Flip This Wholesaler

9/10/2008

Well, it’s official- I’m on vacation! I’m not technically leaving until tomorrow morning (not too excited about flying on September 11th), but I decided I wasn’t going to make any more offers until I get back on Monday. It’s tempting, though, as there are a few houses I have my eye on, but I don’t want to be working while I’m back home, so I’ll just wait until next week.

The two deals that I thought I was going to get, I ended up not getting. The one where the bank initially came down to 63k from 90k and then told me I had to resubmit my offer….well, when I resubmitted my offer, they only came down to 87k and wouldn’t budge. WTF? And I even raised the earnest money from 1k to 2.5k! This is what I mean when I say that there is no rhyme or reason to what the banks do, and also why I LOVE low balling the shit out of them and taking them to the cleaners. They deserve it, as far as I’m concerned…… The other deal where I was in a bidding war with 3 other people, ended up turning into a bidding war with every wholesaler in Tampa, so I highly doubt I’m going to get it now. Can’t wait to see how high it goes, though.

I’ve got one deal that is supposed to close on Tuesday, but I don’t think the title company is going to be ready to close on time, and for once, I hope they aren’t. In a nutshell, the hard money lender who is supposed to fund this deal, dropped the ball, and as a result, the inspection/appraisal has not even been done yet (should have been done last week), and I don’t think there is a chance in hell that they will be able to fund it on Tuesday. This is partially my fault for not following up/babysitting like I should have been. Sometimes I forget that part of my job is to make sure other people are doing theirs.

Well, gotta run. I’ll try to update at least once while I’m in beautiful, Middle of Nowhere Illinois…

It’s not snowing there yet, is it?

9/4/2008

So, first thing this morning, I went over to the property I just got under contract to see if I could fix the door that had supposedly been kicked in. Turns out you just have to lift up on the door a little bit when you shut it. Problem solved.

Still haven’t heard back on that counter I was talking about a few days ago. I called the listing agent to see if the bank had responded, but he hasn’t heard anything yet. I really want this one, as I’m pretty sure McHotterson will take this in a heartbeat. He just got back from Russia and is looking for more houses, so it would be nice to get this one for him.

I am currently in a bidding war with 3 other wholesalers over a property that just came on the market. I happen to know what the other two guys offered (I’m not at liberty to say how I know that, but rest assured it is not shady or illegal or anything).. anyway, unless more offers come in before morning, I think I should have this one in the bag. I’ve closed several deals with this listing agent, so that is always a bonus.

I’m still in a state of shock about this, but I’ll be damned if one of my deals isn’t closing EARLY!! Holy shit- can you believe it? An REO closing a full business day early- SHOCKING! It was supposed to close next Monday, but by some miracle, the lady handling the file actually got it done early.

HEHEHE….Damn, I’m good.

Tomorrow I’m going with another wholesaler friend of mine to see my short sale friend Nathan speak at this event. He’s turning into a little guru right before my very eyes. Hehe.  If you’re interested in jumping into the short sale arena, I highly recommend his new course.  It’s good stuff.

A più tardi

P.S.
Just wanted to give you all a friendly reminder that you should NEVER, EVER, accept a personal check as a deposit from a buyer you haven’t worked with before. I don’t want to talk about it right now, but just trust me on this one.

3/6/2008

The REO I was talking about in my last post (REO #4), is now in a “multiple offer situation”- dreaded words.

Basically, it means every wholesaler and investor, and their Moms and Dads saw the price drop, put an offer in, and now we are being asked for highest and best. I upped my price $500, and am pretty sure I won’t get it. I’m at quite a disadvantage in situations like this when there are other investors bidding against me that can offer higher earnest money deposits, and close in a day or two with their own cash.

Right now, I just can’t compete.

Same situation occurs when a property comes on the market at a no-brainer price- like the 3/2 1200 sf house that popped up on mls 3 days ago for $27,250! Last time I talked to the listing agent, there were 11 offers on the table. I’m curious to see who gets it.
The good thing for me is, there are an ASSLOAD of REOs on the market, with assloads more being added every day, so there’s plenty to go around….

Last Friday, I talked to the lady at the title company that is handling REO #3. She told me everything looked good, and we would be able to close this Friday (tomorrow) . So, I called back Monday just to make sure (I don’t believe anyone anymore when they tell me that everything looks good), and a different lady told me the title work hasn’t even been started yet.

WTF???

She said she would try to expedite things (yeah, right), and I just resigned myself to the fact that it wasn’t going to close until the 18th, which is the last day they have to close. Well, apparently, she wasn’t bullshitting me, because she called earlier this AM and told me everything is ready on their end.

The only thing that is missing is the addendum adding my buyer onto my contract (I’m going to quit claim him off after closing for my fee).

I emailed it to the listing agent a week and a half ago (by the way, I didn’t even ask if I could add my buyer on the contract, I just wrote up an addendum, had it signed by my buyer (and me), and sent it over to the listing agent in an email telling him I wanted my partner on title and to have the bank sign it).

No resistance whatsoever.

Anyway, I emailed it to him a week and a half ago, and he just got it to the bank yesterday. Friggin slowpoke. Anywho, all we need to close is that signed addendum, which means we SHOULD be able to get it done tomorrow. Woohoo!

Let’s see, what else? Oh yeah…..I’m an Aunt!! Auntie Steph. Trevor was born a day early- Monday eve at 5:21 pm. I’m going to head up to St. Louis in the next month to meet him. Can’t wait.