The Biggest Flipping Failure Challenge – Week 5

The Biggest Flipping Failure Challenge – Week 5

It’s over!

Well … almost. ūüėČ

Week 5 of the Biggest Flipping Failure Challenge is now complete and we have our final tally on the points and we can announce our two finalists who are in the running for the grand prize. ūüôā

First, if you aren’t familiar with this action-taking challenge, then just¬†click here to read my introductory blog. ¬†Basically, members of the¬†House Flipping Mastermind Group¬†get points for taking specific types of action.

Bonus Points

So, for bonus points this week each person was in the running to get 15 bonus points based on the stories they shared about their journey.  There are some good ones this week that I want to share with you, so here we go!

Jeff Ringnald

I love how Jeff stayed persistent on this deal even though he had to deal with an inexperienced agent who made things incredibly frustrating for him.

Anyway, I’ve had a short sale under contract since May. I’ve had to chase down the agent every few weeks for updates. On the 9th he sent me an email saying they’ve approved the short sale and want to close on the 23rd but for me to prepare an amendment to close on the 31st. FYI… this is the 1st amendment he’s asked for, technically we’ve been out of contract since July. So, I got him the amendment¬†on the 9th as he asked and asked him to please send me the written approval from the lender. He never sent it to me. Yesterday I asked him again for the approval letter… He just now emailed me saying the lender called and can’t approve the short sale until the lender gets an updated BPO- the end of November. But they would accept an appraisal if I, the buyer would pay for it… He said we could lower the price by the cost of the appraisal and “let’s get this deal closed.”

Hector Perez

Kudos to Hector for recognizing the reasons for losing $75k in potential profit and not letting a setback like that make him give up.  It is who we are during the challenging times that define our success.

I knew that following up was important and necessary but our priority has been chasing the new leads. Well this weeks for not acting fast with follow ups lost about $75,000 in potential rehab profit for two homes that somebody else got under contract. It hurts but it allows me to open my eyes and prioritize. I hired a virtual assistance via Odesk and her focus has been to follow up on older leads, resulting on a appointment this Saturday that we got the house under contract. I have two more calls I need to make today out of her follow up.
It has been a great challenge and looking forward to continue with results
Rob Dryman
I love Rob’s attitude! ¬†Even though he knows that he might not be at the top of the leaderboard he is still happy for the other participants and focuses on the positive aspects of being in this challenge.
Really slow week last week due to me closing on my first deal and getting all of the financing worked out in time. I see no way I will be able to catch the others in this challenge, but am happy for them to be out there taking so much action. I am also happy with my small accomplishments so far with this group/challenge. I never thought I would be buying houses so quickly back in August when I started!

The Leaderboard

Okay, so let’s get to the leaderboard. ¬†Here is where things stand right now …

  1. Hector Perez 1392
  2. Dave Comer 1124
  3. Donna Hinton 848
  4. Arthur Botting & Jennifer Laske 780
  5. Tom Kelly 647
  6. Jeff Ringnald 489
  7. Jonathon & Johanna Federwisch 379
  8. Patrick Pierce 348
  9. Michael Fletcher 340
  10. Victoria Coleman 298
  11. Rob Dryman 210
  12. Paul Nguyen 182
  13. Cary Lonis 175
  14. Stuart Fox 172
  15. David Johnson 114
  16. Mark Blevins 99
  17. Gary Lappert 90
  18. Crystal Denmon 86
  19. Jason Vickery 80
  20. William Morgan 73
  21. Johnny Lorenz 69
  22. Carloz Zepeda 64
  23. Mark Willey 61
  24. Tim & Roxanne Watts 42
  25. Ted Chan 41
  26. James Palin 29
  27. Phil Madarang 29
  28. Wendy Wong-You 18
  29. Colleen Sawatzky 12
  30. Ryan Scott 11

Want to see the breakdown of points?  Click here to see a Google Spreadsheet of the results.

So that means that Hector Perez and Dave Comer are the two finalists in the Biggest Flipping Failure Challenge.  Those guys really went gangbusters!  In fact, In the last week of the challenge Hector got more points than the 24 people got during the entire 5 weeks!  And Dave was right there with him making amazing progress!

So, what does it mean having two finalists? ¬†Well, we’re going to hear from each of them about their 5 week journeys during the challenge, and then we’ll have all of you guys vote on the person you think should be the grand champion of this challenge! ¬†I’ll be posting up (and emailing out) more details on how you can hear their stories and vote, but for now I think all 30 of the teams deserve a big congratulations for taking action on their dreams.

It doesn’t matter if you got 1 point or 1,000 points, you DID SOMETHING! ¬†And that is worth more than you can imagine!

Have any questions for these guys?  Just ask below in the comments!

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