All Forum Posts by: Randy Phillips

Give us more details, how did you find it, What condition was it in? Was the seller distressed?  did it go smooth? How much did you make?

I have a Mobile home now I'm trying to sell, sits on 1/4 acre, 1440 SF needs minor repairs, asking 40K Located in Corcoran CA. Will easily rent for 7-800

randyphillips

I send out thousands of direct mail to absentee owners off of lists I have purchased. And I also send out many from addresses my bird dogs send. I buy 90 Pound card stock from Amazon and then have Office Max cut it into postcard size and it is really inexpensive.

I usually double or triple the money I've spent on my mailings. It can be scary spending thousands of dollars on direct mail and not knowing if it's going to pay off. My biggest payout comes from my bandit signs, I purchased 500 for $900 and have made $26,000 and I still have 150 signs left.

Let's make some Money....

Rando

I just flipped a junk house from 3,000 miles away. A beginning investor names Shaunte from Baltimore seen a few of my posts on this site and contacted me asking for help. I instructed her to place multiple ads on Craig's List. "I Buy Houses" Soon she sent me an address of a junk house that sat in a nice neighborhood. The roof was really bad the entire interior was destroyed.

Another Wholesaler had it on contract for 6K and he wanted 6K, we sent him the paperwork got it signed

and soon started marketing it for 36K the ARV on the property was about 110-120K

We got lots of calls and interest but the house was in such bad shape we kept lowering our price and decided to accept a solid $18,000 offer from a local Rehabber.

We started escrow and it just closed last week and Shaunte and I split a $6,000 assignment $3,000 each. 3k I know is not a lot of money, but it was fun, I got a photo of Shaunte holding her check all smiles, it was her first deal. I'm here in Central California and to flip a house across the country is really exciting an opens up my mind to doing more long distance deals.

I've been wholesaling RE for 3 1/2 years now, Last year I made $93,200 and this year is going to be better, last month I made 28K and this month $40,000. Really exciting, I used to do construction and made 30K a year after expenses.

PS I've paid out $9,000 this month in Bird dog fees

Rando

Haha, I do like guns and cash. And I'm not sure but I bet drugs pays a lot more than Real Estate.

It's funny cuz my old buddies that are struggling thru life I hear they are spreading some chatter that I must be doing something illegal.

And when I make 15 Grand flipping a house sitting on my butt on the computer, I sometimes do have the feeling, this can't be legal. Especially when most of the time I never see the property or meet the sellers or buyers. How crazy is that?

I used to work 4-5 months to make that kind of money after expenses doing construction.

Wholesaling Real Estate has turned my life around, I live for the thrill of closing on a fixer house & helping the seller with much needed cash and getting the buyer a property he can rehab and make a living and me, making a good chunk of change in the middle.

I tell everybody I come across about how they can make a ton of money doing this, but nobody listens or don't believe it. I help my family with cash and I try to help them by motivating them to do Real Estate, but I can't do it for them.

I'm busy providing a good life for my family and me.

Haha, my realtor buddy said there shouldn't be a problem as long as the sellers were the title owners. I have more deals in Escrow and working on a few others, it's a frenzy out there. Let's make some money.... 

Rando

Crazy All Cash Deal

I received a call on one of my bandit signs from an Asian lady named Meme. She tells me she has a 4/3 2200 SF Home that she needs to sell. She also tells me she's from Minnesota, she purchase this house over 20 years ago and her and her husband paid it off & gave it to the father in law. They had returned to take care of the old man because he has terminal cancer and he signed the house back over to them. It was a nice house but needed updating and repairs and it was in an undesirable area. I went to inspect the house and meet the sellers and got it on contract for $120. I estimated the ARV at 160-180K

I sent it out to all my buyers but nobody wanted it. I then started placing ads on Craig’s List. I soon got a call from a Realtor that says don’t worry my fee is paid by the buyers. The Realtor got my price down to 130K. He and I met at the local restaurant and then he tells me I need to pay his realtor fee and suggests we split my 10K assignment fee. I reminded him that he told me his buyers pay his fee. He chuckles and says Oh you know why I said that was because I knew you wouldn’t call me back. My first reaction was to tell him where he can go, but I wanted this deal and I had no other options. I told him to ask his buyers and I would ask the sellers. My sellers said absolutely not and chewed me out for asking. The Realtor got the sellers to pay half and I reluctantly agreed to pay the other half.

We started escrow at the Realtors Title Company but they didn’t know anything about assignments. So I got it started at my Title Company. Soon Meme calls me to say Title Company is asking her father in law to come in to sign his rights away officially. Meme and her husband had already got the title in their names just by recording it themselves. Everything seemed to be going forward then all hell breaks loose. Meme calls & tells me the whole story of how the father in law has lived in the house for free for over 20 years and now all of a sudden he’s demanding money for himself, his mistress and 5 brothers for taking care of the house for all these years.

Now it seems Meme’s husband and his father are in dispute and this deal looks like it’s going down the crapper fast. The sleazy Realtor suggests they do the deal all cash outside of escrow. My sellers were worried about the legality and I told them not to worry, my partner is a licensed Realtor and knows what he’s doing, but I was also having concerns. The Realtor asked me who was going to pay his fee for doing all the paperwork cuz he charges $1,500. I told him to get it from the buyer. He then says, I was joking.

We all meet at the Realtors house, it was exciting to see $132,000 in cash on the table. I got an envelope for $8,000 in cash, the Realtor got $4,000 or more, not sure exactly what he weaseled from sellers. As the deal was going down the sleazy Realtor says “Randy, Pay the Notary” I sat there with a stupid look on my face without making a move and finally the Realtor pulls out his wallet and gave her the $45.

The crazy part is the Realtor, sellers and buyers cooked up a scheme to show that they sold and purchased the house for 70K and 50K would be unreported, as a way to bypass some taxes. I’m amazed this deal went down so smooth, it took about a month. After dealing with this realtor I felt like taking a shower.

But, everybody walked out of that house shaking hands and smiling.

Let’s make some Money….

Rando

My house is in escrow, the buyer has scheduled a termite inspection and a roof inspection despite the contract clearly stating selling as is. Hopefully it be closing soon.

I've been scanning my documents and creating folders and getting to where I can eliminate all this frikin paperwork.

Now I can just fill out my docs on the PC and move them to the appropriate folder. So much easier than shuffling thru stacks of paper to find a sellers info when he calls.

I even scan and save my receipts to folders of my business expenses and etc.

It's so much easier and better, once I got this set up it's a simple wham bam, I can find any document in seconds.

Oh yea, closed on a small deal yesterday, always nice to have some pocket change. Only $2,500 but hell, it's on a house that I didn't think I cud sell. This is another deal I got from sending out direct mail, I never seen this house, never met the seller or buyer, did it sitting on my *** in front of the computer, the only photo I got is from google maps. Oh the Insanity, Technology baby. It's amazing how some computer skills can make you some serious scratch.

Got much bigger ones in escrow that shud close this month.

Let's make some Money.....

I've been scanning my documents and creating folders and getting to where I can eliminate all this frikin paperwork.

Now I can just fill out my docs on the PC and move them to the appropriate folder. So much easier than shuffling thru stacks of paper to find a sellers info when he calls.

I even scan and save my receipts to folders of my business expenses and etc.

It's so much easier and better, once I got this set up it's a simple wham bam, I can find any document in seconds.

Oh yea, closed on a small deal yesterday, always nice to have some pocket change. Only $2,500 but hell, it's on a house that I didn't think I cud sell. This is another deal I got from sending out direct mail, I never seen this house, never met the seller or buyer, did it sitting on my *** in front of the computer, the only photo I got is from google maps. Oh the Insanity, Technology baby. It's amazing how some computer skills can make you some serious scratch.

Got much bigger ones in escrow that shud close this month.

Let's make some Money.....

Is that a washer and dryer in the kitchen? Never seen that before. Did you find a renter or buyer?