Flip This Wholesaler

2/22/2009

Well, it’s 1:19 am, my flight leaves at 6 am, and here I am, still up, and just finished packing.

I was kind of bummed because I wanted to get another deal under contract before I left, and it didn’t look like it was going to happen…. I was in Ross today (I love me some Ross), looking for some last minute vacation flip flops, when I got one of those rare Saturday calls from an agent that I have been going back and forth on a property with for the last week….The bank finally agreed to my last counter of 22k (property was listed at 35k, I offered 20k initially, and they finally came down to 22k).

Anywho, I started to panic a little since I’m leaving tomorrow (today, actually), and won’t have cell access for the next week, so it will be really hard to try and find a buyer for this deal, and also, I don’t really feel like being stressed out about finding a buyer while I’m on vacation.

I had already called a few of my investors when I got the initial counter offer from the bank earlier in the week, and none of them were interested….. I did some quick thinking, called my friend Lee, and asked him if he wanted to partner on this deal with me (I get the deal under contract, he gets the buyer).

He went out to look at the property, called me back less than an hour later, and said let’s go for it. I talked to him around 7pm, and he said he already has it sold and should be getting the contract and deposit tomorrow.  Woohoo!

I guess I better try to get some sleep.

I promise to drink plenty of margaritas for you all while I’m gone.

¡Adios Amigos!

P.S.
I am officially almost a Cougar.

1/23/2009

So, I didn’t get any offers accepted this week.

That’s just the way it goes sometimes, though.

It always happens this way- I’ll get a few offers accepted all at once, and then NOTHING for a few weeks. Then I’ll start panicking and thinking that all of the deals I’ve done thus far were a fluke and that this stuff doesn’t really work…. and then I’ll get another one accepted, and my faith is restored.

I still haven’t sold the house I got for 16k, although I now have 3 offers on the table- two for 18k, and one for 22k. The one for 22k is using hard money, and hasn’t been able to cough up a 2k deposit, so I’m pretty sure that is not going to work out.

The 2 who offered 18k are both cash buyers, but I’m still holding out for more.

I’m going to put some more signs out this weekend and see what happens. I’m pretty sure I can get 21k or 22k if I am patient. I still have a few weeks left, so I am willing to wait. Not too long, but I will wait until the end of next week, and then I will go with a lower offer if I have to.

There is an auction coming to Tampa in February, and my sans-ID buyer offered to “give me his checkbook” to bid on properties at this auction. We haven’t ironed out the details yet, but he is essentially offering up his cash (500k), to purchase properties for himself (he can’t bid on them personally because he does not have an ID), and also to bid on properties for us to wholesale.

I was planning on going to this auction anyway, as I have a few friends who have done very well with this company in the last few months, but I only have the resources to bid on one, or maybe 2 properties…. If I have 500k to play with, well, that changes things completely. Like I said, we are still ironing out the details, but it is looking pretty good at this point (I will explain more of the details later). Even if the auction doesn’t work out, it’s always nice to know that you have someone with 500k liquid cash (although I think he has much more than that), who trusts you with their checkbook- ya know?

And, finally- look what I found in the mailbox yesterday..

Wooohooo!

Countdown to Costa Rica.…. T-minus 30 days!

3/31/2008

Well, I’m all moved in…

Everything went well, except for the fact that I got lost in the parking garage and almost got into a head on collision Friday night. Then I did it again last night (not the head on collision part, just the getting lost in the parking garage ), and then tonight, I got lost for about 15 minutes, and almost ran out of gas IN THE PARKING GARAGE. I’m not kidding. It’s like the damn Bermuda Triangle in there. Tomorrow morning I’m going to go in on foot and make a map, Indiana Jones style…. Other than that, this place ROCKS. I’m not kidding, I feel like I’m on vacation at some nice resort- the only thing missing is room service… I don’t see myself leaving here any time soon.

Yesterday, John came over, and we had mimosas on the patio,

then went down to the 8th floor where the pool is and had some NY strips on the grill…… Here’s a picture of the pool from my balcony- to the left and right, there are these ginormous grills built into these cool tables- kinda like what they have at Japanese steak houses…

Pretty cool, huh?

So, to sum up, I LOVE THIS PLACE………

And, to add to my good news, I got another REO accepted this weekend. This is the one where I took a gamble and sent my new found-buyer out to look at it before I got it under contract. The house was listed at 100k, my offer was 69k, and the bank took it without even countering!!! I got the call Friday while I was moving, and about had a heart attack!! I’m meeting my buyer tomorrow @ 1pm at Panera to get a deposit and sign papers.

Ladies and Gentlemen, I’m on a roll……….

3/27/2008

Well, tomorrow’s the big day….. Look out Skypoint- here I come!!

I’m so excited, I don’t think I’ll be able to sleep tonight.

I had a panic attack today just because I’ve got so much shit going on right now. It’s all good shit, for a change, but I guess I’m secretly afraid that I’m gonna fuck it up somehow.

I’m into my 4th glass of wine (or maybe 5th, but who’s counting?), so I’m not gonna attempt to tell you guys about the deals I’ve got going on, but I’ll just say, things are looking good for me right now. My business has really started to gain momentum over the last month or so, and it just keeps getting better. The pieces are starting to fall into place..

I think I’m finally, FINALLY, over the hump, and dammit, IT FEELS GOOD!

That Calvin Coolidge, he sure knew what he was talking about..

3/10/2008

Man, I’ve had quite a day.

First of all, remember the free money I told you about back in January? Well, I called this morning to see what the status of my claim was (it’s supposed to take up to 90 days), and the lady told me they just sent a check out to me on Friday for 1300 and some odd dollars!! S-W-E-E-T.

Next, I checked my email, and lo and behold, there was the HUD and the closing documents that I’ve been waiting for so I can get REO #3 closed. I guess they aren’t even sending a notary/closer out this time- we just have to sign all the docs, FedEx them back, and wire the money to the title co. Sounds good to me. I called my buyer, and we are meeting at Starbucks tomorrow to get everything signed, and so I can GET PAID!!

Then, I get a call from the listing agent of one of the properties I made an offer on over the weekend, telling me that the seller is countering @ 60k! The house was listed for $76,000 (worth about $120k-ish), and my offer was 50k. Niiiiiice. This is another property that was listed as a 2/1, but really is a 3/1. Hehe. It really isn’t in that bad of shape at all. Needs some cosmetic updating, paint, and carpet, but overall, not bad. Only problem is, the interstate is right behind it, but it has a decent amount of space in between, and it’s on a not-that-bad street.

So, anyway, after I went and looked at the property and checked the neighborhood out (it’s kinda in the hood), I called one of the investors/wholesalers I met while calling “for rent” signs on my last hood excursion. I’ve never met this guy in person, but we’ve talked on the phone 20 or 30 times since my initial call, talking about deals and such and trying to make some money together. Anyway, I called to get his input on this property, and, as I’m halfway through describing the house, he interrupts me and says, “It isn’t the one on 123 Main St. is it?”

Yes, it certainly is.

I’ll be damned if he didn’t just submit an offer on the property that morning for a little less than what I did, AND, he thinks he already has a buyer. We talked about it for a minute, and decided to just work the deal together.

So, he called the realtor back and offered 49k, and I called back and offered 51k. Long story short, I got the property for $53,500.

He (the hood investor) calls me back half an hour later and tells me this other wholesaler and another investor will take it for $58,500. My plan was to market it for $59,000, so this is perfect.  I tell him I’ll write up the assignment agreement (this isn’t a bank deal, so I can assign it), and ask him what name they want on the agreement……

Wanna take a stab at who the investor is that wants to buy the house????

That’s right- Slim frickin Shady. HAHAHAHAHAHAHAHA!

Up until this point, Slim had no idea that I was the one with the contract, and I had no idea that he was the investor who wanted to buy it. So, I tell my hood investor the whole story, and he tells the other wholesaler that I won’t do business with his buddy because he is a SHADY BASTARD.

So, we hang up, I go eat dinner and chuckle to myself about the almost-instant karma that just transpired, and then my phone rings. It’s my hood investor calling to tell me that he just got off of a 3-way phone call with Slim Shady and the other wholesaler. Slim swears up and down to both of them that he has never met a Stephani, and has no idea who I am or what I’m talking about (I met him 2 weeks ago at the title company when I picked up his 2k deposit check, and sat in the lobby talking with him for a half hour or so). He also claims that he never put a deposit down on that deal (I have a copy of the check, still), AND -this is my FAVORITE PART…..He says that the reason he didn’t buy that deal was because the bank backed out at the last minute!!!!! HAHAHAHAHAHA!! What a sorry-ass, lying, piece of shit!!

It’s bad enough that this asshole backs out of a deal the morning of closing, but then, he can’t even own up to it, and tries to make me out to be a liar. Bastard. He already has a horrible reputation around town, and I can promise you that I will continue to smear his name to every single investor that I talk to from now until the day I die. I can be a spiteful little bitch when I want to.

So, anyway, that was my day…. Got another deal, got one closing tomorrow, and got some free cashola coming in the mail.

I’m pleased as punch.