Flip This Wholesaler

So, the deal that I was working on with my wholesaler buddy that was supposed to close last month sometime, finally closed today.  Which is good news.  I always cringe when my phone rings on the day of a closing because I’m half expecting the morons at the bank’s title company (or the morons at the bank) to screw something up and delay things even more.  I am officially jaded when it comes to dealing with bank owned properties.  And for good reason.  Thankfully, though, the closing went off without a hitch this time, and I got paid.  Getting paid is always nice.

In other news, I just got another JV deal wrapped up today that might be closing TOMORROW (if you can believe that).  If not tomorrow, it will get done early next week.  This one is actually a short sale that has already been approved that was brought to me by another wholesaler. Coincidentally, the other wholesaler is Drew Downs, whose course I just got a few weeks ago after listening to a webinar he did about wholesaling short sales off of the MLS.  He’s basically killing it right now, and is using an approach that I have not seen anyone else take when it comes to pursuing short sales on the MLS.  And now he is training his competition (me).  Bwahahahahahaha…

So anyway, I contacted him after reading through his material and asked him to let me know next time he got a deal because I have the most kick ass buyers list at the moment.  He sent me a text Tuesday night with info about a deal that had just fallen out of contract, and I was there the next morning at 9am with my new favorite buyer who is looking for houses in that neighborhood. My new favorite buyer (NFB from here on out), took about 30 minutes to make up his mind and commit to the property, and he dropped off an escrow check this afternoon for the entire purchase amount.  Cause that’s just how he rolls.

The best part about all of this (aside from the fact that I’m going to be making 3k in 3 days for doing next to nothing), is that I also called my Cheap Bastard Buyer (CBB) about this same property and he didn’t get back to me about it until a few hours later, and when he did get back to me, he spent 10 minutes telling me what a “piece of shit” (spoken in a very, very, thick Southern drawl) the house is, and naming every single repair that needs to be done to it.

We go through this same routine EVERY. SINGLE. TIME. I send him a new property, no matter how good of a deal it is, or how good of condition it is in.  It’s the most annoying negotiating tactic EVER, and even more annoying that he thinks I don’t know what he’s doing.  This ain’t my first rodeo, pal.

So anyway, I let him go on for a few minutes just for fun, and then I told him sorry the house is already gone and by the way, I sold it for full price.  Because it’s a smokin deal.  You cheap bastard.

Hehe.

So yeah, I still don’t really understand how all the paperwork is going to go down with this deal, but as far as I know we’re doing a double closing.  Although Drew said you can sometimes assign short sales (news to me), so we might end up rewriting the contracts and doing it that way. My buyer doesn’t really care how the closing is set up as long as he gets the house with clear title, so if we have to go back and redo the paperwork, it’s not going to be a big issue.

Anyhoodle, I’ll let you know how it all shakes out.  This is new territory for me, so it should be an interesting learning experience.

And thus concludes the longest blog post on the face of the planet.

Later Alligators!

P.S.
My girl Shae, just set up a new fan page on Facebook for her delicious (and nutritious), coffee line. It has magical healing powers because it is made with magical mushrooms. For real. Head on over and fan her up- and check it out for yourself!

P.P.S.
I posted a new article on the BiggerPockets blog earlier today- check it out when you have a second and let me know what you think.

P.P.P.S.
Does anyone else despise WordPress as much as I do?
I want to kick it in the face right now.

Happy Monday Guys and Gals!

I’ve got a brand new Reader Mail Video for your viewing pleasure.  It’s kind of a “Part 2″ to the last video I posted about learning your market.  This one talks about making blind, low-ball offers on REO properties, and whether or not I think it’s a good strategy.

I almost didn’t get the video uploaded last night because my Sony is acting up again (over heating), but thanks to the help of some frozen vegetables I was able to pull it off.

Check out my handy work:

Broccoli on top

Peas on the bottom. (And also some veggie hot dogs)

I am nothing if not resourceful.

I made a goal recently to post one video every week for the rest of the year, and ain’t no way some shitty piece of electronics is gonna stand in my way.  YOU HEAR THAT, SONY?????

So anyway, here’s the video…
(Don’t forget to pick the broccoli out of your teeth when you’re finished watching)
Hehehe.

P.S.
Mark your calendars for next Saturday afternoon (April 17th).  I’ve got a special wholesaling training call that I’m going to be offering to a few lucky people. Check back here bright and early Wednesday morning for details.

P.P.S.
This Month’s Flip This Book Club has been rescheduled for next Monday @ 8pm.  One of my new blog readers just picked up the book over the weekend and asked ever so kindly if she could have a few extra days to finish.

P.P.P.S.
Guess what I’m getting via UPS today????

I’ll give you a hint- it starts with an “M” and ends with an “acBook Pro”!  

I might pee my pants I’m so excited.

Hi Everybody- hope you are having a delightful weekend!

I had planned on posting a Reader Mail video tonight, but my Sony Vaio that is just a little over a year old is BUSTED.  WOOHOO!  Thankfully the 1 year warranty recently expired, which is extra awesome.

It all started Wednesday evening while I was trying to write my weekly article for the BiggerPockets blog.  Fortunately for me I didn’t save my work as I was writing, and then my POS Vaio decided to lose power for no apparent reason, and so I lost everything.  It’s gotten progressively worse since then.

I’ll spare you all the gory details, but bottom line is that I’m sans laptop for the time being.  Thankfully, there’s a business center on the 8th floor of the building I live in, so that’s a good thing.

I do have some good news about the land deal that Murphy and I are working on- the title came back clear on all 3 parcels!  The seller has already signed off on everything, and now we are just waiting on a signed contract back from the guys up North.  They’ve had the paperwork since Monday, so I’m a wee bit concerned that they haven’t gotten it back to us yet.  Murphy talked to them on Friday and they said they are having their atty (the dreaded A word), look everything over and they will have the executed docs back to our title company this coming Monday.

It’s probably nothing to worry about, but you just never know.  I’ve had deals fall apart at the closing table, so I don’t ever count my chickens (or Benjamins, in this case), until they are sitting happily in my bank account.

Other than that, I’ve got that other REO deal that I’m working on with one of my buddies, which should hopefully be ready to go this coming week or next.  Technically, the bank has until the 15th of next month to close, but last I heard, the lady at the bank’s title co said everything will be ready before then.  Famous last words.

What else?

 Oh, This morning  I went out to an event at Pet Smart on the  Humane Society’s MAC (Mobile Adoption Center), and found homes for three doggies!  The dog I was in charge of (Ellie Mae), didn’t end up getting adopted, but she almost came home with me.   If anyone in the Tampa area is reading this and is looking for a sweet little doggie (who got kicked to the curb because her owners got divorced and didn’t want her anymore), Ellie Mae is back at the shelter and ready to be adopted!  (She’s even cuter in person, btw). 

 Have a great weekend Everybody!

Hi Guys,

How’s your weekend shaping up so far?

I had another highly productive Saturday today.  Been up since the crack o’ dawn hustlin away.  Looks like I’m going to be getting a contract signed tomorrow, but I’ll save the details for later since it’s not official yet and I don’t want to jinx myself.

I just whipped up another Reader Mail video for you guys.  I’m pretty sure that Windows Movie Maker is secretly reading my blog, because it didn’t act up even once this time. I guess it doesn’t want to be bashed in the face with a shovel after all. Hehe.

Anywho, hope you like the video.

Have a great weekend!

P.S.
You can subscribe to my YouTube channel by clicking here. Just click on the yellow “subscribe” button at the top once you get there.

P.P.S.
If you haven’t picked up a copy of my eBook yet, you can click here to get it.

P.P.P.S
Flip This Book Club is meeting here on March 8th @ 8pm- hope to see you here!

Hi Everybody!

Sorry I’ve been MIA this week- I went a little overboard with the BDay celebrations on Monday, and ended up spending all day Tuesday sick in bed cursing myself and the 278 bloody marys I drank.  And then I got way behind on everything else, and have been playing catch up yesterday and today, yadda, yadda, yadda….

But ANYWAY, I’m back in the saddle again, and super duper excited to share my very first “Flip This Success Story” interview with you guys!

I know there are quite a few people who read this blog who have doubts as to whether this stuff really works, or maybe you think it works in some cities or towns, but not yours. Or maybe you think you’re too young or too old, or live in too small of a town, or too big of a town with too much competition.  I know how it is, because I used to think the exact same way.

Now that I’ve proven to myself that this stuff really does work, and now that I know a whole bunch of other people who are out there in various markets kicking butt, I thought it would be an awesome idea to start interviewing some of these people so you guys can listen to their success stories, and hopefully get some inspiration and motivation from them…

For my very first call, I was lucky enough to get Eileen Meyer (pronounced like the hot dog) to take some time out of her Saturday to chat with me about her business, and talk about the HUD property that she just flipped for a cool $18,000!  For those who haven’t been following Eileen’s blog- she is a mother of 3, working a full time job, and still manages to find the time to kick some serious butt flipping REOs up there in Wisconsin!!

Please give a warm welcome to Eileen, Everybody……..(*****Applause and Cheers!****)

The interview is about an hour long, and you can click here to listen in.

Enjoy!

P.S.
Try not to pay attention to the the minor technical difficulties we had in the beginning of the interview.  I don’t know how to edit audio recordings yet (shocking!), so I had to leave it in there. Also, I have never interviewed anyone before, so if I sound like an idiot, have mercy.  I will get better.

P.P.S.
If anyone else would like to share one of their recent wholesale deals with the community, I’d love to get you on the phone for an interview.  Shoot me an email to reosteph @ gmail. com or send me a msg on Facebook so we can set something up!

P.P.P.S.
Thanks for sharing with us, Eileen, and KEEP UP THE GREAT WORK!!!

P.P.P.P.S.
I just spent 2 hours and 40 minutes (no joke) trying to figure out how to upload the call to this blog post.  Good times.  Thankfully, Shae was able to help me out before I hit the self-destruct button. Thanks, Shae!