Deal Update

More hood than hood is coming along slowly. There are a couple of judgments against 2 of the heirs and it should be a couple more days to get them ironed out. I am getting all kinds of calls in response to my Craigslist ad and I think one of the guys is working on financing. Cross your fingers... One of the judgments is over $15,000 and could ruin the deal if it hasn't been taken care of already. The heir in question promised me that he took care of paying off the debt a long time ago... We'll see.

BEFORE

Norlina is really coming along. My 11yr old & I tore up carpets and took down the old school aluminum shades from the front of the house. Check out the photos! It is really looking good. I need a couple of hours to get the carpet tack-strips off of the floor and sweep/swiffer the floor and I'll be ready for the "after" photos inside & out. Then comes the open house weekend & auction and ka-ching! $$ payday.
AFTER

One more

I got a call earlier tonight from the executor of an estate that I've been working with since October of 07. I mentioned her in a post a few days ago. We went over the contract/offer and she signed while on the phone with me and put it in the mail for tomorrow's pickup.

I've already got a buyer lined up and have a sweet $5k wholesale fee. Here's the numbers.

ARV - $230k (estimated listing amount $220 fixed up)
Negotiated Price with heirs - $125k
Wholesale fee - $5k
Rehab/improvements - est $25k
Gross estimated profit - $65k

The lady buying the property is a real estate agent. She and her husband are going to rehab it and put it back on the market to retail buyers & potential landlords. Financing is lined up & backup financing is on the back burner. We're hoping to close by Monday next week if title comes back in time.

Wholesaling real estate at it's finest.
-Taylor

So Much Trouble for 2 Pages & 9 signatures...

I FINALLY got a signed contract for 'more hood than hood' (see prior posts.) I'm still cautiously optimistic with this one. Getting 9 heirs and 2 attorneys to all agree on the amount of the offer, terms of the contract and then all be willing get them to sign on the line was an amazing feat. Now if we can just repeat the process next week and CLOSE! After the closing I'll be dancing the Snoopy dance for sure!

You always read/hear about people making $thousands$ of dollars quickly in real estate. In fact, I heard one the other day about an investor in Orange County, CA that bought & sold an ocean-view house in Laguna beach and made a $400,000 wholesale profit in less than 3 hours! I'd love nothing more than to have a similar story for you, but my deal involves a little more leg-work than usual. Plus, I think that stories like that have a long, drawn out background like mine with the heirs etc... but since that doesn't make for good copy, the work/background gets brushed over & you hear about the 'ka-ching!' when the investor makes huge money in a few hours.

It doesn't come easy & it ain't cheap. But I digress...

I guess it's still quick cash compared to working the phones all day at a J.O.B.! I never got a rush like this from getting an insurance contract signed, I'll tell you that much!

We had the meeting scheduled at one of the 'neutral' heirs' house on Wed at 7pm, but only 4 showed up. I got them signed up and a straggler showed up... Got him to sign.




Then the key heir & I made a little caravan throughout Norfolk & Chesapeake to get the remaining 3 signors in the area. That left the uncle out in the country for the next morning. I got home at about 11:30pm Wed night. Beat.

Next morning saw me driving from Virginia Beach to South Boston, VA (home of the Danville VA NASCAR track!) to meet up with the final heir yet to sign. It took me 3 1/2 hours and after a quick 12 minutes in the parking lot at the Shoney's Restaurant to get my signature I headed back to VB. 7 hours on the road for a 12 minute signing... Whew! I will say that it was a beautiful drive. Rural Southeast Virginia in springtime is hard to beat. I had my window down and my eyes peeled for speed-traps as I worked my way through civil war country.

So it took about 3 weeks to go from verbal deal to signed deal on this one. Problem is, it took so $*%##%'ing long to get all the signatures & attorney sign-offs that my two buyers cooled on the deal with one headed off elsewhere with his money and one unwilling to pay me the wholesale fee I was looking to get.

So I'm off to find my own buyer and it looks like I may have one to assign the contract to on Sat afternoon. Cross your fingers!

ps. Check my website at www.11daysale.net for some of my other properties under contract. Lots going on around here lately!

Cheers!
Taylor

Teach Your Kids...

Cool link

Check out this link. Very cool info. Results as of Feb 08.
http://www.eppraisal.com/NationalMSA.aspx

Enjoy -
Taylor

New Website, New Name

I got a call about 2 weeks ago from a local Realtor who was already using the Real Deal Real Estate company name that my son & I came up with. (Originality runs in our blood...)

Since I had already been thinking about a new name for my company anyway, I used the encounter as motivation to get off my butt and get a new name going.

With this new property under contract & a 30 day deadline to sell looming, I pulled out all the stops and came up with the name "11 day sale" The name says what we do. Catchy. And, the website was available for $9.99! Bargain.

Check it out! www.11daysale.net. I've been up late a few nights over the last week trying out different layouts & formats for the site. I think I'm going to stick with the format I've got now until I start making big bucks & can get a kickin new site built. I've posted a couple of the properties that I'm working on & plan to keep it updated with more of my pretty houses that I pick up. Ugly houses are quick wholesale deals and since I'll likely have them sold within a day or so I don't want to burn daylight hours posting them on my site.

Project Update:
I'm doing way too much work on this option property. I believe that the work I am doing is going to make the property more sell-able, but tomorrow is my last day to be humping it like a manual laborer. I'm going to fill the green waste dumpster with limbs/branches and be done with the labor. Check out he snapshots of what we were able to knock out over the weekend.

On to the marketing! Let's sell this sucker! I'm still leaning towards an April 12/13th open house & bid sale weekend. Cross your fingers... As long as the dumpster is away from the front of the house & I can get the carpets up, I'm going to sell this baby quick!