Flip This Wholesaler

So, the deal that I was working on with my wholesaler buddy that was supposed to close last month sometime, finally closed today.  Which is good news.  I always cringe when my phone rings on the day of a closing because I’m half expecting the morons at the bank’s title company (or the morons at the bank) to screw something up and delay things even more.  I am officially jaded when it comes to dealing with bank owned properties.  And for good reason.  Thankfully, though, the closing went off without a hitch this time, and I got paid.  Getting paid is always nice.

In other news, I just got another JV deal wrapped up today that might be closing TOMORROW (if you can believe that).  If not tomorrow, it will get done early next week.  This one is actually a short sale that has already been approved that was brought to me by another wholesaler. Coincidentally, the other wholesaler is Drew Downs, whose course I just got a few weeks ago after listening to a webinar he did about wholesaling short sales off of the MLS.  He’s basically killing it right now, and is using an approach that I have not seen anyone else take when it comes to pursuing short sales on the MLS.  And now he is training his competition (me).  Bwahahahahahaha…

So anyway, I contacted him after reading through his material and asked him to let me know next time he got a deal because I have the most kick ass buyers list at the moment.  He sent me a text Tuesday night with info about a deal that had just fallen out of contract, and I was there the next morning at 9am with my new favorite buyer who is looking for houses in that neighborhood. My new favorite buyer (NFB from here on out), took about 30 minutes to make up his mind and commit to the property, and he dropped off an escrow check this afternoon for the entire purchase amount.  Cause that’s just how he rolls.

The best part about all of this (aside from the fact that I’m going to be making 3k in 3 days for doing next to nothing), is that I also called my Cheap Bastard Buyer (CBB) about this same property and he didn’t get back to me about it until a few hours later, and when he did get back to me, he spent 10 minutes telling me what a “piece of shit” (spoken in a very, very, thick Southern drawl) the house is, and naming every single repair that needs to be done to it.

We go through this same routine EVERY. SINGLE. TIME. I send him a new property, no matter how good of a deal it is, or how good of condition it is in.  It’s the most annoying negotiating tactic EVER, and even more annoying that he thinks I don’t know what he’s doing.  This ain’t my first rodeo, pal.

So anyway, I let him go on for a few minutes just for fun, and then I told him sorry the house is already gone and by the way, I sold it for full price.  Because it’s a smokin deal.  You cheap bastard.

Hehe.

So yeah, I still don’t really understand how all the paperwork is going to go down with this deal, but as far as I know we’re doing a double closing.  Although Drew said you can sometimes assign short sales (news to me), so we might end up rewriting the contracts and doing it that way. My buyer doesn’t really care how the closing is set up as long as he gets the house with clear title, so if we have to go back and redo the paperwork, it’s not going to be a big issue.

Anyhoodle, I’ll let you know how it all shakes out.  This is new territory for me, so it should be an interesting learning experience.

And thus concludes the longest blog post on the face of the planet.

Later Alligators!

P.S.
My girl Shae, just set up a new fan page on Facebook for her delicious (and nutritious), coffee line. It has magical healing powers because it is made with magical mushrooms. For real. Head on over and fan her up- and check it out for yourself!

P.P.S.
I posted a new article on the BiggerPockets blog earlier today- check it out when you have a second and let me know what you think.

P.P.P.S.
Does anyone else despise WordPress as much as I do?
I want to kick it in the face right now.