I had a great interview recently with Steph Davis of Tampa, Florida for my “Escaping the 9 to 5 Video; How I Did It Series. Steph is an expert in the field of REO’s or bank owned properties.
She began investing part-time like most of us, and she always knew that she just wasn’t cut out for working a “9 to 5 job”. She has been a full time real estate investor since 2007.
In 2006 she started her very popular blog “Flip this Wholesaler”, and began chronicling her journey to “freedom”. Steph’s business has grown into something she couldn’t have even imagined back in 2006. She is not only a blogger but an internet marketer who has been successful at building passive income streams, a coach, and is a great inspiration to many folks in this business.
She has also written an eBook called “Flip this REO” which I highly recommend for anyone wanting to work with REO’s or bank owned properties. This is the only book you will ever need to master this strategy. It is great resource and is a virtual roadmap to success if you follow what Steph teaches.
I will put these links to Steph's site and her eBook below the video. Be sure to check them out.
Here's the video
You can find Steph's blog here at “Flip this Wholesaler“. Head on over there and pick up a copy of her 3 FREE wholesaling contracts.
Franddy – I am in complete agreement with Steph on that one. You just have to adopt a mentality where failure isn’t an option. That will keep you going through a lot of tough times. Thanks for stopping by.
Franddy Aguasvivas
on April 24, 2012 at 12:10 am
“My mentality was I’ll live on the streets, I’ll live under a bridge, I’ll live in somebody’s house, until I can support myself, but I’m NOT going back!”
-Steph Davis
Both Steph and I find our end buyer before we go to closing. Steph typically assigns the contract to her investor buyer. They would go to closing with her buyer actually closing the deal with the seller, and she walks away with an assignment fee. She doesn’t take any money to closing.
I do a double close with my end buyer bringing the funds to close the A to B transaction. As a Realtor, I’m sure this seems strange, but it’s actually a common practice. Where I am, we close with a closing attorney rather than a title company. Both closings combined take about 30 minutes.
In this scenario, my end buyer has brought certified funds to the closing for the B to C closing. That paperwork is signed (we know the funds are there), and they go off to make copies of everything. I then walk into a second room and close the A to B transaction with my motivated seller. That part of the deal will be funded with the proceeds from the other closing. So again, I don’t take any money to closing. I just leave with a nice check.
Cindy
on April 23, 2012 at 4:34 pm
Hi Shirley,
Thanks for sharing the interview with Steph.
I am in real estate sales and want to transition to investing and wholesaling.
I am having issues securing private funds to do double closes on REO deals so
I am curious how Steph is handling this, as banks do not allow assignment. Cindy
I think that is true for most of us. We all have those times when we’re feeling really beaten. The important thing is to get back up, get your focus back and move forward. Be sure to stop by for more great interviews. I’ve had a lot of interesting folks on already and there are more coming.
Steph has a whole lot of detailed info over at her blog. She’s a great teacher. Her book “Flip this REO” is a very affordable resource that gives you all the info you would need to make REO’s a business. There is a link in the post. Thanks for stopping by.
Steph always over-delivers. I agree with you completely that it really helps others to hear that you had struggles in the beginnig. Come back soon for more great interviews in this “Escaping the 9 to 5 series.
Shirley
on April 21, 2012 at 4:18 pm
Hi Sharon, That was great! Thanks Steph for putting your struggles out there. It really helps others to hear that if you just don’t give up…..you just might find your success! For if you give up you’ll just never know what could have been. Good show!
Al Elliott
on April 21, 2012 at 2:23 pm
this video was kool, my only issue i wish this video focused more on how steph found out about REO flip and how she did here first REO wholesale deal, cause there was a lot of nuggets in her first real estate venture and would have been nice to have her walk us through the that process since she’s an expert on that niche
Steph said she never would have made it unless she didn’t put her back up against the wall. In my research, that’s been the case with most Entrepreneurs. I kinda feel I am the same way!
Steph is great. She is very good at what she does, and everyone loves a good story. We still have a lot of inventory here. Thinks are pretty flat. Thanks for stopping by Gordon.
Steph seems like a great lady. I havnt met her but I have listened to her videos, and I do enjoy them. How is the market there? Our market in Sacramento has a very tight inventory now. It is only a 1.3 months supply of homes for sale in Sacramento.
If a person is looking for a home for sale in Sacramento, they can go to http://www.thesacramentohomes.com/
Bill – Thanks so much for listening and for your kind comments. This is my first “video series”, so I’m still getting the feel of it. I hope to be a pro at it someday. I love your new FB page. It’s awaesome. Did you do it yourself?
Bill Lassiter
on April 18, 2012 at 8:44 pm
Hey Sharon I enjoy hearing from Diva Steph. I’ve always been inspired by her and her story. I was able to catch up on the previous interviews you shared in your “How I did it” series; You did an awesome job and are really providing some good, valuable content. Keep up the good work!
~ About Sharon
Hello from Louisville, KY, and thanks for stopping by my blog!
I love this business, and I am passionate about helping other people become successful real estate investors.
Come along with me on my journey as I create a business and a lifestyle that I love.
Franddy – I am in complete agreement with Steph on that one. You just have to adopt a mentality where failure isn’t an option. That will keep you going through a lot of tough times. Thanks for stopping by.
“My mentality was I’ll live on the streets, I’ll live under a bridge, I’ll live in somebody’s house, until I can support myself, but I’m NOT going back!”
-Steph Davis
Epic and Inspiring!
Thanks Sharon for having her at your site.
Cindy –
Both Steph and I find our end buyer before we go to closing. Steph typically assigns the contract to her investor buyer. They would go to closing with her buyer actually closing the deal with the seller, and she walks away with an assignment fee. She doesn’t take any money to closing.
I do a double close with my end buyer bringing the funds to close the A to B transaction. As a Realtor, I’m sure this seems strange, but it’s actually a common practice. Where I am, we close with a closing attorney rather than a title company. Both closings combined take about 30 minutes.
In this scenario, my end buyer has brought certified funds to the closing for the B to C closing. That paperwork is signed (we know the funds are there), and they go off to make copies of everything. I then walk into a second room and close the A to B transaction with my motivated seller. That part of the deal will be funded with the proceeds from the other closing. So again, I don’t take any money to closing. I just leave with a nice check.
Hi Shirley,
Thanks for sharing the interview with Steph.
I am in real estate sales and want to transition to investing and wholesaling.
I am having issues securing private funds to do double closes on REO deals so
I am curious how Steph is handling this, as banks do not allow assignment. Cindy
Dan –
I think that is true for most of us. We all have those times when we’re feeling really beaten. The important thing is to get back up, get your focus back and move forward. Be sure to stop by for more great interviews. I’ve had a lot of interesting folks on already and there are more coming.
Hi Al –
Steph has a whole lot of detailed info over at her blog. She’s a great teacher. Her book “Flip this REO” is a very affordable resource that gives you all the info you would need to make REO’s a business. There is a link in the post. Thanks for stopping by.
Shirley –
Steph always over-delivers. I agree with you completely that it really helps others to hear that you had struggles in the beginnig. Come back soon for more great interviews in this “Escaping the 9 to 5 series.
Hi Sharon, That was great! Thanks Steph for putting your struggles out there. It really helps others to hear that if you just don’t give up…..you just might find your success! For if you give up you’ll just never know what could have been. Good show!
this video was kool, my only issue i wish this video focused more on how steph found out about REO flip and how she did here first REO wholesale deal, cause there was a lot of nuggets in her first real estate venture and would have been nice to have her walk us through the that process since she’s an expert on that niche
Steph said she never would have made it unless she didn’t put her back up against the wall. In my research, that’s been the case with most Entrepreneurs. I kinda feel I am the same way!
Steph is great. She is very good at what she does, and everyone loves a good story. We still have a lot of inventory here. Thinks are pretty flat. Thanks for stopping by Gordon.
Steph seems like a great lady. I havnt met her but I have listened to her videos, and I do enjoy them. How is the market there? Our market in Sacramento has a very tight inventory now. It is only a 1.3 months supply of homes for sale in Sacramento.
If a person is looking for a home for sale in Sacramento, they can go to
http://www.thesacramentohomes.com/
Bill – Thanks so much for listening and for your kind comments. This is my first “video series”, so I’m still getting the feel of it. I hope to be a pro at it someday. I love your new FB page. It’s awaesome. Did you do it yourself?
Hey Sharon I enjoy hearing from Diva Steph. I’ve always been inspired by her and her story. I was able to catch up on the previous interviews you shared in your “How I did it” series; You did an awesome job and are really providing some good, valuable content. Keep up the good work!