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.

7/1/2009

Well, I got an offer accepted yesterday.

I actually made the offer on the 15th of June, and never heard back, so I just figured they were rejecting it. The property is listed for 30k, and my offer was 17k. I made the offer without seeing the property in person, as I am getting increasingly lazy when it comes to actually going and looking at houses. I’ve done a lot of deals in this particular area (the hood), so I feel fairly comfortable making offers site unseen, especially when there are plenty of pictures of the house on the mls..

Anyway, so the bank came back last Friday (10 days later) with a counter of 25k, and at that point I decided to go look at the house. It’s a 3/1 on a corner lot, and unfortunately, the neighborhood liquor store/prostitute hangout is right across the street. Not good. Also, the house has a funky layout, which is also not good. Two strikes on a piece of crap property in the hood is not good. (That was an accidental rhyme, btw)…

So, I told the listing agent that I wasn’t budging on my price, and I figured that was the last I would hear from her. She ended up calling late yesterday afternoon to tell me they decided to take my initial offer of 17k.

Go figure.

I’m meeting Murphy out at the house as soon as I’m done writing this post to get his opinion on it. I told the listing agent I wasn’t sure I still wanted to move forward with the deal, being that I made the offer 2 weeks ago, and now I have other properties to consider. This is kind of true, but mostly not.

I normally don’t like jerking people around, but when it takes the bank 10 days to respond to an offer, I don’t really feel too bad making them wait around a day or so for me to make a decision. Actually, I kind of enjoy it.

And that’s all she wrote for today. I’m off to the hood….

P.S.
I haven’t forgotten about the Power of Less Challenge for July. I’ll write a post about that mañana.

.

6/25/09

Even though I knew this was going to happen, I’m still irritated as all get out…..The deal that I lost a few weeks back (the one that dragged on for 2.5 months because the asset manager is a moron), ended up coming back on the market for LESS than what I was trying to renegotiate it for. Someone else now has it under contract. Probably DB.

You would think that the worthless agent would have called and given me a heads up, especially since I was giving her both sides of the commission and was ready to close yesterday. I guess that would make too much sense, though.

Oh, well. Win some, lose some..

In other news, I’m currently working a deal with Murphy that we should be getting locked up today. This is a property that I offered on right when it hit the market and they rejected it. So, I waited 2 weeks and had Murphy put an offer in on it. I have an investor who really likes this area, and I know he’ll like this house, so I want it. We’re only a few grand apart with the bank, and I think we’ll be able to get it wrapped up today.

That’s about it for now. A bunch of new properties hit the market over the last few days, so I’m off to check them out!

Have a great day, Blogosphere!

P.S.
A big, virtual, pat on the back is in order for one of my readers, Alex. He enrolled in Lee’s REO Rock Star course last month and just got his first property under contract! Nice job, buddy!

Fortune favors the bold, guys, so get on out there and MAKE SOME OFFERS!

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!

5/23/2009

Holy crap, can you believe that shot by Lebron last night? I almost peed my pants. Here it is in case you missed it..

GO CAVS!!

I got an offer accepted yesterday on a short sale that was just approved. It was listed for 49.9k, I offered 35k and they ended up taking 39.5k. Murphy thinks he has a buyer for 49k, so we’ll split it 50/50 if his buyer takes it. I’m not sure if my title company will do a simultaneous close on a short sale, so I may have to bring cash to closing on this one. I’ll have to find that out on Tuesday.

Tomorrow I’m going out bright and early and dropping a bandit sign bomb in the neighborhood where this deal is. I need some new buyers in this area, and nothing does the trick like going on a sign Ninja mission. I’ve got 25 signs all written up and ready to go. I planned on putting them out this morning, but I decided to sleep in instead. It’s a holiday weekend after all, so I figured, what the heck.

Today I’ll be doing some research on the mls to see who is buying what, and for how much, and then I’m going to read this blog from beginning to end. Someone sent me a link to it earlier, and I am intrigued. This girl is pretty much living my dream, and I hope to follow in her footsteps sometime in the near future…

Have a great weekend Blogosphere!

P.S.
The French Open starts tomorrow-GO R-FED!