Flip This Wholesaler

Happy Friday, Blogosphere!

It’s been a busy week over here in Steph Land.

I’ve been making lots of offers, marketing properties for my buddies, and hunting down new cash buyers to add to my list.

Of the 12 offers I made last weekend, 4 of them were rejected, 3 went to highest and best (I wasn’t the best on any of them), 2 of them I got counters on and am still going back and forth with the bank, and the others I never heard anything back from the agents, so I’m assuming they were rejected.

My buddy Lee (aka the REO Rockstar) just got a property under contract in my favorite hood, so I spent the morning trying to get it sold. I sent a few of my buyers out to look at it, but haven’t heard anything back yet.

I’ve also got 20 signs out in the neighborhood, so I should be getting quite a few calls from those. Tomorrow morning I’ll head out to get some numbers off of “For Rent” signs and call those people up to see if they want more houses.  I would have done this today, but it was getting close to noon, and the streets were starting to fill up.   Even though I thoroughly enjoy being whistled and barked at (who doesn’t?), I decided I’d rather go back in the morning when most people are still in bed with hangovers.

I’ve been doing a bit of research on the MLS lately, just to see what’s been going on, and I noticed that the City of Tampa is now buying up quite a few REO properties in the neighborhoods that I work in.  So…. it looks like I will be competing with them for deals, too.

Yay!

According to this article,  they have close to 14 million to spend, which will go a loooooong way, especially when they are purchasing properties for 20k and under.

Perhaps I need to look for a new favorite neighborhood.

Or maybe I should send the City a letter telling them they need to get the hell off my turf- OR ELSE. I got street cred in the hood, yo.

Well, that about wraps it up for now..

I’ll leave you with a hilarious video that Shae posted on Facebook today.  It sums up the REO offer-making process quite nicely…

[youtube]http://www.youtube.com/watch?v=SM7oWKgCVo4[/youtube]

Have a great weekend, y’all- and don’t forget to pick up a copy of my shiny new eBook- Flip This REO! Click here to grab one now!

Later Alligators..

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.

1/18/2009

I spent most of yesterday putting signs out in the hood advertising the deal I just got under contract for 16k. Here’s a few pictures of the house, in case you were wondering what kind of digs 16 grand will get you in this market….

Not a bad little house. Well, except for the fact that it’s in the hood, but for 16k, what do you expect?

I put out about 25 signs, and have received probably 10-15 calls yesterday and today. No takers yet, but I did manage to add a few new buyers to my arsenal….. Love those signs!!

I spent the rest of my time this weekend monkeying around with my soon to be new website, and realizing that I don’t have enough time or patience (or skill) to design it the way I want it to look, so I searched around the net looking for a web designer to do it for me. I finally found what I was looking for, but turns out they have a 3 month waiting list for new projects.. Dang. I’m willing to wait, though, as I was really impressed with their portfolio.. So, anywho, I should be rolling out my new site sometime this Spring. I’m very excited..

And, in other news- my wholesaler friend, Dave, sold one of his deals to a pimp on Friday. For real. He came into Dave’s office early in the day with a contract and a grand in cash to put down as a deposit. Dave had never worked with him before, so he asked him for a copy of his bank statement, since he claimed to be a cash buyer. Mr Pimp said he didn’t have the cash in the bank, and that he would be back later with proof of funds. And then he came back a few hours later with a DUFFEL BAG FULL OF CASH. I swear I’m not making this up. And then he explained that he was a pimp, and that’s why he had all of this cash laying around.  WTF?

P.S.
Click here if you have questions about what I write on my signs…

11/22/2008

Well, I finally had all I could take from that stupid piece of crap Blackberry Storm.

I took it back today and got the pink Blackberry Curve, which is what I wanted all along anyway. I love it already, and I’ve only had it a few hours.

The final straw with the Storm came yesterday while I was out in the hood looking at houses and the stupid thing randomly froze up for 10 minutes while I was trying to get a lock box code from one of my emails.

Of course while I’m standing out in front of this house in the hood yelling curse words at the phone, the 5 dudes drinking 40s on the patio of the house across the street starting heckling me and barking at me (no joke).

Awesome.

I love being barked at.

I hope you all had a happy Thanksgiving…. It’s a good thing that calories and carbs don’t count on the holidays, because otherwise I’m pretty sure I would have gained 10 pounds or so. Jim ate like a king as well, and come to find out, turkey has the same effect on dogs as it does on people…

Hehehe.

¡Adios Amigos!

7/2/2008

I can’t sleep. So, I figured I’d write.

Let’s see, the computer guy came out bright and early and I was back online by 9am. Apparently the person who lives in the condo next to me was supposed to have their service disconnected, but the guy accidentally disconnected mine instead. So, that’s good news. I was expecting something much worse..

I went and looked at 5 houses today, and discovered new and exciting parts of the hood that I never knew existed. If my camera wasn’t broken, I could have taken some great pics today to post on here- like the Texas Chain Saw Massacre House (it was more of a shack than a house, though, from what I could tell), that had so much garbage around it that you honestly could not even see the actual structure. There was garbage everywhere, along with huge posters of Barack Obama EVERYWHERE. There was also a HUGE banner tied from one tree to another that read: “Revolution or Obama- 3rd Option: Adopt More Slavery.” I’m still a little unsure of what exactly that means. I can not even imagine the code violations that this property has against it. One of the properties on my list was right next to this place, and I’m thinking they are gonna have a really, really hard time selling it with a junkyard next door. I didn’t even offer it- that’s how bad it was….

I’m still impatiently awaiting the new asset manager to sign off on the paperwork for the deal that was supposed to close last month. What a joke. The listing agent said that this particular asset manager usually takes at least 3 days to respond to anything or anyone…. I wonder how long it would take her to respond if I set her house on fire? Hehe.

The deal that I closed on with Nathan a few weeks ago is set to close this coming Monday. The buyer’s hard money is good to go, so I don’t anticipate any problems (famous last words). I have a backup offer if for some reason it does go south, so I’m not too worried about it (again, famous last words).

The third deal I just signed up is supposed to close on the 25th of this month, and the buyer is my favorite buyer who is rock solid, so, unless, the bank screws it up, I don’t see any problems with that one either…… Oh, speaking of the bank screwing things up- I was talking to a friend of mine today who has a deal that was supposed to close tomorrow where he was going to make 10k. Instead of getting the closing docs from the title company today, he got a phone call saying they effed up the foreclosure somehow, and now have to start the process all over again. Good times!

Well, it’s 2am. I guess I should try to sleep….