Hey ya’ll just wanted to keep you updated on our progress. We recently had a few cha chingin closings!!
Check them out below:
This particular deal was one where we partnered up with another local wholesaler. We sent an email to our list once we got this sucker wrapped up on a Option. Jeff and I were a bit surprised to see some higher end buyers come out of hibernation. One particular buyer i’ll refer to him as the Slim Shady emailed me back saying he wanted to see the inside right away. Continue Reading
I wanted to touch on bandit signs a bit, because as you know marketing is the lifeline of your wholesaling business! There are a countless number of marketing techniques, but bandit signs are one that we will never stop doing. Why? Because it works! It gets the phone ringing, and sometimes off the hook! But a lot of times, I see wholesalers making simple mistakes that could be costing them deals! Fixing these few simple mistakes will result in your signs not only staying up longer, but can potentially double or triple the effectiveness!
Mistake #1- Use the right markers!
We all know to use the big fat markers (at least I hope so), but there are some that are more effective then others. I often see investors do a fresh sign route, then it rains and their number washes away. That’s the worst scenario! Not to mention those are the signs that always seem to stay up the longest for some odd reason. There are a few types of markers, the most common you’ll see is the big sharpie. This is not the one I’d recommend using, one or two rains will often wash your number or message away. One of the better ones is the Magnum 44, made by Marks-A-lot. This is probably the best black marker for bandit signs, but don’t try and get too creative with colored ones, cause you’ll quickly find that the colored ones will indeed wash away! However, we recently found a water based marker at an arts and crafts store that’s waterproof, and it is handsdown the best one out there for bandit signs. Check it out below: Continue Reading
Whats up ya’ll check out this video I did with my good friend Darren Dicke on how to use your counties Sec8 list to find HUNGRY buyers and sellers.
Have Great Weekend!!
Cheers,
RJ
PS. I love how Darren thinks outside the box on his wholesaling strategies. He shares some valuable techniques on how to find wholesale deals in your backyard for FREE. See for your self.
SO we closed on yet another REO deal. Jeff and I found this deal on the MLS . This was listed for 11k, and we knew we could wholesale it for the high teens quickly. We placed an offer in for 10k with no inspections, cash and we got the offer accepted immediately. Now with this deal it really helped that we had built rapport with the listing agent. We made sure to tell the agent that we wanted to place an offer directly to him so that he could get both seller/buyer commissions.
We began marketing the property that same day we had it in contract and had multiple showings the next day. An out of town buyer responded from our email marketing ad and liked what he saw and it was in contract within a week.
Now I know what you’re saying “wow that was easy”
Well here comes the “not so green side of REO wholesaling”
Our buyer who was really into the deal needed an home inspection, which at the time it was January and it was blistering cold outside and 3-4 inches of snow. Now the inspection was going to be for the amount of work needed to finish the rehab and get it to “rentable” standards. Our estimate on the project was around 5k, their inspection came back at a whopping 18k….needless to say our out of town buyer backed out.
So we ended up placing ads on Craigslist and 50 bandit signs around the property. I get a call the morning after I put out the signs and found a buyer from the Craigslist ad.
Now you would think that there were no more hoops to go through, but once again, life threw us another grenade. This time it was the Bank and the Deed not being recorded. We for some reason ‘ seen this at the beginning when we were placing our offer in but, the bank which was Freddie Mac was so backed up with all their houses, that the deed on this house had not been recorded. So we had to wait 2 weeks for this sucker to get the deed recorded. Luckily our buyer was in no hurry to get this deal closed.
So after it was all said and done we finally collected our assignment fee.
Not a big one but we definitely learned a ton from this deal.
I hope you had a Great Easter, if you don’t celebrate it, I hope you enjoyed your weekend.
Here’s the latest and greatest from Jeff and I.
The last post I talked about a deal we had in contract, found buyer, and had an assignment fee for $4,500 waiting for us. Well the hold up on this deal is that there was a tax lien attached to the property from an old mortgage company. That mortgage company is now out of business.
I like to call this “Life Handing you a Grenade”.
So what do you do at this point?
Take it and move on?
Heck NO!
If you want to become a successful wholesaler you need a mindset of “NEVER GIVING UP”.
Here’s what we did. Jeff being the background checkin ninja, looked up the company through several ways on the web. It turns out that the mortgage company filed bankruptcy a few years. So what we are doing is challenging the tax lien because of the sole fact that they are out of business. 9 times out of 10 they will not even show up to contest it (since they are no longer in business). We should have this issue wrapped up and closed by next week. We’ll have an update at the end of the week.
Don’t Ever Give Up on a Deal, even if there are Title Issues. A few things we learned on this deal.
1.) Never Give Up
2.) Always do a soft Title search, might cost a couple bucks but worth it.
3.) Never Give up
Here’s a cool little video that Inspired me to share this post with you.
Stay Strong, Be Bold, Take Action,
RJ and Jeff
PS. if you have any questions regarding wholesaling please post questions and or comments.
It’s been awhile I know. I’ve been slacking on the blog. I will tell you that I have been busy putting deals together with Jeff. The last week we closed on a deal where we found the seller through Facebook. Check out our VIDEO about it, it’s pretty funny. Comments are welcome.
So the last deal took us two weeks to get done. Yes it is true that we were at the Freedom$oft event in San Diego, California when the deal closed. The beauty about it is this, you can close wholesale deals and not even show up to the closing table. The proof is simply that we did just that.
No Hype here, no Fluff, just RESULTS
The other deals we have in the mix are exciting too. We recently found a buyer through Twitter and he is buying turnkey properties. As you can see social media can be a big help to find deals and sell deals. So anyways, we locked up a deal and are set to close this Tuesday. Our net on this quick assignment will be $4,500. And then it’s on the next one, on to the next one. We’ll post a video on this so don’t you worry.
Other than that Cheers, Stay strong, be bold, take ACTION.
Your friend,
RJ
PS. Here is a quick way to Find wholesale deals with out using any of your money. Enjoy
Welcome and Thanks for sticking around. See this picture above? That was me RJ Pepino working at the AT&T Store, my partner Jeff Kowalczuk was the handsome young lad in the yellow Sprint shirt with the afro. I really don’t know who The two other guys are in the background so don’t ask. We were both stuck in dead in jobs at cell phone companies.
Jeff had started reading books and courses at the age of 16, knowing that real estate investing was his dream. He started investing at the age of 19, where he got his hands into a fix and flip and later a short sale deal. Today he is a seasoned investor, negotiator, and handles the acquisitions for one of Central Ohio’s leading investment company Real Bargain Properties.
I had a late start in his REI career. after quickly learning that J.O.B meant Just Over Broke. I knew the cell phone was not the way for me. I started diving into all kinds of education material, course, books you named it I got it. It wasn’t until I found a local mentor that I finally found the niche I wanted focus on, Wholesaling. A couple of deals later in the Fall of 2008, I ran into Jeff and we talked about joining forces, Real Bargain Properties formed in 2008.
The reason why Jeff and I created this blog is to share the secrets and tips of Wholesaling houses in today’s market. Quite frankly were tired of the nay sayers out there saying we can’t do it, The market sucks, Real Estate market is down, blah blah blah. Were living proof that two midwestern boys from OH HI YA can get the job done. So sit back chillax and get ready for some great tips on How To Wholesale Properties.
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