Weekly WIT, October 24, 2022

This week in Summary

Investing Tip of the week

Q: Should you buy Closing Protection?


A: If you have zero risk tolerance, then sure. The Closing Protection bond is your assurance that if the Settlement Agent makes a mistake NOT covered by Title Insurance OR runs off with your money, you will be made whole. The risk is miniscule but theoretically exists. Lenders always buy it. I do not. But I also scrutinize the Settlement Statement for conformity with the contract, looking for errors and asking questions BEFORE I sign anything. I go into more depth on this topic in Episode 564, link below.  

Joke of the Week

Here are a few Halloween jokes for you.


  1. Q: What do you call a dancing ghost? A: Polka-haunt-us. 

  2. Q: What do you call a cheesy Halloween dance? A: The muenster mash!

  3. Q: How do you write a book about Halloween? A: With a ghostwriter. 

  4. Q: Where does Count Dracula usually eat his lunch? A: At the casketeria. 

  5. Q: Why do vampires need mouthwash? A: They have bat breath. 

  6. Q: What is a vampire’s favorite holiday? A: Fangsgiving. 

  7. Q: What did one ghost say to the other ghost? A: “Do you believe in people?” 

  8. Q: What do you get when you cross Bambi with a ghost? A: Bamboo. 

  9. Q: What’s a ghost’s favorite ride at the carnival? A: The roller ghoster. 

  10. Q: What do you call a ghost with a broken leg? A: Hoblin’ Goblin.

Blessing of the week

May you always have walls for the winds,

A roof for the rain, tea beside the fire,

Laughter to cheer you, those you love near you,


And all your heart might desire.

This week's Video: Rental Comps for FREE

Get rental comps for free using the Rentometer app. I’ve been using it for awhile and it has never informed me of a limit or a charge. I’m a Rentometer Pro user, which has a cost. But I didn’t log in to the app, so I’m pretty sure it’s free. And frankly, it’s easier to use than the website. 


Rental comps are in some ways more difficult to get than sales comps. Rentometer does a pretty good job, relying on data voluntarily shared with the platform. It does not work well in smaller towns however. But for FREE, who’s complaining?


This is part of the REI by the Numbers Course, available by clicking here. This is an in-depth look at the numbers behind every real estate deal. Much more than a math class, you’ll learn how to analyze flips and rentals, value properties, and use online tools to make quick and accurate decisions. As a bonus, you’ll learn how to quantify and compare other investment opportunities outside the world of real estate. You also receive FlipCalcs, Roger’s deal calculator, a $100 value.

The Flipping America Show

Episode 562 Just Do The Deal
October 19, 2022
How do you overcome fear and have the courage to do your first deal? This is a question I get quite often and today I’m going to answer it. This episode is for everyone who has hesitated and missed deals – and for those who have hesitated and NEVER done a deal. I’m going to help you say yes to the right opportunity. 

I understand the concern. I’ve been there – looking at a deal that looks ok, but nervous about the things that can go wrong. They call it the paralysis of analysis, but like most clever little slogans, there is often more to the story.

Episode 563 Derek Dombeck

October 19, 2022
A lot of people start by flipping houses and then evolve into something else. That’s our story today with Derek Dombeck, but you won’t believe what he’s into now. And it’s something we’ve never had on this show. 

Derek Dombeck is a hard money lender in Green Bay Wisconsin. Before that he was a house flipper. Before that he worked in construction. But what he’s doing now, in addition to the hard money lending company is something we’ve not covered on this show before, but I’m going to let you hear it from him.

Episode 564 Zero Down
October 24, 2022
People have been teaching the “no money down” method of real estate investing for many years now. Long before I had heard the name of any real estate teachers I was doing my own version of “no money down” deals. I had bought and sold more than 500 houses – full fix and flip projects before I used a dime of my own money in a deal. Today I’ll tell you how.

Flipping America News

The Buyers Club won the bids on seven properties in the past two weeks. With one 100k exception, purchase prices were in the 30s with expected resales in the 70s. These are microflips, or wholetail deals. Want in? You can buy them from us or you can partner with us in them. 


Got a funny, clean joke? An interesting real estate story? Submit them to info@flippingamerica.net.

Real Estate News

More Evidence of a slowing market


When I did my Q3 market report last week I didn’t have access to this story, released last Thursday. Attom Data is reporting that profits from home sales were down in the third quarter which is further evidence of a slowdown in rate of home price appreciation. 


I also didn’t see this story until this morning (thanks, Justin for sending). 60k home sales were cancelled last month. That’s 17% of all houses that went under contract to sell. Typically the cancellation rate is between 5 and 7%, so this is a significant increase. 


What does this mean to the investor? It’s getting easier to find the deals that fit your model as homes are no longer flying out the door as soon as they are listed. Home sellers will be accepting discounted offers for the first time in years. This will affect bank-owned properties as well. Banks have the added pressure of daily costs in the property – it’s not like they are living there and can just wait until they get their price.


The rise in foreclosures (I’ve been calling it a bump, not a spike) is underway. Already banks are beginning to unload excess inventory at lower prices. There are some good deals available right now to those who can buy 100 or 500 houses. In the coming months you’ll be able to buy a bank owned property with room to make a profit on a flip. It’s been years since I could say that. 

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