Flip This Wholesaler

5/23/2009

Holy crap, can you believe that shot by Lebron last night? I almost peed my pants. Here it is in case you missed it..

GO CAVS!!

I got an offer accepted yesterday on a short sale that was just approved. It was listed for 49.9k, I offered 35k and they ended up taking 39.5k. Murphy thinks he has a buyer for 49k, so we’ll split it 50/50 if his buyer takes it. I’m not sure if my title company will do a simultaneous close on a short sale, so I may have to bring cash to closing on this one. I’ll have to find that out on Tuesday.

Tomorrow I’m going out bright and early and dropping a bandit sign bomb in the neighborhood where this deal is. I need some new buyers in this area, and nothing does the trick like going on a sign Ninja mission. I’ve got 25 signs all written up and ready to go. I planned on putting them out this morning, but I decided to sleep in instead. It’s a holiday weekend after all, so I figured, what the heck.

Today I’ll be doing some research on the mls to see who is buying what, and for how much, and then I’m going to read this blog from beginning to end. Someone sent me a link to it earlier, and I am intrigued. This girl is pretty much living my dream, and I hope to follow in her footsteps sometime in the near future…

Have a great weekend Blogosphere!

P.S.
The French Open starts tomorrow-GO R-FED!

5/14/2009

Well, it looks like one of the deals with DB (the one where I’m making the most money), is going to close later today, or first thing in the morning. We are just waiting on a final HUD from the bank’s title company. They screwed up the commission on the first HUD, so now we have to wait for them to fix it. Normally this would only take an hour or so, but we’re dealing with Watson Title here, so you know how that goes. If they don’t have it done by the end of the day, they will be hearing from me bright and early tomorrow..

The lien search finally came back on the other DB deal, and it looks like that one is going to close Monday or Tuesday. DB already has a contractor lined up for this property (I know this because the contractor also does work for a rehabber friend of mine, and he told him he was going to be doing the rehab on this house). So that’s good.

I may be getting another JV deal signed up with Lee today. Hopefully. I’m still negotiating with my buyer (McHotterson), but I’m pretty sure he is going to take it. I’m just waiting on his call…

I also found a new buyer today (he called on one of my signs) who is looking to park his cash into some cheap rentals, so I’m going to be meeting with him this weekend to get a better idea of what he’s looking for.

So, anywho, things are going pretty well over here…

Gotta run. Later alligators!

P.S.
Happy Birthday Brett!

P.P.S
In case you missed the REO Rockstar webinar last night (or in case you couldn’t hear what was being said because of all of the background noise on the line), Lee is doing another one tonight @ 9pm).

5/11/09

Well, turns out I couldn’t keep my mouth shut an entire two weeks, and me and DB ended up having it out on Thursday. It was pretty much a huge waste of my time and energy. He has so many lies made up he can’t keep them all straight. According to him, he hasn’t actually sold the Pine property (the one he screwed me on), and is still trying to “make things right.” I know this is a bunch of bs, and the only reason he’s saying it is because he doesn’t want me to pull the other 2 deals from him. I heard through the grapevine that he already has retail buyers lined up for both of them, so he would be losing out on a lot of cashola if I was able to screw him on these deals somehow. If I wanted to risk getting sued, I could tell him to take a hike and then find another buyer, but I really don’t think that would be in my best interest. Both deals have been extended until the 20th (next week), but I’m going to do everything I can to get them closed this week so I can be done with this guy…

Let’s see, what else?

I kind of slacked off on the goals I set for myself  last Monday….. I only ran 3 days the entire week, and only made 11 offers, which is pathetic. I was able to get another deal under contract, though. It’s another JV deal with a wholesaler friend of mine. It’s not a lot of money, but I have zero risk, and zero cash into the deal, and almost zero work. Can’t beat that with a stick.

This week, I’m sticking with the same as last:

(1) Run 3.5 miles/ 5 days

(2) Make 25 offers

(3) Get another deal under contract

I hope you guys/gals did a better job than I did last week. How did you do?

Let’s hear your goals for this week…

P.S.
Congrats to Jodi on her 13k payday!!

5/7/09

Well, I finally heard back from DB.

He sent a text message on Tuesday in response to the text I sent on Saturday asking him if everything was still OK with the Pine deal. Here’s what his text said, “Star and 15th.”

Star and 15th are the two deals that he is buying from me, so, I guess that means that those two deals are still OK, and the other one is not. Or whatever. I have 4k in deposits from him, so I doubt he is going to walk away from these deals, but you never know. Unfortunately both deals have been extended until the 20th of this month (thanks Watson Title!), so I have to keep my mouth shut for another 2 weeks. Good times..

Let’s see..what else?

I’ve got a deal closing tomorrow that I am working with my friend Lee. It’s a small payday, but I have about 4 seconds of work into the deal, so I’ll take it and smile. :0)

That’s about all I’ve got for now.

Adios!

P.S.
I’m having some fun with the Sudanese scam artist. I’ll write a post about it after we go back and forth a few more times.

4/18/09

Things are pretty good in Steph Land right now.

So good, that I’m afraid I’m going to get hit by a bus or something next time I leave my house.

I ended up getting two more deals locked up over the last couple of days, which brings my grand total to FIVE…2 of the deals I’m working with Murphy, 2 of them with Lee, and one of them with the guy who gets deals before they hit the mls. And I still have almost 2 weeks before the end of the month to rack up a few more.

On top of that, I have about 10 cash buyers actively looking for deals, and from what I understand, the second wave of REOs is on it’s way. I’ve talked to a few of the agents around town, and they all seem to agree that Tampa is going to get pummeled with inventory in the very near future.

It’s like a perfect storm for an REO wholesaler, and let me tell you, I am ready to do some damage.

Have a great weekend, Blogosphere!

P.S.
For those who have been asking for recommendations on REO wholesaling courses, your wait is just about over. My buddy Lee Kearney is about to release the REO Rockstar ebook, and REO Rockstar course,  that is going to knock your socks off! Stay tuned…

P.P.S.
This picture has no relevance to the post. I just think it’s funny.