Flip This Wholesaler

3/18/2008

Still waiting to see if this buyer is going to get approved for hard money. It looks good, but you never know. If not, there’s another guy who also wants it, so we’ll see. I hate waiting. Cash buyers are so much easier to deal with.

Speaking of cash buyers, I found another one yesterday. He called on one of my signs that I put out over the weekend. He’s a landlord looking to pick up some cheap rentals. My favorite kind of buyer, by far.

The other cash investor that I hunted down last week called me yesterday to see if I wanted to meet at Starbucks for coffee (that’s always a no-brainer question for me). Apparently he wants to start wholesaling, too, and wants me to help him sell some of his properties. Not really how I wanted things to go, but that’s OK. The more the merrier. He just picked up an REO before it hit the mls (the listing agent called him first because she knows he closes his deals) for $32,000. He’s going to try and wholesale it for $59,900 , which he shouldn’t have any problem doing (that’s almost 28k, in case you don’t have a calculator handy). It’s a 3/2 1100 sf house that only needs 10-15k. Probably worth 120k-ish.

I need to get me a 28k deal. Then go on a nice vacation…