Flip This Wholesaler

Hi Guys!

Just wanted to pop in and give you all a quick update before the holiday arrives…

It’s been like Grand Central Station over here the last few days.  I have about 150-ish signs out right now, and my phone has been ringing off the hook.  I decided to change the wording on them a little bit, after reading this HILARIOUS post (read it if you have a sec, it’s really funny).

Take a look at what my new signs say….

They’ve been working extremely well, and like I said- my phone has been ringing off the hook these last few days.  My goal is to add 20 (TWENTY) new cash buyers to my buyers list by the end of the year, and at this rate, it shouldn’t be hard to do.   Aside from the deals I’m going after on the MLS myself, I have other wholesalers bringing me all kinds of good deals, so I figure I might as well take advantage of the situation, line up an arsenal of buyers, and make some easy money before the year is over, ya know?

Let’s see…..what else?

Oh, I got an email last night from the listing agent of the duplex I was talking about in my last post. I ended up getting outbid on it by another wholesaler, but it looks like they are going to back out of the deal. The agent asked if I would still be interested at my last offer price (22k).  I don’t know for sure if I’ll get it or not, but I know I have a buyer for it at 35k, so I’m keeping my fingers crossed.  I sold him another duplex earlier in the year right across the street, and he has been looking for more, so hopefully this will work out….

I’ve got another crazy day ahead of me today, and then tomorrow I’m having my brother and a few friends over to eat, drink, and be merry.  It’s the one day of the year that I actually cook (seriously), so it’s kind of a big deal for me.

And that’s about all I’ve got for now….

I hope you all have the bestest, most delicious, Thanksgiving EVER! (And hopefully your turkey doesn’t turn out like the Griswold’s. Hehehe.)

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

HAPPY THANKSGIVING EVERYBODY!!!

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]

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..

Hola Blogosphere!

Hope Everyone had a fantastic weekend…

I got quite a bit of work done- looked at 13 REO properties, and made 12 offers.

One of my offers was for 5k.  Hehe.  This particular house has been listed for close to two years, is a total piece of crap, and I figure the bank has got to be getting sick of it by now.  I’ve made 9 offers on this property over the course of the last two years, so maybe the tenth will be a charm?  Or maybe the idiot asset manager(s) will keep holding out for more money and continue to hang on to the property for another two years.  That sounds more logical, eh?

In other news, my buyer ended up passing on the deal I was talking about in my last post. As luck would have it, another wholesaler sent out a deal in the same neighborhood that was a little bigger and on a better street, so my buyer ending up taking that one instead.  Son of a…

The good news is, I spent the weekend marketing the crap out of this house (signs, ads on Craigslist, etc), so my phone has been ringing off the hook, and by the end of the week, I expect to have a slew of fresh new buyers added to my arsenal.  So that’s a bonus.  See how I turned lemons into lemonade?

This week I plan to keep marketing the crap out of that deal, and make as many offers as possible on REO properties.

My goal is to close 6 more deals by the end of the year, so I guess I better get moving…

Gotta run- I’m off to Starbucks for my Pumpkin Spice Latte fix..

Adios Amigos!

P.S.
If you haven’t picked up my new Flip This REO! eBook yet, now would be a great time to do so. Click here to grab yourself a copy now!

P.P.S.
That nut-job, Steve Piegari, who has been harassing me on Facebook, sent me a message this morning saying he is going to sue me. I am still laughing as I type this. Glad to see that you have a sense of humor, Steve.

Hi Everybody!

Sorry I’ve been such a bad blogger lately.  I’ve been busy working on the ebook, which should be ready to go a week from Monday.

Once that’s finished up, I’ll be able to get back to posting more than once a week..

Anywho, I put together another Reader Mail video for you guys last night.  Hope you enjoy it…

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P.S.
If you haven’t already subscribed to my YouTube channel, you can go here to do so.