Fri, 03 Feb 2012 17:19:56 -0800WeeblySat, 31 Jul 2010 04:37:37 -0800http://www.royseinvestments.com/1/post/2010/07/finding-a-good-agent.htmlHello and welcome to another installment on my newsletter blog. This week is going to show you the tips to find a good agent. I was a agent a long time ago when I first started, so I know how they are trained. Most agents will waste your time and energy, so you might have to go through a few til you find a good one. Most older agents don't believe that you can't wholesale houses with no money "Get out of my office". So don't get frustrated when they say, just move on to the next one til you find the right one. I have came to the conclusion that a good agent is one that is new to the game. This is even more important when you are trying to start a successful short sale business. I bought short sale riches program and it was a great wealth of knowlege, so check it out! because to do short sales right, you have to have a full pipeline of deals. So a agent who is new can be very helpful, because they will do what needs to be done. Short sale can be trying so be ready to get your butt kicked, but keep moving forward. So in my long career of real estate I have went through alot of dead beat agents. Let me give you one example that happen a few years back. I had a agent who had been in business for many years. When we first started working together everything went very well and we flipped around six houses. so everyone was happy. But then I put around 6 offers a week in through this agent. She gave me a call one day and said I had got a offer accepted on a 4 bedroom in Forest Park at a very good price. I was so excited because I have alot of good cash buyers for that area. So all I had to do was make 2 calls and my buyers ran out and  looked at the property. Within one hour I had one of my cash buyers called me and said I will pay the $45k you are asking. So I went over to his office and got the deal under contract, he said he could close in 3 days once the title search came back. I left his office and was feeling great, i was going to make a quick cool $8k in 3 days. But here is where the story goes bad and shows you to find a good agent. I was on cloud 9 feeling great then I was checking my voicemail and there was a message from my agent. She said your offer was accepted as she had thought. The sellers had signed the contract which made her think the offer was accepted, but at the bottom of the contract there is a box that if checked it means your offer was rejected. That blew my mind thinking she didn't even take the time to read over the whole contract before contacting me. Let's just say i was a little upset, because i had to call my buyer back and explain how my agent was a dumb a_ _. It made me look as dumb as my agent was, so the moral of the story is find a agent who follows through and looks over a whole contract before telling you it was accepted. SEE YA ON THE FLIP SIDE!!]]>Wed, 28 Jul 2010 18:34:38 -0800http://www.royseinvestments.com/1/post/2010/07/changing-the-future-one-deal-at-a-time.htmlHere we are in another week of a wholesaler, this week has had many trying moments. I found out two new things about short sales I didnt know. 1) The deal I talked about last week with the lady that called me after a year. After calling the customer service line for US Bank they informed me that the only way they will do a short sale is if the owner agrees to pay the difference of what they owe on thier real estate and what the short sale price is. Now this was not the short sale department, so I will keep you posted on that one. This will be my first short sale with US Bank because on all the other ones we have closed on they do not seek judgements on the owners of their real estate. These banks can be very hard to work with, so if you are trying to do short sales be ready for alot of curve balls. If we do short sales my main goal is to get the owners out of the debt forever and no judgements. But you must realize that you can't save evryone with their real estate, just do the best you can and be honest with yourself and the home owner. Lesson 2 is that you have worked on a short sale for many months got approval and you have a buyer lined up. The short sale is through Bank of America and then you get your approval letter and in the small print it says you can do a double close. It says that you must hold the house for 30 days before you can sell it, that sucks I say. Because my transactional lender I use will not wait for 30 days for their money. There goes $14k down the drain, but after talking with some friends of mine down at my local REIA group I found out a trick of the trade. When I first started working with seller I had him sign a deed, bingo there it is. My friend down at REIA said he had one with Bank of America and he had a deed that was dated from a year ago, now pay attention closely. As long as you have a deed that is signed and notarized that house has transfered even though it has not been recorded. When the deed is recorded it makes the transaction public knowlege. So back to my story with deed in hand that was signed and notarized from last March, I can do the short sale. Make sure to get with attorney that fully understands short sales and has closed many of them. Because if I would have noit talked with my friend at REIA, I would have lost out on $14k. So we closed that deal on Wednesday and I walked out with a check for $13,898, this was my short sale from hell. I have been working on this short sale for over 14 months and have had 5 offers rejected, one accepted then my buyer lost his job. So this deal has been a roller coaster ,but as I always say never give up on a deal. Just when you think the deal is dead you find a way to make it work. So this week will go down as a great one, having a closing is always a great thing. I have just ordered my next shipment of bandit signs, I can't wait til they get here. I love putting out signs because I know that deals are coming. Bandit signs are very important to my investing career, so get yours ordered today and you phone will not stop ringing. See ya on the flip side!!!!]]>Sun, 18 Jul 2010 07:23:15 -0800http://www.royseinvestments.com/1/post/2010/07/mr-wholesaler-blog-of-the-week.htmlHello and welcome to yet another blog from your one and only wholesaling friend Mr. Wholesaler of Cincinnati. I am so thankful today that they finally plugged the hole in the gulf. That has really had me so worried over the last 90 days, but for now it has stopped leaking. Now on to my wholesaling news for the week, it has been a very educational and exciting week at Royseinvestments. They had a great event at REIA of Cincinnati this week, a cook-out, corn hole to play and tons of real estate to talk about. The REIA of Cincinnati has made me into a wholesaling machine, there are some many good and educated friends down there. These are some of the greatest people you will ever meet and alot of them give free advise and believe me I have asked a ton of questions. There are REIA's all over the states, so make sure you find one in your neck of the woods. I have met more cash investors there than I do with my bandit signs. So if you are just starting out make sure you find a group where there are like minded people. Real estate investing can be hard when you first start out, I know from personal experience. My own family thought I was crazy when I first got started, they would say you can't buy homes without credit and you have to have money. So don't listen to the doomsday people who think the world is headed for a depression. I have made more money in the past 2 years than any other time in my 12 year career. I believe that you must surround yourself with positive people who think that anything is possible. Check out this video out and see what you think and has got me where I am now, belief is everything http://www.youtube.com/watch?v=_b1GKGWJbE8. This week has been exciting in wholesaling, a house I just got under contract just 2 days ago I have found a buyer and have it under contract. This is one of the good homes in a good area that I always preach about. I put it under contract for $75k and resold it for $82k, I could of made around $10k. But remember the cheaper you sell it the faster it will go, rule number 1, buy it so cheap so you can sell it so cheap. I had a wholesaling company trying to get it and sell it to there buyers, but they only wanted to offer $78k. Let's just say they got alittle mad because the buyer I found off one of my bandit signs was one they had worked with before. They will get over it because I always find the best deals in Cincinnati. I started 6 new short sales this week which I believe that short sales do take a while, but if you keep you pipeline full with them, some will come through. I had a client I had talked to a year ago call me back and said I want to get rid of my houses like ASAP. She has a very nice 2-story brick house that is in move in condition, but is located in a area where there are alot of bank owned houses. She owes like $122k on the property and she has had it listed for $126k, but has not had one offer in a whole year. This is very common with the market we are in, some areas I have seen have not been affected to bad and then there are areas that have been overwhemled by bank owned houses. I love these kind of areas because for short sale reasons, you will have alot of low comps and the bank will see this. I love these kind of short sale areas, becaue you have ammo against the bank with low comps. I am going to try to get this house this house for around $60-$70k and then resell it for $85-$90k. This will be a great deal for a owner occupied house because they will have a house with instant equity, I will keep you posted on this one. I love real estate with all the ups and twists and turns it will throw at you. But you must stay positive and believe that real estate can take you to the top of the world. Just get out there and find a way to make money for there are many in real estate. See ya on the flip side!!!!]]>Tue, 13 Jul 2010 19:29:57 -0800http://www.royseinvestments.com/1/post/2010/07/first-post.html