the one I made for 8k. I doubt I’ll get it accepted at 8k, but you never know.

I kind of had another epiphany after I got that last offer accepted for half of list price. The epiphany being that I need to be offering much lower, because the banks are really starting to take some huge discounts, and I want to take full advantage of their “generosity”. Hehe.

I’m going on another sign mission tomorrow morning (when I put signs out in the hood, I always try to get there as early as possible, as there is much less of a chance of getting heckled and/or barked at) to market the deal I was talking about in my last post.

I already have two solid cash offers on this deal, but I’m pretty sure I can get more, and I’ve still got 3 weeks til closing, so I’m holding out for a higher offer. This is a first for me, as I usually take the first thing that comes my way even if I know I can get more….. This is a bad habit that needs to be broken, so I am going to break it.

And that’s all I’ve got for today. 10-4, over and out..

P.S.
If anyone happens to run into Mother Nature, can you please tell her to TURN THE DAMN HEAT UP? I’m about 2 degrees away from packing it up and moving farther South. Seriously.

11/14/2008

Well, I closed deal #1 today with California Guy (yay!). We have another one that should be closing in 2 weeks. He was flying out to CA right after the closing to meet with his financial backer, and as he was leaving he asked me to have 10 properties lined up for him when he gets back next week. Sweeeeeet. Once he gets these first two houses rehabbed (shouldn’t take too long), the money guy is going to fly in from CA for a grand tour. I can’t wait to meet this guy. We spoke twice on the phone and hit it off quite well, so I’m looking forward to sitting down with him in person when he gets here. Also, I’m looking forward to putting his million dollars to work. Hehehe.

In other, non-real estate related news……I got a new haircut yesterday. I spent about 4 hours online looking for the perfect haircut, and then I finally found it and printed it out. And then I forgot the picture at home so I had to try and explain it to my hair dresser, and as it turns out, I am not that good at explaining. So, instead of looking like Katie Holmes in this picture:

I ended up looking like George Washington in this picture:

No kidding- my head looks like a giant mushroom. Sweet.

Ahh well… it will grow back eventually…

Have a fantastic weekend, y’all!

P.S.
Check out my interview over at Clifford’s new site..

P.P.S.
If any of you guys ever have questions about wholesaling REOs, please feel free to post them in the comments section, and I will be happy to answer them. I am getting a ton of emails, and am having a hard time keeping up….. many of you guys have similar questions, so I think it would benefit everyone if they were posted here as opposed to private emails. I will still answer your emails, but it may take me awhile…. I am working on a new website that will have a FAQ section, and am tossing around the idea of an REO discussion forum. It’s still a work in progress, but I’m getting there…

9/20/2008

I just love the ups and down of this business…..one day you think you’re going to close 2 deals in the next week and make ten grand, and then the next, you learn that both deals might crash and burn for reasons that you can not control. Gotta love it.

One of the deals “may” have a title issue that “may” take a few months to resolve. I have not been able to get a straight answer from the title company for a week and a half, so who knows what’s going on. Every time I call the lady at the title company, she tells me she will know for sure by the end of the day, and she will call and let me know. Then she never calls, and we start the whole process over the next day. It’s supposed to close Monday, but the likelihood of that happening is slim. The buyer, of course, is all ready to go.

The other deal (The Deal From Hell), the buyer is now telling me she is not able to come up with the down payment for the hard money loan that she assured me 500 times she had. So, unless she can come up with it by Monday, things are not looking good. I had a feeling this deal was doomed from the get-go, so I can’t say that I am too surprised.

I never heard anything back from the mortgage broker who wants to see me burned at the stake. I was thinking, just for fun, of putting up an ad in the singles section of Craigslist for “men seeking men” with his phone number on it, along with a picture similar to this one:

Hehehehehe.

Gotta go make some offers. I’ve got about ten out there right now, and plan on making another ten or so this weekend. I’ve been averaging about 1 deal in every 25-30 offers lately, which is pretty good, I think. I tend to get side tracked, though, especially when I have deals that are going South, and people threatening me.

Au revoir!

9/4/2008

So, first thing this morning, I went over to the property I just got under contract to see if I could fix the door that had supposedly been kicked in. Turns out you just have to lift up on the door a little bit when you shut it. Problem solved.

Still haven’t heard back on that counter I was talking about a few days ago. I called the listing agent to see if the bank had responded, but he hasn’t heard anything yet. I really want this one, as I’m pretty sure McHotterson will take this in a heartbeat. He just got back from Russia and is looking for more houses, so it would be nice to get this one for him.

I am currently in a bidding war with 3 other wholesalers over a property that just came on the market. I happen to know what the other two guys offered (I’m not at liberty to say how I know that, but rest assured it is not shady or illegal or anything).. anyway, unless more offers come in before morning, I think I should have this one in the bag. I’ve closed several deals with this listing agent, so that is always a bonus.

I’m still in a state of shock about this, but I’ll be damned if one of my deals isn’t closing EARLY!! Holy shit- can you believe it? An REO closing a full business day early- SHOCKING! It was supposed to close next Monday, but by some miracle, the lady handling the file actually got it done early.

HEHEHE….Damn, I’m good.

Tomorrow I’m going with another wholesaler friend of mine to see my short sale friend Nathan speak at this event. He’s turning into a little guru right before my very eyes. Hehe.  If you’re interested in jumping into the short sale arena, I highly recommend his new course.  It’s good stuff.

A più tardi

P.S.
Just wanted to give you all a friendly reminder that you should NEVER, EVER, accept a personal check as a deposit from a buyer you haven’t worked with before. I don’t want to talk about it right now, but just trust me on this one.

8/21/2008

So, I’ve decided to try a new tactic to get the bank’s title companies to get my deals closed on time: BRIBERY.

I’m going to try it out on both of the deals I have going right now and see what happens. Once the file gets assigned to a processor, when I call to introduce myself, I’m going to tell them I pay $200 if the deal gets closed on time. I think that should be incentive enough to get my deals pushed to the front of the line- don’t you think?

I’ll let you know how it goes over…..

Roger Dodger, 10-4, Over and Out.

P.S.
Let’s keep this strategy on the DL. Wink wink.