Flip This Wholesaler

Holy crap, Blogosphere- long time, no post.

I do apologize for my severe lack of posting lately.   I think I said that last time, but I’ll just go ahead and repeat myself.

I  have a pretty good excuse for my absense, though…

I wasn’t even going to mention this yet, but Oprah (Winfrey) found out about my eBook, and she had her people contact my people, and next thing you know, I’m off to Chicago for meetings and such.  She’s preparing to launch her “eBook of the Month Club,”  and wants Flip This REO! to be a part of it…

I’m still thinking it over.

So, anyway, things have been kind of crazy over here, as you can imagine..

I know it was six years ago when I wrote about it, but remember those two deals that I was working on with Murphy?

Well, one of them, as it turns out, has some serious settlement issues going on (as in, it’s on a sinkhole).   I don’t know if you guys in other parts of the country have to deal with sinkholes, but they’re all over the place in sunny F-L-A.

This isn’t the first time this has happened to me, and if I wasn’t deliriously tired right now, I would search through the archives and find the post about the other time I thought I had the deal of the century and then I went back to inspect the house for the 2nd time and realized that I had a big problem on my hands.  Remember that?

Actually…..wait a sec……..here it is.

So, anyway, long story short, the back of the house looks kinda like this…

Good times.

It’s not quite that bad, but bad enough to put the kibosh on the deal.

In case you’re wondering how in the heck both of us could have missed something like this, I don’t really have an answer for you.   Apparently, we both had our heads up our asses when we walked around the house..

Thankfully, the bank’s addendum included a 10 day inspection period, so Murphy was able to get out of the contract and get his deposit back.

I wonder if I learned my lesson this time? I also wonder if that sentence should have a question mark after it?

We found a buyer for the other deal, which is supposed to close at the end of the month.   Unfortunately,  we have the worst  title company in the whole wide world handling the closing, so I’m not holding my breath.

(BTW, I just Googled “Watson Title”, and apparently I’m not the only one who thinks they SUCK.)  And no, Filip Kunovski is not my alias.  Although, the name does have a nice ring to it..

Let’s see….what else?

I’m leaving for St. Louis tomorrow to visit with my sister and nephew, and then my Dad is coming down from IL and we’re all heading to the sticks of Southern IL for a family reunion where there will most likely be a pig roast, and possibly a tractor pull.

And hopefully, lots o’ beer.

In the can.

I probably won’t be able to post to my blog while I’m there, but you can follow my updates on Facebook and Twitter if you feel so inclined.

I guess I better get going.  It’s almost 3am, and shockingly enough, I haven’t started packing yet..

Later Alligators!

P.S.
Happy Birthday Mom, I LOVE YOU!! XOXOXOXO

P.P.S
Happy belated Bloggiversary, Shae!

P.P.P.S
Congrats on your first year in the flipping biz, Jason!

P.P.P.P.S. (sorry- I’m making up for lost time)
Patrick Riddle is kicking off a 7 part, creative real estate training series over on his blog.

It’s FREE, and if you haven’t figured it out by now- he always puts out awesome, quality content, AND, no sleazy sales pitches! I HIGHLY recommend you head on over and check it out..

P(to the fifth power).S.
In case you’ve been in a cave for the last two weeks, and haven’t seen this video with Tony Robbins, Frank Kern, and John Reese…you have to check it out. I’ve watched it four times already. No sales pitches, just good, quality information, and very inspiring.

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).

5/7/09

Well, I finally heard back from DB.

He sent a text message on Tuesday in response to the text I sent on Saturday asking him if everything was still OK with the Pine deal. Here’s what his text said, “Star and 15th.”

Star and 15th are the two deals that he is buying from me, so, I guess that means that those two deals are still OK, and the other one is not. Or whatever. I have 4k in deposits from him, so I doubt he is going to walk away from these deals, but you never know. Unfortunately both deals have been extended until the 20th of this month (thanks Watson Title!), so I have to keep my mouth shut for another 2 weeks. Good times..

Let’s see..what else?

I’ve got a deal closing tomorrow that I am working with my friend Lee. It’s a small payday, but I have about 4 seconds of work into the deal, so I’ll take it and smile. :0)

That’s about all I’ve got for now.

Adios!

P.S.
I’m having some fun with the Sudanese scam artist. I’ll write a post about it after we go back and forth a few more times.

4/29/08

I had a closing Monday that went off without a hitch. It was supposed to close Tuesday, but the bank was actually ready to go a day early, which is shocking.

The one that is supposed to close Friday is getting extended for a few weeks. Watson Title was supposed to close it, but then it got pulled from them (haha), and now it’s being handling by a title co. in Clearwater. Seems like when the local title companies handle the title work it gets done much faster. It’s also comforting to know that if they stop answering my calls/emails, I can just drive right on over and pester them in person.

The supply of REOs continues to dwindle, causing all of us to scratch our heads and wonder where all of the inventory is going. It’s a big mystery. I just checked the number of lis pendens that have been filed in my county so far this month: 2077. Last month there were 2153, February there were 2062, and January there were 2022. Yikes. That’s a lot of foreclosures…

OK, Gotta run- some asshole took my sign off of the fence, and I’m going back to replace it. I may sit in the tree across the street with my sniper rifle and see if the perpetrator comes back to do it again.

2/18/2009

* My Mom called me today, frantic, because of the housing bill that is probably going to throw a monkey wrench the size of the Sears Tower into my current wholesaling strategy.

* I pretended like I wasn’t concerned.

* I am concerned. A lot.

* I am not going to worry about this anymore until I get back from Costa Rica, because there is no point in doing so.

* I am working on a non-REO deal with another wholesaler (Murphy) that may net me 20k-ish.

* I have no less than one million things to get done before I leave Sunday.

* Watson Title called today to ask why the deal that was supposed to close on Friday, is not closed. I find this hilarious. I still don’t know if it’s closed, and I really don’t care.

* I want to hunt down the person who sings that “Poker Face” song and punch her in the face.

* I probably have had a little too much to drink tonight.