Flip This Wholesaler

4/18/09

Things are pretty good in Steph Land right now.

So good, that I’m afraid I’m going to get hit by a bus or something next time I leave my house.

I ended up getting two more deals locked up over the last couple of days, which brings my grand total to FIVE…2 of the deals I’m working with Murphy, 2 of them with Lee, and one of them with the guy who gets deals before they hit the mls. And I still have almost 2 weeks before the end of the month to rack up a few more.

On top of that, I have about 10 cash buyers actively looking for deals, and from what I understand, the second wave of REOs is on it’s way. I’ve talked to a few of the agents around town, and they all seem to agree that Tampa is going to get pummeled with inventory in the very near future.

It’s like a perfect storm for an REO wholesaler, and let me tell you, I am ready to do some damage.

Have a great weekend, Blogosphere!

P.S.
For those who have been asking for recommendations on REO wholesaling courses, your wait is just about over. My buddy Lee Kearney is about to release the REO Rockstar ebook, and REO Rockstar course,  that is going to knock your socks off! Stay tuned…

P.P.S.
This picture has no relevance to the post. I just think it’s funny.

4/7/2009

I don’t want to jinx myself or anything, but holy shit are things looking up.

I’m not gonna lie- I’ve been getting a little discouraged lately with the amount of offers I’ve made (over 100), and the amount of deals I’ve contracted (0).

Towards the end of last year, I was getting roughly 1 in 20 offers accepted, so you can imagine my frustration in making more than 100 offers to no avail. I haven’t even been getting any counters lately, because there are almost always multiple offers on each property (even the shit holes), and it almost always goes to highest and best, and I always lose when it goes to highest and best.

Luckily for me, I’ve experienced several dry spells in my short wholesaling career, and I have come to learn that just beyond every dry spell lies a big fat river of opportunity…. I now know that if I can push myself through the frustration, and the lack of anything good happening, and if I keep working my ass off, eventually I will be rewarded for my efforts. That may sound like a cheesy cliche, but I’m telling you, it’s true. It happens every single time, and this time is no exception.

Like I said, I don’t want to jinx myself, but it looks like I’m about to get two deals locked up tomorrow- one of them is a JV deal with another wholesaler friend of mine (Murphy), and the other is a deal that I am getting before it hits the mls, and let me tell you it is a SWEET freaking deal – a 3/1, 1500 sf bungalow that needs very little work, in a good part of town, and I am getting it for 32k! If I can get this one sold tomorrow (which I’m pretty sure I can), there will be lots and lots more where this one came from.

I kind of just hit the REO mother load. For real.

So, yeah, it was a good day today.

2/12/2009

Been a busy week so far.

The duplex deal with Murphy closed yesterday, so our curse has officially been lifted! It’s about time.

I’ve been making a lot of offers lately, and have been getting counters back almost every day, which has been keeping me busy.

The deal that I’m losing money on is closing tomorrow.

Watson Title has been a slow piece of inefficient garbage on every other deal that I have ever worked on with them, and of course, the one time when I could benefit from their suck-assery, they end up being Johnny on the Spot and have everything ready to go on time.

Sons of bitches..

I’ll be losing about $800 on this deal, and although it SUCKS to lose my hard earned money, I’m kind of glad this happened, because I learned a lesson…. my deals need to have way more wiggle room in them, and so , I have been making my offers a lot lower.

I’m talking, ridiculously, embarrassingly, low. I don’t expect many of them to get accepted, but all I need is one/month, (as opposed to 3 or 4 smaller deals), and with the amount of offers I’m making, this is a very attainable goal.

I’ve been kicking some serious ass in the gym lately. I can almost see a six pack again. Woohoo! Working out is kind of like real estate investing… It’s hard as hell in the beginning, but once you get some momentum going, it’s a great feeling. Very empowering.

That’s about all I’ve got for now.

Roger Dodger, 10-4, Over and Out.

P.S.
Richard, here’s a picture of the mason ladder I use to make stakes for my signs….

P.P.S.
Countdown to Costa Rica: 10 days!

2/6/2009

It feels good to be back in the swing of things. Took me a day to get back on track, but now I’m ready to do some damage..

The deal I was working with Lee closed on Tuesday.

Still waiting on the bank’s title company to get everything ready for the duplex deal. This, of course, is the one I’m working with Murphy, and I’d like to just go on the record as saying that I think this deal is going to be added to the list of deals that we’ve worked together that have crashed and burned.

I get the feeling that something is awry, and every time the phone rings and it’s him calling, I just know he’s calling with bad news. Supposedly, the bank is trying to negotiate with the city to get a lien reduced (or something), but it seems to be taking an awfully long time, and I just think there is something else going on. Or maybe I am just paranoid because every deal that we have ever worked on together has ended up in the dumpster.

Yesterday, I got a call from an agent on a property that I offered on on (on on?) January 20th.

In case you don’t have a calendar handy- that’s over 2 weeks ago. Anyway, the property is listed at $29,900, I offered 11k (hehe), and the bank countered at $18,900.

Nice.

This house is a glorified shack, but if I get it cheap enough, I can sell it. Usually when they come down that far off of list price right off the bat, they will come down more. I’m pretty sure I can get 19k for this (famous last words), so I countered back at 13k yesterday afternoon, and hopefully will get a response back today.

I love getting good counters on Fridays, because then I have the entire weekend to get my buyers out there to look and give me feedback.

I’m back on the offer train, so today I’ll be looking at more houses, putting some signs out (in the cold), and blasting out some more offers…

Have a great weekend y’all…

P.S.
Countdown to Costa Rica, T-minus 16 days! Woohoo!