Flip This Wholesaler

Well I’ll be a monkey’s uncle.

The investor who owns the land that Murphy and I are trying to buy ended up countering our offer of 50k with 52k!

Like I mentioned in my last post, I was expecting a counter offer of 75k, so this obviously makes me very happy.

I’m not crapping my pants just yet, though.

As it turns out, the guy who owns the land bought it at a tax deed sale (which we already knew from looking at the tax records), and never had the title quieted when he bought it.  Now, I’ll just be honest here and tell you I have absolutely no clue about tax deed sales or quiet titles, which is why it’s always good to have a title co/real estate attorney on board who does.

We’re having the title pulled on all 3 parcels of land right now, and hopefully it will all come back A-OK.  According to the attorney who owns the title company we are using, we should be good to go since this guy has owned the properties for 9 yrs and “Generally the rule is that title is marketable after 4 yrs….”

I don’t really know what the hell that means, so I’ll just have to wait until tomorrow to see what the searches turn up.  If everything looks good, we can close immediately.  Our purchase price will be 52k net, with a sales price of 75k net.  We’ll be doing a simultaneous closing on this one as opposed to an assignment because we don’t want the end buyers to see our profit.  You know, just in case.

Of course, I don’t want to get ahead of myself here.  Murphy and I don’t have the best track record when working deals together, but I think we both have some good Juju coming our way.

We shall see.

I’ll keep you all posted.

Later Alligators!

P.S.
Happy St. Patrick’s Day!

Happy Monday!

I hope everyone had a great weekend.

I was able to get much accomplished, and plan on doing the same this week.  I’m leaving for St. Louis a week from tomorrow, and plan on busting my butt until then.

The deal I’m working on with my wholesaler buddy looks like it is going to be OK to close after all.  I think, anyway.  We were going to try and close it before Christmas, but my buyer left for Puerto Rico last week and won’t be back until Dec, 29th, so we’ll have to wait until the last week of the month to do it.

I’m also working on another REO deal with Murphy that I am supposed to be getting a contract on today (fingers crossed).  He was able to get this one before it hit the market (pocket listing).  It’s in a great neighborhood, and I wanted to pick up some new buyers for this area, so I put a humongous sign in the front yard over the weekend, and my phone rang off the friggin’ hook.  I picked up a handful of new cash buyers from it, one of which said he will have a contract and deposit for me today.  We’ll see.

What else?

Oh, I’m forcing myself to go to Toastmasters tonight!  I’ve had it on my list of things to do for about a year now, and I was going to make it one of my goals for 2010, but then I thought- screw it- might as well start now and get it over with.

I’m terrified of speaking in public, and I know that the only way to overcome fear is by facing whatever it is that you are afraid of.  Sooooo….I’m heading to a meeting tonight at 6:30.

I’m hoping they serve cocktails there.  Hehe.

That’s about all I’ve got for now, folks.   Let’s all make it a great week!

10-4 over and out.

P.S.
56 miles down, 28 to go! I almost missed yesterday, but forced myself to go after about 4 hours of procrastinating.

So it’s been quite the busy/productive December so far over here at Flip This Wholesaler HQ.

I managed to put a deal together last week with one of my wholesaler buddies (W00t!).  It’s not a home run by any means, but I only have an hour or so into the deal and I’m making a few grand, so I’m happy.   I ended up bringing the buyer to the table on this one.  I’ll give you three guesses how this buyer found out about the deal….

#1) Handwritten Sign

#2) Handwritten Sign

#3) Handwritten Sign

If you guessed handwritten sign, you would be correct.

I actually have a picture of the exact sign that my buyer saw- she pointed it out to me as we were on our way out of the neighborhood to go to Amscot and make copies of the contract and deposit.

Here it is…..

I wasn’t even going to put any signs out at all for this property, as it is priced a little high for the area, and I figured it would be a waste of time.   Turns out this lady was the only phone call that came in from this batch of signs, and she ended up buying the deal.  Nice.  She’s also looking to pick up another property in the area ASAP, so I’m on a mission to find her another one before the year is up.

This deal is supposed to close next week, and the bank is actually using a local title company that doesn’t suck, so we won’t have to deal with the hacks over at Watson title.  So that’s a good thing.

What else?

I got two really nice counter offers Friday afternoon from REOs that I offered on earlier in the week.  I’m going to counter back first thing this morning and hope that I get at least one of them under contract before someone else beats me to the punch…

As I mentioned in a prior post, I set a goal of finding 20 new buyers to add my list, and I accomplished that over the weekend (woohoo!), so now I’m just going to hit up the MLS and start making offers like a crazy person.  There are still almost 4 weeks left in 2009, and I plan on taking full advantage of every single day.  And then I am going to CRUSH 2010.

Speaking of crushing it, I’ve been kicking some serious ass in the gym as well.  I’m sticking to my goal of running 84 miles before I go up North for Christmas.  Yesterday was day #9 that I’ve ran 3.5 miles, which brings my total to 31.5 miles.  9 down, 15 to go!  I’ve been marking my calendar with a big red dot every day when I get back from my run.   It helps keep me motivated.  Check it out….

December is going to be one red hot mess when I get finished with it.  Hehe.

Other than that, I’ve been spending a lot of time working on my goals for 2010.  Yesterday I spent about four hours making a “Mind Movie”, which is something that’s been on my to-do list for about 6 months now.  I already have a vision board, and a list of positive affirmations that I go through every morning and night.  A Mind Movie basically combines all of them together into a slide show of what your perfect life looks like.  Pretty cool if you’re into that kind of stuff.  I created mine for free using Windows Movie Maker, but actually hijacked the idea from a Mind Movies product that I stumbled on while I was surfing the net…

So, anywho, that’s what I’ve been up to.

Hope you all have a fantastic week!

Later Alligators.

P.S.
I got an email over the weekend from a girl who bought my Flip This REO! eBook and just closed her first deal . She’s been working her ass off for the last 2 months and just made $7300! Woohoo- congrats Meghan!!

P.P.S.
If you have a success story you’d like to share (doesn’t have to be from an REO deal), please send it my way. I’m going to be adding a “Success Stories” section to the blog soon and I’d love to have yours to add to it.

Happy Saturday Night, kids!

I know most of you are probably still in a turkey induced coma, but I thought I would post another Reader Mail video for you to watch once you awaken…

P.S.
The apostrophe is broken on my blog again, so the title to the post should say “You’ve Got Mail” not “You ve Got Mail.”

Stupid technology.

P.P.S.
If you like my videos and want to subscribe to my YouTube channel- go here. Then click on the yellow “Subscribe” button above the video!

Happy Friday, y’all!

I’m pleased to announce that I found my Mojo and am up and at ‘em again- woohoo!

I should be good to go for another six months or so,  so don’t expect any more 2 week hiatuses (hiati?) for awhile..

Anywho, I’ve got some possible deals cookin’ that I should be finding out about by the end of the day.  One of them is a deal that Murphy got under contract 3 weeks ago.  I thought it would be a no-brainer deal for a buyer of mine that I have done quite a bit of business with.  The house fits his buying criteria perfectly- neighborhood, price, beds/bath, all that stuff..

I sent it to him 3 weeks ago and he wasn’t interested because it is too small.  He gets pickier and pickier every time I talk to him, and now he’s only buying stuff that is 1200 sf or more, concrete block, in nice neighborhoods, and 3 bedrooms/2 bath minimum.  Smart guy.  He’s got over 20 houses right now, and wants another 30.  He’s going to hold all of them as rentals (all are producing positive cash flow), and I’m guessing he’s going to be sitting on a freaking gold mine 10 years down the road..

So, anyway, he passed on the deal, but called 2 days ago to ask if it was still available.  He’s now working with a group of investors from outside of the US who want to do the same thing he’s doing, and apparently they want the property.

Long story short, we should be getting a contract for 64k by the end of the day (contract price with the bank is 58k), but I’m not holding my breath.  The title work on this one is ready to go, so if all works out, it should close by Friday of next week.  There are a few too many “ifs” and “shoulds” in that sentence for my liking, but we’ll just have to wait and see..

The other deal is a duplex that I offered on last week and just got a counter back from the bank yesterday.   I picked up a new buyer earlier this week from one of the signs I have out (I’ve got about 60 signs out right now),  and he just so happens to be looking for duplexes in this neighborhood.  He just bought one right up the street from the property I offered on, so I know he’s interested in this area.  Right now the bank is at 41k, and I need to get them down about 5k more.  I countered back this morning and am hoping to hear back from them by the end of the day.

If I don’t end up getting this one at my price, I’ll wait 2 weeks and have Murphy put in an offer and see if they will come down a little more.  Half of something is better than nothing, ya know..

Oh, before I forget, my buddy Patrick Riddle, AKA P-Rid, is holding the first annual “Battle of the REI Blogs” starting this coming Monday.   I’m up against some heavy hitters, so I really need for you guys to put on your game faces and help me out.  Some of the contestants are already starting to talk smack (not mentioning any names, TREVOR MAUCH), and I would really like to put them all in their places!

I’ll be back Monday morning to explain the details of the contest, so make sure to check back here bright and early.  I’m actually heading off now for a weekend long Top-Secret-Ninja-Blog-Battle-Boot Camp (it’s known in the industry as TSNBBBC), to brush up on my skills.. I hear it’s some pretty intensive training, so wish me luck!

Have a great weekend, Everybody!

Later Alligators..

P.S.
If you’re ready to get off the fence and learn how to flip REOs, grab yourself a copy of my Flip This REO! eBook today- click here to get it now!

P.P.S.
Don’t forget to check back here Monday morning- I need all the votes I can get!

P.P.P.S.
This has nothing to do with real estate, but if you’re into nature-y stuff like I am, you’ll appreciate this GINORMOUS dead snake they recently found in South Florida. Crazy!  If you look really close at the end you can see his fangs.  (Sorry to all my Facebook friends, I know you’ve already seen this a time or two)

[youtube]http://www.youtube.com/watch?v=W-dB0Itcf30[/youtube]