Flip This Wholesaler

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.

7/8/2009

So, I ended up finding another buyer for the property that I just got under contract. Actually, I found 3 buyers, but this guy was the first one to cough up a deposit and sign a contract. We met at my title company earlier today to get everything squared away.

This guy called me a few months ago when he saw one of my signs advertising a deal I had at the time. It took him a few days to go out and look at the property, and when he called to tell me he wanted it, it was already gone. I hadn’t heard from him in awhile, and he just happened to call me on Monday to see if I had anything available. I told him about my current deal and he went out to look at it immediately (apparently, he learned his lesson about lolly-gagging) and called back within a half hour with an offer of 19k (I was asking 29k). I told him that was too low, and he said he would think about it and get back to me. Long story short, he ended up calling me back 3 times with higher offers (this is always a good sign), and yesterday we agreed on a price of 25k net (meaning he pays all closing costs).

It’s 1k lower than the previous offer, which sucks, but I’ll take it. I’ve got a lot of other stuff on my plate at the moment, and I just want to get this one squared away so I can focus on the other stuff… Also, this buyer is what I like to call a “Jackpot Buyer,” so I’m willing to take a little less just to start building a relationship with him. He’s got deeeeeep pockets, lots of properties, and best of all, he’s not a douche bag. These are all qualities I look for in a buyer. My guess is that I will make a lot of money with this guy in the long run. Just a hunch.

Now I just have to get the bank and their title company to actually do their job. I’m a leetle bit scared that I haven’t even received the executed docs back from the bank yet. Usually when it takes them several days to sign the contracts, it’s a sign of what’s to come. Also, this is the same freaking asset management company that was in charge of the last deal I was working on, that I ended up losing. This time, though, I have the asset manager’s contact info (the listing agent accidentally sent it to me when she sent the bank’s addendum), so I can personally harass the shit out of him if he doesn’t get things signed in a timely fashion. Also, they are using a local title company, so if they suck (and chances are, they will), I can actually go into their office and harass them in person. Definitely a bonus.

That’s all I’ve got for now.

Later Alligators.

P.S.
A big congratulations to Shae, who just closed on her first rehab, and also to Craig, who just closed on his first short sale! Both are shining examples of where PERSISTENCE and MASSIVE ACTION will get you!

7/6/09

So I had a dream last night that my buyer for the property that I just got under contract, backed out.

I called him first thing this morning to set up a time to meet and get everything signed, and he told me he does not want to move forward with the deal any longer.

Yay!

The house comes with an adjacent lot, and he was under the impression that the lot was buildable, and apparently it isn’t. This is a deal breaker for him, unfortunately.

So now I have to find another buyer, which I’m fairly confident I can do, but I’m still pretty irritated about the situation. I was planning on setting aside this entire week to finish up my ebook, but now it looks like I’ll also be marketing for another buyer.

Oh well.

I should know better by now than to count on a deal closing until I actually have the funds in my bank account. Even if you’re sitting at the closing table, with all of the documents signed, and your buyer is sitting across from you with a cashier’s check for the purchase, things can still go wrong.

Gotta love this business!

6/15/09

Well, it looks like I’m not going to be able to pull this deal off after all. I’ve got a few guys that are on the fence about it, but I don’t think I’m going to be able to get them to commit by the end of the day today.

I ended up putting out 60 signs over the weekend (the goal was 100, but I didn’t quite make it). My phone was ringing off the hook yesterday, although most of the calls came from tire kickers and/or people who couldn’t speak English. That’s the way it goes sometimes..

I need to get a few more deals in the pipeline, so this week I’ll be making a massive amount of offers, and putting a massive amount of signs out looking for more buyers…

I hope all of you guys are doing well with the goals that you set for yourselves this month- today is the halfway point, so I thought I would update you with my progress.. I committed to getting up at 6 am 5 days/week (M-F), and getting my cardio out of the way first thing… So far, I am 11 for 11! I haven’t missed a day yet, and I have to tell you, it feels FANTASTIC! I’d like to start implementing a few more habits into my daily routine, but Leo Babauta is adamant about only working on developing one new habit every 30 days. I think I will take his word for it, being that he is a Zen Master and all..

Well, gotta run- the mls is calling me….

Happy Monday, Blogosphere!

P.S.
Did anybody else get their Facebook vanity url over the weekend? I forgot about it until Saturday afternoon, but still managed to get my name! Facebook.com/StephaniDavis.

6/12/09

So, as you may have guessed from my last post, Mr Price didn’t want to go along with the proposed price reduction. He sent over extension #4, which would have the property closing on the 19th (next Friday). I haven’t signed it yet, and do not plan to, unless I can find a buyer this weekend. I made up a story about having to get my GC back in the house today to look at the repairs one more time before I sign the extension. If they get impatient and try to reach me today to see what the status is, I’ll conveniently not answer my phone and/or emails, and drag this thing out until Monday. After almost 2 months of waiting on this jerk-off to sign a couple of documents, I will thoroughly enjoy giving him a taste of his own medicine.

I put out 30 signs for the property yesterday, and strangely, have not received 1 single call. I’ve never had that happen before. I’m heading to the sign shop today to pick up 100 more, and the goal is to put all 100 out this weekend. If that doesn’t get my phone ringing, nothing will. I need some new buyers anyway, so it all works out…

I could be mistaken, but the last time I checked the mls, there seemed to be quite a few new REOs listed, and I’m wondering if that fabled 3rd wave of foreclosures is on it’s way? I certainly hope so. Everybody better clear the way once it gets here, because I am GOING TO TOWN!

Well, I’m off to the pool- I’ve got a swim date with Michael Phelps….

Have a great weekend, Blogosphere!