Prices, They're a Droppin'

11/17/2008

Well, guess what? I got another one under contract today! I put the offer in on this one 10 days ago, and they finally got back to me today. My offer was 20k, and they countered at $23,500, which I accepted. This house is a 3/1 that needs no work at all (except the air condenser has been stolen), and will rent for $750-ish. Can you believe that? I actually don't have a buyer lined up for once, but I have 30 days to close (I offered to close in 7 days knowing full well that there's no chance in hell of that happening, but it makes my offer look better, so that's what I do sometimes. Hehe. Tricks of the trade).

I spent the weekend looking at houses and making offers. I have 12 offers in right now, and have a feeling I'm going to get at least one of them accepted. I found this buyer who likes the really crappy stuff that needs a lot of work, so I offered on a bunch of crap that I normally don't go after. I don't have a lot of competition on houses like this (everyone wants concrete block houses that don't need a lot of work), so I think I have a shot at getting one of these pieces of junk. I'm also offering 2k deposits, no contingencies, and a 7 day close, so that helps. :) You're probably thinking, "But what happens if they all get accepted?" Well, if they all get accepted, I will be jumping up and down, because I am offering so low that there's no way I wouldn't be able to sell them for a tidy little profit. It would be kind of stressful, but I'm used to that by now. ...I'm told that fortune favors the bold. Sign me up, please.

What else?

I'm going to be doing some traveling next month..... The Flip Vips mentoring group that I belong to is having a retreat in Phoenix the first weekend of December, which I'm really looking forward to. All of the members of the group picked a goal to achieve by the time of the retreat, and then the rest of the group picked the consequence if the goal is not reached. I guess I better get my ass in gear, or I am going to be doing a lot of walking when I get back... My consequence for not achieving my goal is that I have to donate my car to charity. Thanks guys. I guess it's better than having to walk around in a Speedo that's two sizes to small. (Yes, that is one of the consequences). Heeeheehee.

I'm also heading to St. Louis for Christmas to see my sis. It will be my nephew's first Christmas, and I don't want to miss it.

So, that's what I've got cookin'.

Adiós

P.S.
This is what you can get for 23.5k in the Tampa market nowadays...

Closing Deals, and Bad Haircuts, and Stuff

11/14/2008

Well, I closed deal #1 today with California Guy (yay!). We have another one that should be closing in 2 weeks. He was flying out to CA right after the closing to meet with his financial backer, and as he was leaving he asked me to have 10 properties lined up for him when he gets back next week. Sweeeeeet. Once he gets these first two houses rehabbed (shouldn't take too long), the money guy is going to fly in from CA for a grand tour. I can't wait to meet this guy. We spoke twice on the phone and hit it off quite well, so I'm looking forward to sitting down with him in person when he gets here. Also, I'm looking forward to putting his million dollars to work. Hehehe.

In other, non-real estate related news......I got a new haircut yesterday. I spent about 4 hours online looking for the perfect haircut, and then I finally found it and printed it out. And then I forgot the picture at home so I had to try and explain it to my hair dresser, and as it turns out, I am not that good at explaining. So, instead of looking like Katie Holmes in this picture:

I ended up looking like George Washington in this picture:

No kidding- my head looks like a giant mushroom. Sweet.

Ahh well... it will grow back eventually...

Have a fantastic weekend, y'all!


P.S.
Check out my interview over at Clifford's new site..

P.P.S.
If any of you guys ever have questions about wholesaling REOs, please feel free to post them in the comments section, and I will be happy to answer them. I am getting a ton of emails, and am having a hard time keeping up..... many of you guys have similar questions, so I think it would benefit everyone if they were posted here as opposed to private emails. I will still answer your emails, but it may take me awhile.... I am working on a new website that will have a FAQ section, and am tossing around the idea of an REO discussion forum. It's still a work in progress, but I'm getting there...

Striking While The Iron Is Hot

11/11/2008

Sorry for not posting much lately........ things have really picked up for me in the last month, and I have have been swamped. I've been going at it full speed ahead, and the results I am getting are well worth the hard work I'm putting in...... I've closed 2 deals in the last 2 weeks, and have 4 more scheduled to close in the next 30 days!

I've been making offers like crazy, and also marketing like crazy for new buyers. I put out 25 signs on Saturday and 25 more today. My phone has been ringing off the hook, and I have found several new buyers as a result.

Today I went and looked at 7 houses while I was putting signs out. I also compiled a list of 23 numbers to call from "for rent" signs I passed while I was en route to the 7 houses (see how I killed 3 birds with one stone?). I will make those calls first thing tomorrow morning.

I have seriously struck gold with the new buyers I've found over the last few weeks. I have 3 cash investors who call me every day to see if I have any new deals, and these guys are serious investors who are buying right now, and want to buy lots and lots o' houses, and they have the money to do so. I know that there are many more buyers out there like these guys, so I am marketing my ass off to find them.

There is no stopping me at this point.

I am going to kick this market's ass and take lots of names while I'm at it...

Gute Nacht!

P.S.
Happy Veterans Day!