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..

Ahhh, it feels nice to be back in the swing of things..

I kind of fell off the face of the Earth over the last few months- locked away in my condo working on the new blog, and then the eBook.

I was a little apprehensive about jumping back in, but as it turns out, it’s just like riding a bike..

I spent the last few days touching base with all of my buyers, and also all of my wholesaler buddies.  Turns out my buyers are still buying, and my wholesaler buddies are still wholesaling, so I’m back in business..

Murphy called me last night at around 10pm to let me know about a great REO deal he just got under contract.  The property went to highest and best, and the agent sent him an email last night letting him know where he needed to be to get it (those damn dirty agents!).

This house is in an area that one of my favorite buyers likes, so I sent him the info on it last night, and he’s going out to look at it today.  I should have an offer from him before the day is over.  There’s not a ton of room on the deal, but if I can make a quick 3 grand for sending out an email, I’ll take it and run.  Rinse and repeat, rinse and repeat..

I’ve got a list of properties to look at today, and also a list of potential buyers that I will be stalking…

Gotta run- later Alligators!

Hi Guys/Gals,

Sorry for the lack of posting…. I’ve kinda got a full plate at the moment.

Murphy and I are working on 2 deals together, so I spent most of the weekend trying to get those sold.  Both of the deals are REOs that we’ve been after for the last few months, and the banks finally decided to cave.    Sometimes, if we are going after the same properties, we will double-team the bank, and then when one of us gets the offer accepted, we’ll just partner on the deal 50/50.

Such is the case with these 2 deals.

I think I have a buyer for one of them, and he thinks one of his buyers is going to take the other.

I’m leaving for the Windy City bright and early tomorrow, so it would be nice to get both of them wrapped up before I leave.

I’m still waiting to hear back on a few of the offers I made last week.  Most of them either got rejected or went to highest and best.  I usually just drop out when it goes to highest and best, as I don’t like getting into bidding wars and I am never the high bidder anyway, so what’s the point?

Maybe I will start bribing the listing agents like everyone else does….You’d be surprised at some of the shenanigans that go on with these properties.

I think I’ll write a book about it someday.  I’ll call it “The MLS Mafia.”  Or something along those lines. I’m sure it would be a bestseller.

Hehe.

Speaking of bestsellers, I’ve also been busy working on my ebook, which I’m shoooting to have finished by the last week of this month.   The 25th is the tentative date that it should be ready to go.  Mark your calendars.

Oh-  in case you guys hadn’t noticed- my transactional funding site (Fund This Wholesaler.net) is up and running!  If you need short term funding for your REO and short sale deals, you can go here to get it.  You can also get a free proof of funds letter to submit with your offers.    If you have questions about how it works, check out the FAQ section for more info.

Well, that’s it for now.  Jim is giving me dirty looks as I haven’t taken him out for his morning run yet, so I gotta go..

Have a great day!

P.S.
In case you guys didn’t see my post on Facebook, I’m pleased to announce that I am now a weekly contributor on Josh Dorkin’s Bigger Pockets Blog. You can check out my very first post here.

P.P.S.
To add me as a contact on Facebook, go here.

P.P.P.S
I’m trying to catch up on emails and private messages, so if you sent me one recently, I’m not ignoring you on purpose, I’m just behind. If you have a general real estate question, please feel free to post it on the blog, as I tend to answer questions here a lot faster than via email.

P.P.P.S.
If anybody has any information about that new SIMS product, please send it my way. I was searching around ALL WEEKEND trying to get details about it.

6/25/09

Even though I knew this was going to happen, I’m still irritated as all get out…..The deal that I lost a few weeks back (the one that dragged on for 2.5 months because the asset manager is a moron), ended up coming back on the market for LESS than what I was trying to renegotiate it for. Someone else now has it under contract. Probably DB.

You would think that the worthless agent would have called and given me a heads up, especially since I was giving her both sides of the commission and was ready to close yesterday. I guess that would make too much sense, though.

Oh, well. Win some, lose some..

In other news, I’m currently working a deal with Murphy that we should be getting locked up today. This is a property that I offered on right when it hit the market and they rejected it. So, I waited 2 weeks and had Murphy put an offer in on it. I have an investor who really likes this area, and I know he’ll like this house, so I want it. We’re only a few grand apart with the bank, and I think we’ll be able to get it wrapped up today.

That’s about it for now. A bunch of new properties hit the market over the last few days, so I’m off to check them out!

Have a great day, Blogosphere!

P.S.
A big, virtual, pat on the back is in order for one of my readers, Alex. He enrolled in Lee’s REO Rock Star course last month and just got his first property under contract! Nice job, buddy!

Fortune favors the bold, guys, so get on out there and MAKE SOME OFFERS!