Flip This Wholesaler

6/9/2009

So, I received the following email yesterday from the bank’s title company regarding the deal that has been extended by the bank 3 times and that is supposed to close tomorrow….

“I have received the deed in today from the seller and that completes all the items I needed in order to move this file to the closing department. We will need an extension signed to on/or before 6/19. The seller requires at least 4 days to approve the hud so this will not be able to close on 6/10.

Robin, please discuss with your buyer as she called and wanted a status.

Claire will be the closer on this and she can be reached at xxxxx@zzzz.com and ext 2153. Please communicate and coordinate the
closing with Claire directly.

Thanks,
Lois”

So, we are now extending for a FOURTH time. What a joke. I find it especially hilarious that the bank needs four effing days to review a HUD. Also, if they need four days, and yesterday was the 8th, why do they need to drag it out until next Friday the 19th? Inquiring minds want to know. It’s like they want to hang on to this piece of crap house as long as they possibly can. I should have tried to wholesale it back to them instead of DB.

As I mentioned before, because of the 2 weeks of rain we got in Tampa recently, this house sustained quite a bit more damage than was initially present when I put it under contract. I went out yesterday to take pictures, and also had a contractor write me up an estimate to send along with my request to have the price reduced by $2750 (I plan on splitting the savings with DB so he doesn’t walk from the deal).

Here’s a peek at what the ceiling looks like after 2 weeks of rain….

More mold- yay!

Second hole in ceiling…

Now, you would think the (lazy, incompetent) asset manager would take a look at these pictures and say to himself: “Self, I guess I shouldn’t have taken FOUR WEEKS to get the deed package signed! The house looks like an even bigger piece of crap than it did initially, so I guess I better drop the price a few grand and get this thing off the books.”

That’s what I would do, anyway.

Then again, I’m not lazy and incompetent, so what do I know?

I’ll keep you posted….

6/3/2009

So far so good with my Power of Less Challenge. It’s day 3, and I’ve been up at 6am all 3 days, and in the pool swimming laps by 6:30. I wasn’t aware of it until yesterday, but apparently Michael Phelps lives in my building, and trains in the pool on the 8th floor. OK, not really, but there’s a guy who looks just like him who was at the pool the same time as I was yesterday, and he was swimming up a storm and making me feel like a total jackass. I may as well have been dog paddling… he was swimming 2.5 laps to every one that I swam. It was quite embarrassing, but I ended up getting a phenomenal workout because I was trying extra hard to keep up with him. I can barely move my arms today, which is a good thing…

On the real estate front, things are going well. For the most part. The short sale that I got under contract a few weeks ago is scheduled to close next Friday. The deal that has now been extended 3 times looks like it is going to crash and burn. The new extension goes until the 10th (next Wednesday), but I don’t have any confidence in the bank signing the closing documents. DB is the buyer on this one, and he said that if it isn’t ready to go by the 10th, he is going to pass, and I can’t say I blame him. It’s been over six weeks now since we signed the initial contract. Also, there is a leak in the roof of this property, and after all of the rain we got these past few weeks, there is quite a bit more damage (and mold) than there was a month ago. The bank actually sent someone out to cover the roof with a tarp last week (after I called and complained), but the damage has already been done. I tried to get them to knock off a few grand to compensate, but, being the ignorant assholes that they are, they wouldn’t budge.

I sent an email off yesterday to both the listing agent and the title company letting them know that I am going to pass on this deal if it doesn’t get closed on or before the 10th. Both of them forwarded it to the bank’s asset manager, who, apparently doesn’t give a crap. If they aren’t able to get it done by the 10th, I’m going to try one more time to get them to knock several grand off the purchase price. If they say no, I’m going to have to walk. Nothing like having a payday flushed down the toilet because of someone else’s incompetence. Yay!

Other than that, I’ve been busy making offers and looking for buyers. Gotta keep the funnel full..

Gotta run- later alligators!

5/30/09

I had a great time in Destin.

It’s so peaceful up there.

The condo my sister rented was right on the sand, and the view was absolutely gorgeous. I saw about 10 dolphins, as well as a huge sailfish of some sort, that jumped about 3 feet out of the water. I brought my camera along and took some pics while I was there…

This was the view from my room

The beach

That’s a dolphin fin sticking out of the water to the upper right of the guy in the inner tube. I tried to snap the picture when his body was more out of the water (the dolphin, not the guy), but I wasn’t fast enough with the camera. You can see it a little better if you click on the picture, but it’s still kinda blurry.

Pretty purply sunset

Little Man Trevor, his uncle, and me

My favorite Trevor picture ever

He’s so close to being able to walk on his own.

Me and Little Man

Kickin’ back on the beach (notice my flip-flop tan)

Little Man and his proud parents

Me and sis having some vino on the deck

I took the scenic route on the way up, and it ended up taking me about 8.5 hours to get there. The drive was really pretty, though, and I had my Harmonic Wealth cds to listen to, so it went by pretty quickly. I also managed to put a deal together with Murphy and one of my buyers while I was en route, so I’m quite happy about that.

Oh, and the deal that was supposed to close on the 28th (the one that has been extended twice already), did not close. The bank is still too busy to sign the deed package, so they asked for another TWO WEEK extension. Everything is ready to go at the title company- all the bank needs to do is sign a few documents, but they are dragging their feet for some reason. It’s very frustrating, but there’s nothing I can do about it except wait impatiently for them to pull their heads out of their asses…

Anywho, that’s all I’ve got for now. Gotta go get ready for the big Cavs/Magic game tonight…

GO CAVS!

5/20/09

I forgot to write this in my last post…. one of the deals with DB closed on Friday. The other one is supposed to close tomorrow, but Deutsche bank is too busy to sign the deed package, so we have to get ANOTHER extension until the 28th. This will be extension #2. The first time we had to extend it because Watson Title didn’t have the lien search done yet (because they suck), and now that they have everything ready to go, the bank is too busy to sign off on the paperwork.

This makes no sense to me at all. Why in the hell do they need an extra week just to sign paperwork? And how is it that they have time to sign another extension, but they don’t have time to sign the deed package? Inquiring minds want to know.

You might not think waiting another week is that big of a deal, but there’s a lot that can happen in one week….. Deutsche could get bought out by another bank the day before closing (this actually happened once), Obama could come up with some nifty new legislation banning investors from buying REOs because we are all evil capitalists, DB could get thrown in jail for cocaine possession, the house could burn down, etc, etc.

You just never know what’s going to happen, ya know?

Later alligators- gotta go make some offers…

P.S.
Someone found my blog yesterday by googling “Watson Title Sucks.” Hehe.

P.P.S.
To all of Steve Cook’s coaching students- don’t forget to sign up for the REI 2009 Bootcamp that he is doing with Shaun McCloskey- we get to go for free! There are 2 locations and dates- I think I’m going to go to the one in St. Louis. Hope to see all of you there.

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).