Flip This Wholesaler

5/13/09

In case you hadn’t heard, Preston Ely and my friend Lee Kearney are rolling out their REO Rockstar training today..

I don’t pimp too many products on my blog- only those that are being sold by people I know and respect, or those that I have purchased myself and give my stamp of approval to.

I get emails all the time asking for recommendations on courses that teach how to wholesale REOs, and up until now, I haven’t been able to find any that I would feel comfortable recommending.

I’ll just be blunt here and say that if you are interested in learning how to wholesale REOs, you would be crazy not to sign up for this training.

That’s the honest truth.  I don’t know of another wholesaler in Tampa (or anywhere for that matter), who is wholesaling more REOs than Lee Kearney is.    Last time I talked to him, he had 14 REO wholesale deals closing  THIS MONTH.

I met Lee when I was first getting started wholesaling, and he has been somewhat of a mentor to me since then. He’s the first person I call when I have questions about a deal…. the first person I call when I can’t find a buyer for one of my deals…..the first person I call when I think I might have offered too much on a house and now the bank has countered me back and I’m not sure what to do. Lee is the guy I go to.

I’ve talked with him at length about this training, and I am telling you, if you want to be walked through the process of wholesaling REOs from beginning to end, then you absolutely need to get in on this training.

There’s a lot of crap being peddled out there on the internets, but this is the real deal. I don’t know of anyone who is doing more business wholesaling REOs right now in this market. You could not pick a better person to learn from.

He’s doing a webinar tonight at 9pm to answer questions and give you a little more insight into what he is going to be offering in this course. He’s shutting the admissions down at midnight tonight (sorry for the late notice), so if you’re interested, make sure you get in by then.

I’ll also be listening in on the call..

See you there!

P.S.

If you can’t swing the homestudy course, you can get the REO Rockstar ebook here.  It’s only $47!

3/30/09

Man, it’s tough going out there right now.

Every single offer I put in either goes to highest and best, or, there is already an accepted offer on the property.

I’m now giving both sides of the commission to the listing agent, so we’ll see what sort of effect that has, if any.

Right now I’ve got 5 of my buyers calling me every other day asking if I have any deals. It’s pretty frustrating having buyers lined up and not having any deals to sell to them.

I talked to Steve last week about this shift in my market, and he told me to just keep making offers. So that’s what I’m doing. Making lots and lots o’ offers.

On a lighter note, one of the deals I was working with Lee closed on Friday. So, that’s good news. Except now I have nothing under contract, and it’s been awhile since I’ve not had any deals in the pipeline. Me no likey not having deals in the hopper.

OK, gotta run- my pizza is burning…

3/17/2009

Well, I’m off to Baltimore tomorrow.

I was going to make some more offers today, but got caught up doing some other stuff, and never got around to it.

Of the 10 offers I made yesterday, 3 already had accepted offers, 1 was rejected without a counter (love those), one wasn’t looking at offers below 50k (my offer was 40k), and then I got one seemingly good counter.

This property just came back on the market after being under contract for 40 days. It’s listed at 65.9k. I offered 40k, and they came back with a counter of 45k. This is one that I did not look at before I made the offer because I thought it would be a slam dunk deal at 40k.

It’s a 3/2, concrete block house, that, from the pictures and the description, appears to be in move-in condition. So, I got all excited when I got the counter, and flew over to the house to check it out, thinking that I had a great deal on my hands…… And, this place would be a FANTASTIC deal, if only I could pick it up and move it one block to the East or the West, or North or South.

Unfortunately, it is the only single family house on this particular street, and is swimming in a sea of duplexes and multi families on a horrible block. Long story short….. not a good deal at 40k. This is why I don’t like to make blind offers anymore…

I have a few other deals that I’m working on with wholesaler friends, but nothing in writing yet. I’ve got investors hounding me for properties, so I’m going to keep making offers like a lunatic..

The other deal that I’m working with Lee is actually going to close early. SHOCKING! It was scheduled to close on the 31st of this month, but is now going to close a week from today. So that’s good news.

That’s about all I’ve got for today. Heading out to Baltimore early tomorrow, and will be back in action Friday afternoon.

Later alligators.

P.S.
Happy St. Patrick’s Day!!

P.P.S.
Congrats to Nate for paying off 110k in debt- you rock, Nate!

3/10/09

Well, I’m supposed to have a closing today, but the bank’s title company, of course, is not ready. Apparently the lien search is not in yet, which is what happens when you don’t start working on a file until 2 days before closing. Who knew?

So, today my job is to harass the ever-loving shit out of them until they get so sick of hearing my voice that they do whatever is necessary to get the search done and the docs sent out. You might think this is being excessive, but if you don’t stay on top of the closer, your file will just sit and collect dust with all of the others. I also told them that I am going out of the country on Thursday (not Friday- if you tell them Friday, they won’t have it ready until Monday. If you’re lucky).

There’s a small chance that it might close today, if they get the search back early enough. My title company is ready to go (I heart Peer Title), and Lee’s buyers are ready to go. we’re just waiting on the bank…

I’ve got a whole mess of offers out there right now, and should be getting some counters back today. I’ve been staying consistent with making 3 offers/day. I try to get out and look at 3 houses first thing in the morning (after traffic dies down), then come back home and write the offers up. My goal is to look at 3 houses, make 3 offers, and run 3.5 miles by noon every day. I feel like a rock star when I do this.

That’s all I’ve got for today.

Happy Tuesday, Blogosphere!

3/5/09

It’s going to be a good month.

I got another deal signed with Lee on Tuesday. It will be a small payday, but I have roughly 1 hour of work (went to look at the house, and then made one phone call) into the deal, so I’ll take the money and run.

I’ve been keeping up with my crazy low offers. I’m looking for a grand slam here in the very near future. My plan is to JV on deals with a few of my wholesaler friends for the smaller profits, and only take on my own deals if the spread is huge. I learned my lesson on the house I lost money on…. No more skinny deals for me.

Joelle from Moxie Design Studios finally contacted me this week and is ready to start working on my new site, so I’ve been busy getting all of my ideas together and trying to get a better idea of how I want it to look. I’m really excited to give this blog a face lift.

I’m on a mission this week to find a few new buyers, so I’m heading out today to harass some landlords and do some investigative work. I’ve got a nice, healthy list of the recent cash sales from the mls, and will be paying a visit to some of these investors today.

And that’s all I’ve got for now…

Adiós amigos!