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Finding REO Deals Makin' Offers Random Ramblings

Calls, REO offers and Adam oh my!

So I resubmitted an offer already on a listing that I saw got reduced….but it was rejected again. I’ll keep tabs on it.

Also, that same reo agent dropped the price on another listing that I made an offer on on the 6th…so I’ll re-submit an offer on that tonite or tomorrow too. So far, no bites yet.

I’m so excited about doing a wholesale deal tho…..I just figure with 1 deal that can get rid of my credit card. Yeah..mhm…ya’ll are all up in my personal biz and know about my debt. That’s ok tho…gives me more motivation to get a deal so I can out of debt and come back here and tell you all.

It feels good that my phone is starting to ring again with folks that want to sell their homes. I’ve had about 3 in the last 2 days….and its picking up. It really is a good feeling 🙂 Funny what happens when you actually WORK at something, huh?

Did anyone watch the AMA’s last nite? Man all I gotta say is I just love Adam Lambert.

adam lambert

Seriously….I thought he should have won American Idol hands down and I just think he is a great entertainer. Sureeee his performance wasn’t for everyone….but no entertainer IS for everybody.

He can sing and he puts on a great friggin show. He’s gonna do very well for himself, I predict. Btw, I agree with him when he says there’s a double standard in the biz….women entertainers have been doing shit like he did for yearssssss….but have a man do it and the shit hits the fan. Keep doing yer thang Adam. Btw, I think I’m going to download his album For Your Entertainment (I have some money left over in my paypal account…cuz I can’t be spending REAL money.)

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Attorney and Title Companies Makin' Offers Wholesaling

Today will be productive

Sooooo I have a meeting at 11am with the attorney that a local wholesaler referred me too. And at 1:30pm I have a meeting with a title company that a lady I wholesaled a house to referred me to.

I’m 100% positive that one of these companies will be my next go-to title company in the area.

I made an offer last nite. 🙂 I wanted to make 2, cuz I only got to see 2 properties……..but I called the agent and asked for the corporate addendums and she still hasn’t called me back. Annoying. That’s what I don’t get about agents……do you or do you not want to sell your listings? Then return your friggin phone calls!

An agent called me late last nite saying her clients wanted to make an offer on one of my listings…I said well they better do it now because it’s going to sheriff’s sale tomorrow. True story, btw. I called the bank in the mean time to try to get them to postpone the sheriff’s sale for another 30 days or so and I had to RE-FAX a current version of the short sale package (this is the 3rd time mind you, I just faxed them the 2nd current version last month grrrr) and they said after they get that, they can’t promise anything but they will take a 2nd look at the house. We shall see.

Oh so when I said I only saw 2 properties…..the reason was I have a whole list of properties to check out but they are all over the place…I think I’m going to take the approach that Steph and others suggests and just pick a certain city or what have you and just work solely in that area. When I do the cash sales over 30 days (mind you it doesn’t matter what 30 days ever) it’s always 2 cities that come up none stop. One is a 40k to 80k city and one is an 80k to 125k city. I’m concentrating for now on the 40k to 80k city.

And Scott….thanks for the lil reminder that I should FOCUS…..I am definitely going to focus on wholesaling and I’m not going to dabble into probates for now. I’ll still do the bandit sign thing because well I don’t mind them too much and because well I have them and they’ve made me a shit load of money in the past lol

So thanks everyone….just so ya’ll know I DO LISTEN (sometimes….and sometimes I don’t 😉

Oh yeah and one more thing…I just got an email saying one of my offers last week is a “back up” offer. Pffft! Plus, I just saw a place that I offered on last week, which was in multiple offer status last week, the price just dropped. So I emailed the agent to find out what the heck was up? I know this agent personally, as I bought her and her husband into Keller Williams (they are still in my down line.) Plus, my 2nd single family house I bought from her hubby.

Flippin’ Carey

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Joint Ventures Listed Properties Makin' Offers Networking Random Ramblings Wholesaling

Awwww alpacas are cute!

alpacas

Ok so this post really has nothing to do about alpacas other than Kathy and I drove past some for sale today and I said “awww alpacas are cute. Let’s get one.” I didn’t really mean it tho lol I swear.

Anyway, I didn’t get much accomplished today but hopefully I’ll make that up now that I have a phat new HP 6500 all-in one wireless printer.

hp 6500 all-in one wireless

Well, this morning I met with another wholesaler. Big shout out to Bruce for buying me some breakfast, well actually it was my lunch since I already had my breakfast (my 4 organic carrots and 2 organic apples juiced. Yummy. Plus a banana, not juiced tho lol)

Anyway, Bruce and I are going to do some joint marketing deals when we get some wholesale properties under contract. Bruce…if you’re reading this….give yourself a shout out lol

I also have a scheduled appointment with a real estate attorney next Wednesday morning to talk about doing my settlements from now on. Since I’ve moved into this area (Oxford…aka boonyville) I don’t really have an connections here as far as title companies and such go. I think I’ll give Bruce’s company a shout too but in the meantime I’m going to meet Ira Binder on Wed. The broker of the new office I signed up with referred Ira.

Of course, I could use my old title company/attorney but the reality is he’s too far away. And we were always trying to struggle to find a settlement place closer to where the deals were. He was great, very creative and did the deals the way I needed them to be done, but I just need someone closer.

Now on to my 8 offers that I made the other night. Here’s the breakdown:
1) The agent submitted it (she was the one that used me as the agent cuz she was embarrassed by the offer 🙂
2) An agent told me that I needed to submit an offer on an agreement of sale and that she wouldn’t take a LOI.
3) An agent told me that there were 2 other offers on the property higher than my offer and 1 was significantly higher. He asked for my highest and best. I wasn’t going any higher.
4) An agent just told me that they have an accepted short sale offer at 65k so if I didn’t submit an offer for that he couldn’t help me. I think I’m going to email him back and be nice and ask him to SUBMIT my offer anyway 🙂 But now that I think about it, I think there’s a lot of bullshit going on with short sales that you to hold it for 90 days or some shit, etc. I may just nix that one unless someone posts on here giving me a reason not to.
5) Another agent told me that I really needed to put my offer on an agreement of sale, otherwise he couldn’t present it. He also told me there was another offer higher than mine (as if I care lol Btw, I’m sure most agent tell the truth when they say that, but overall I don’t believe them.)

The other 3 offers I’ve heard nothing about. I will email the wife of one of the agent’s tho. I know them personally…as a matter of fact I brought them into Keller Williams. They are in my Keller Williams downline and I get paid profit sharing each and every month from KW because of them and others I brought in (yes, even tho I’m not an agent there anymore.) Anyway, 99.99999% of their deals are reo’s so I’ll email the wife and see what’s up. I’ll also tell them to put me on their mailing list for future listings they get.

As for the other 1…guess I’ll call the agent and see what’s up. So far so good tho, I haven’t had one agent yell at me or tell me off about my low offers 🙂 That’s always a positive thing.

Ok so now I’m going to print out an Pennsylvania agreement of sale and scan it into my computer. Kathy showed me how I can make the text editable….so I’ll see if I can swing that, so I can just have it on my computer and easily change prices, address and such. I’m trying to make this process as seamless as possible. I seem to remember Steve Cook having his agreement set up a certain way and he would just send it to his agent, etc. Hmmmm…anyone remember what he did?

Oh and just so you know why I’m trying to make this as easy as possible…the PA agreement of sale is 18 friggin pages long. It’s soooo annoying and boring. Ughhhh.

Okey dokey pokey’s, I’m out like trout.

Flippin’ Carey

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Finding REO Deals Makin' Offers Real Estate Agents Real Estate Investing Wholesaling

8 offers made!

I just made offers on 8 properties…..6 reo’s and 2 non-reo’s. They were all from the MLS.

I decided that I’d send LOI offers to each agents email and explain that I’m having a printer difficulty lol and also that when I’m ready to write an official agreement of sale that I don’t mind if they write it up so they get both sides of the commission. Actually, I said that with every offer except the one my broker referred me too. That one, I’ll write up myself so the broker gets a piece of the action.

Along with the letter of intent, I include the proof of funds that my uncle sent me. 🙂 They were all cash offers with all inspections waived and a 5 day closing and $500 earnest money deposit.

I already had one agent email me back super quick. She was so nice. Said the bank just turned down a higher cash offer but she’ll still submit mine. She even emailed me the confirmation and she said that she put my name as the agent as she didn’t want to have her name on the offer lmao I guess that’s how you know I offered low enough huh? Personally, I don’t get agents….they willingly give up money that is just being handed to them in the form of both sides of the deal!!! Oh well.

Ok so I’m a little nervous……as I haven’t really made a great deal of offers in a while….but I know me, now’s not as bad as if one gets accepted because then I go into “omg I’m gonna shit myself” mode.

I’m exhausted…off to bed and tomorrow we’re buying a damn printer/scanner/fax cuz this shit is for the birds.

Goodnite Blogland….

Flippin’ Carey

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Finding cash buyers Finding REO Deals Listed Properties Makin' Offers Networking Wholesaling

Saw some houses today..what to do?

I’m in a bit of a pickle. I don’t quite know how to operate without a damn printer/scanner!

I looked at 8 reo’s this afternoon and also drove past about 5 cash sale properties today (they were in the neighborhood of the 8 reo’s.) I would like to make an offer on every one of the reo’s I saw today but I’m trying to figure out how? I have a real estate contract but it’s a part of a program that real estate agents use called RealFast and it’s just the version on my computer, not a web-based version. If I were to write up the contract in RealFast I a) can’t print it and b) can’t save it as a pdf or any other document type besides a real fast document.

Soooo the big question….how do I draw up my agreements and get them to the agents? I was thinking letter of intents. What do ya’ll think??? I was also going to include in the l.o.i. that I’m not going to be acting as my own agent and they can submit my offer as my agent. Shit. This sucks.

Crap. I’m sure there is a really easy solution that I haven’t figured out yet (I’m like that somtimes…can’t see the easy answer right in front of me.) Anyone? Anyone?

Oh btw, I don’t know if I said this yet but I officially switched real estate offices last Friday or so. I now work for Fautore Realty and I am digging the new broker so far. As I was driving around looking at properties I get a call from him and he says “I know a property that would make a great flip for you. Here’s the address it just popped up on the MLS but you better hurry.” And I went and saw the property and it was awesome (awesome as in it was a nasty, piece of shit, smelly property lol in a decent neighborhood.) Then he says “Oh and this other property I know of got a shortsale approved at $100k and it’s in a great area. It’s going to be released from an agreement tomorrow if you want to go after that one too.” His buyer apparently had it under agreement but is backing out or something. I thanked him and asked him if he would send me his bpo’s too 🙂 He said “absolutely.”

Quick funny story: so Kathy went with me to see houses today. We go to see the one my broker told me about and you could tell the house was beat to shit from the door. She was like “oh boy.” Then we walk through the overgrown bushes to the houses and I open up the door and she goes inside and says “oh my God! This is horrible.” When I hear that I know it’s gonna be good (for me.)

We walk around and one room we go into wellllll let’s just say I ALMOST lost my lunch. I have a very sensitive nose and when shit smells rank I need to cover up because I start to gag and sooner or later it’s coming out. Kathy’s like “this place is disgusting!” And I’m smiling saying I know.

When we get outside she says “they just need to knock that down and start over again. I’d give them $5,000 for that place.” And I say, “Honey you say that every time we see a shitty house like this. And the last time you said that, I offered $50k on the house and made a $15k assignment fee!” She’s like “well they shoulda knocked that house down too!” lol

Gotta love spouses who just don’t get it completely. I give her credit tho, she goes through the nastiness with me and helps me in anyway she can and she does want to get into rentals together when we’ve cleared up our debt, but I think I’ll stick with making the offers on properties otherwise we may just go hungry! 🙂

Oh wait one more thing….I did take down a handful of For Rent numbers and addresses to see if I could add some folks to my buyer’s list.

Can someone help me out with my dilemma? What do you think I should do?

Flippin’ Carey

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Joint Ventures Makin' Offers Passive Income Random Ramblings Wholesaling

It’s an awesome day!

It’s just beautiful outside and I’m psyched up to get some real estate deals going. No deal yet, but I’ve had some technical difficulties. Since Kathy got laid off she had to send back the printer/scanner/fax that we used for everything so I couldn’t scan in my proof of funds for offers (I got 2 from a high school friend totaling $100k and I got 1 from my uncle totaling $176k.) Soooo kinda hard to make offers without proof of funds.

Anyway, my neighbor hooked me up last nite (and he had technical difficulties too lol but ended up just scanning it for me and putting it on a zip drive for me to take home.) Kathy and I moved one of our worst performing ATM’S (in the month of October the store was probably open for maybe a week?? IF that.) So we moved it to a 24/7 diner and we’re excited about that. We have one other ATM that we need to place somewhere right now.

What else what else? Oh I think Kathy is going to be getting another J-O-B…..since she got laid off she’s had recruiters and other pharmaceutical companies calling her like crazy and even offering her more money. So we talked about it and I told her if she wants to do it and feels more comfortable doing the J-O-B thing with a guaranteed income instead of doing our plan for both being self-employed then I’m all for it, I just ask that she sticks to her budget so she gets out of debt quicker (like we BOTH planned) and therefore can invest in more ATM’s and real estate (we want to buy multi’s together as kind of our retirement and of course as to increase our passive income.) She agreed to stick to the budget.

Oh and believe me when I say how we talked and we agreed or what have you, when we’re talking about a budget and planning money the conversation does not go so smoothly. Kathy is a spender, that’s how she’s lived for a longggg time, that’s how she knows and that’s how I’m sure she’d like to keep doing, but after some tiffs she’s seeing the “light” so to speak but sometimes I have to give her a lil nudge (like yesterday afternoon she wanted to stop somewhere and get something to eat. I reminded her that eating out is not in our budget anymore and we argued for a hot minute, didn’t speak and came home and had lunch and then made an amazing dinner.) I’m sure the only thing about me that she wishes was like her ex-husband has to do with money………all they did was spend, spend, spend…without a care in the world. I’m quite sure tho that she’ll thank me at some point in the future 🙂

I emailed a wholesaler to make sure she was cool with paying each other if we marketed each others deals and sold it, etc. And she was….we just have to still work on the split end of things….she was like “it depends.” I’m more of a “let’s quit the bullshit and say it’s a 50/50 split or whatever.” Know what I mean?

I also emailed another investor/realtor/wholesaler that I know and proposed the 50/50 split for selling each others deals and he said “yes, I’m interested in that arrangement.” He even sent me a form that he uses for his joint venture deals.

I got more bandit signs in finally. Ordered 200- 100 horizontal fluting and 100 vertical fluting with of course 100 H-wire stakes. I’m gonna start putting these bad boys out today. These are the smaller sized ones, so I’ll see how they go. I think they will stay up longer on the poles being this size.

Okey dokey pokeys I’m off to look at houses (for sale,) houses that sold (for cash,) and then back home to make some offers. I’m feeling really good about everything. Oh yeah….I even sold a Rainbow Wednesday nite so will probably make an easy $500 to $700 off of that (remember that’s what I been doing for the past year when I took a hiatus from real estate.)

I’m going to be posting soon a few couple goals/lists that I think are extremely helpful and I’m going to share mine with everyone here in hopes that you do your own at home (you don’t need to post them here, you can keep them private.) But I think they are beneficial.

Flippin’ Carey

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Listed Properties Makin' Offers Passive Income Real Estate Agents Real Estate Investing Real Estate Marketing Vacation Adventures Wholesaling

Gettin’ ready to head to Vegas baby!

Ok so I did check out houses the other day and I have the houses set aside that I want to make offers on. Every house that I could actually get INTO I’m going to make an offer on. Some houses I couldn’t get into, one house went under agreement about an hour before I wanted to see it, and 2 houses had tenants living in it and wasn’t an reo yet, so I wasn’t quite that interested in getting into those house, plus they needed notice.

All in all I was suppose to see 9 houses I believe and only got to see about 4 or 5, but I think they were 4 or 5 decent places and I’ll make offers on them all. Problem is….Kathy and I are getting ready to leave for Vegas for a week on Saturday so we’ve been busy getting ready for that. Soooo, I’m gonna just have to force myself to do it this evening I guess….but it may be REALLLLY late cuz we’re heading to an ATM that we own that is in a Gentlemen’s Club (if you can ever get your atm inside a gentlemen’s club my advice is to JUMP ON IT! Our surcharge for that atm is $7 🙂 So we’re heading there tonite to actually take cash out of that atm and put it into an ATM that we have at a cash only chinese place for when we go on vacation. The chinese place goes through roughly 2k a week……so we gotta stock it with cash since we won’t be here to fill it.

Anywho, I also just accepted a BPO offer…why? I have no friggin’ idea…..I should have just took the address and started marketing to the lady in case she’s goin’ into foreclosure. But I’ll do the bpo….maybe it’s one of my small ways of getting back into the swing of real estate shit. Ya know?

Oh and that short sale deal that I was working on for a listing I have….the friggin’ buyers backed out again! This is why the real estate agent gig I feel is a sucky full-time thang. Buyers are soooo damn annoying! They don’t want to not receive their $8k tax credit from the government. Oh wait….here’s the funny part, they wanted an answer from the bank whether they were going to accept the short sale or not in 8 days! But when you counted only business days….it gave the bank 6 days to respond lol

Needless to say, they back out of the deal when I told them it would take roughly 37 days from beginning to end for the banks answer (Wells Fargo sent me a time table for their short sales.) So annoying….

Ok I’m off to shower as I’m stinkin’ and sweaty from workin’ out…….off to make something happen! I have put 0 bandit signs out, which I need to do because they are by far my biggest money maker…..no questions about it.

Flippin’ Carey

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