Flip This Wholesaler

Greetings, y’all!

I just whipped up a new Reader Mail video for your Friday night viewing pleasure!

In this installment I answer the following two questions from Mike about wholesaling REOs..

1) How do you know your buyer won’t go around you
2) How do you get your prospective buyers inside the property?

If you have any questions after viewing, or if you’d like to add any additional information- please do so in the comments below this post!

Enjoy….

P.S.
Sorry the video quality is kinda crappy- it was starting to get dark.  (37 days ’til Daylight Saving Time.  Yaaaay!)

P.P.S.
I always thought it was Daylight “Savings” Time, until two minutes ago when Lord Google told me otherwise). Huh.

Greetings Guys and Gals- it’s time for another Flip This Success Story!

In this installment, you’ll hear from Charles Rilley….

….. a full time wholesaler and former Atlantic City black jack dealer who recently wholesaled 3 foreclosures (in an area he was unfamiliar with) and pocketed a whopping $35,909.69!

Check out the interview below and find out…

• *How Charles quickly found 15 cash buyers in an area he was unfamiliar with
• *The formula he uses when making offers on rental properties
• *How he structures his REO and HUD wholesale deals so he doesn’t have to come up with ANY OF HIS OWN CASH. (Not even an earnest money deposit!)

And Lots More….

The interview is a little over 20 minutes, and you can listen in by clicking here!

Enjoy the call, and have an AWESOME week!

Well, hello.

I seem to have pulled another disappearing act on my blog.  Sorry about that.

As usual, I have a good excuse: I was working my ass off.  Also, running my ass off (20 miles this week- woohoo!).

So, last weekend I decided that I was going to hit up the MLS again in full force.  For the last I don’t even know how long, I’ve been selling other people’s deals and only making a half-assed attempt at getting my own.  (Are you wondering how many times I can say “ass” in one blog post, Julie?).  Hehe.

Anyway, so yeah, I decided that it was high time to man up and start going after my own deals again, and since there seems to be a bit more inventory hitting the MLS lately, I figured I might as well give it another run. (As a side note: I think I probably have one more good year of wholesaling in me (maybe), and then I’m probably going to sell all my belongings, take off, and wander the earth vagabond-style. Like this girl).

Seriously.

But that’s a different story for a different blog post.

So anywho, my goal for the week was to make 5 offers every day, which I did.  Actually, I made 26 of them, and it looks like I just landed a deal this afternoon.  It’s kind of funny because this particular house was the last one I offered on yesterday, and I remember sitting there thinking that I shouldn’t even bother making the offer because #1) I was sick of making offers and didn’t feel like it, and #2) I didn’t think there was a chance in hell that it would get accepted.

That’s the thing, though- you just never can tell what the seller is gonna do.

This one was listed in the low 30’s, and my offer was 10k.  Fat chance of that getting accepted, right?

Well, I got a phone call from the listing agent this morning telling me that the seller was countering at 13.5k and that’s the lowest they’d go.

I called two of my good buyers right away to tell them about it (no, I’m not worried about them going around me), but I haven’t heard anything back from them yet. I was going to wait to get a number from them before I countered back, but I ended up just emailing the agent and asking if the sellers could come down to 12k.  I figured I better try and get this thing locked up quickly before he dropped the price to 13.5k in the MLS, in which case I’d be screwed.

So, after sending my email to the listing agent asking if the sellers could come down to 12k, I got an email back from him right away that said the following (and nothing more):

KNOW THEY CAN’T …THAT’S THEIR BOTTOM NUMBER!!

Geeze, dude, I get it.  No need to scream at me.

And then a few seconds later, while I was sitting there at my desk chuckling to myself about the email- my phone rang….

It was the listing agent telling me that the sellers changed their minds right after he hit the send button, and that they would take 12k for the house after all.

HA!

Also, he apologized to me about the rude email, which I thought was a nice gesture.  I told him it was KNOW problem, and not to worry about it.

Hehehehehe.  I crack myself up.

I’m pretty sure I can sell this pile of crap for 19k, which is what I’m asking for it right now, but it’s kind of a crap shoot (no pun intended), with these junker houses.  I’ve got a couple guys who I know will take it for 13k or 14k if I’m not able to get a higher price, so that’s my plan B.

Oh yeah, and I forgot to mention that while I was over at the property today taking pictures, the lady who rents the house next door came over and told me that her landlord was interested in buying the house (the one I have under contract).  So she gave me his # which I called a little while ago, and he’s going to drive out and look at it on Monday (he lives about an hour away).  He paid 13.9k for the house next door a few months ago, so maybe we’ll be able to work something out.

We shall see…

Oh, and before I sign off, because I know you all have been just dying to find out what Chef Steph has been up to in the kitchen, here are some pics of the tomato, onion, and feta salad that I made last weekend.  It was so delicious, I thought I’d died and gone to Heaven.  Seriously- it was that good.  And healthy, too.  (Minus the entire loaf of Italian bread that I ate with it. Oops).

Behold- delicious tomato, onion, and feta salad:

That bottle in the background is garlic flavored red wine vinegar.  Yum!

This isn’t really a good pic of the finished product, but I wanted to show off
my favorite orange bowl.  Isn’t it cute?

Alrighty, then.

That’s all I’ve got for today.  Gotta get my hustle on and get this piece o’ crap house sold!

Roger Dodger, 10-4, over and out….

P.S.
Just an FYI- it seriously took me 45 minutes to upload those 3 photos.  Because WordPress is a dirty whore.

P.P.S.
Speaking of technical difficulties….. last week, I interviewed two REO wholesalers that are absolutely crushing it in the Detroit market (Steve Mills and Erik Stark).  I had planned on posting the interview here for you guys, but the recording got messed up (SHOCKING), so I’m going to see if they’d be willing to do another one with me.  Sorry about that.

P.P.P.S.
Make sure to check back here Monday morning- I’m gonna be starting a 30 day challenge, and I want you guys to join me!

Hey Guys and Gals- I’ve got another Reader Mail video for ya!  

In this installment, I answer Robert’s question about the possibility of a buyer going around me and cutting me out of an REO deal.  

Check it out:

Feel free to leave any questions or comments below…

Have a great weekend!

P.S.
If you want to learn more about wholesaling REOs, grab yourself a copy of my Flip This REO eBook!

P.P.S.
I’m not one to critique other people’s parenting skills, but did anyone else see this video with the kids up in the panhandle of Florida frolicking on the oil-polluted beach? (Go to the 1:57 mark if you don’t feel like watching the whole thing).

WTF are those parents thinking?

Hi guys and gals!

I’ve got another Reader Mail video for ya- this one came from Laura, who posted the following question on my Facebook fan page:

Here’s your answer, Laura….

Have a great weekend y’all!

Later Alligators.

P.S.
Got more questions about wholesaling REOs?  Pick up my Flip This REO! eBook and get all the answers!

P.P.S.
Thanks, YouTube, for another lovely freeze frame.