Flip This Wholesaler

6/17/09

Well, I wasn’t able to save the deal, and it is now officially dead. I’m pretty sure that DB was just waiting for my time to run out, and I bet he’ll have an offer in on it today. With a little luck, maybe he’ll buy the property and the rest of the roof will cave in on his head. Just kidding. Kind of.

I got a counter back yesterday afternoon from one of the houses I offered on yesterday morning. This is shocking, as it usually takes them five years (give or take a year), to get a response from the bank. The bank countered @ 13k and I am trying to get it @ 10k. The house is in the hood, but it’s not in horrible shape, and I have a few guys who like this area, so I’m going to send both of them by today to see if they’ll bite. One of these guys bought a house from me on the same street last year for 27k. It needed a lot less work, though, and had 1 extra bedroom. We’ll see.

I’ve been trying to make at least 3 offers/day every day, but there really isn’t that much to choose from right now, so I’m continuing to work deals with a few of my wholesaler friends. I usually get at least one call/day from other wholesalers asking if I want to JV on deals with them. This is a good thing for me, especially when there isn’t much available on the mls…

Anyhoodle, that’s about all I’ve got for now. I’ve been a busy little bee working on stuff for the new blog (which should be ready to go by mid-July)…

Gotta run- I’m off to the gym. No excuses for me today..

P.S.
I found this video on the Zen Habits blog, which is my new favorite blog. Lots and lots of good stuff over there..

4/7/2009

I don’t want to jinx myself or anything, but holy shit are things looking up.

I’m not gonna lie- I’ve been getting a little discouraged lately with the amount of offers I’ve made (over 100), and the amount of deals I’ve contracted (0).

Towards the end of last year, I was getting roughly 1 in 20 offers accepted, so you can imagine my frustration in making more than 100 offers to no avail. I haven’t even been getting any counters lately, because there are almost always multiple offers on each property (even the shit holes), and it almost always goes to highest and best, and I always lose when it goes to highest and best.

Luckily for me, I’ve experienced several dry spells in my short wholesaling career, and I have come to learn that just beyond every dry spell lies a big fat river of opportunity…. I now know that if I can push myself through the frustration, and the lack of anything good happening, and if I keep working my ass off, eventually I will be rewarded for my efforts. That may sound like a cheesy cliche, but I’m telling you, it’s true. It happens every single time, and this time is no exception.

Like I said, I don’t want to jinx myself, but it looks like I’m about to get two deals locked up tomorrow- one of them is a JV deal with another wholesaler friend of mine (Murphy), and the other is a deal that I am getting before it hits the mls, and let me tell you it is a SWEET freaking deal – a 3/1, 1500 sf bungalow that needs very little work, in a good part of town, and I am getting it for 32k! If I can get this one sold tomorrow (which I’m pretty sure I can), there will be lots and lots more where this one came from.

I kind of just hit the REO mother load. For real.

So, yeah, it was a good day today.

3/17/2009

Well, I’m off to Baltimore tomorrow.

I was going to make some more offers today, but got caught up doing some other stuff, and never got around to it.

Of the 10 offers I made yesterday, 3 already had accepted offers, 1 was rejected without a counter (love those), one wasn’t looking at offers below 50k (my offer was 40k), and then I got one seemingly good counter.

This property just came back on the market after being under contract for 40 days. It’s listed at 65.9k. I offered 40k, and they came back with a counter of 45k. This is one that I did not look at before I made the offer because I thought it would be a slam dunk deal at 40k.

It’s a 3/2, concrete block house, that, from the pictures and the description, appears to be in move-in condition. So, I got all excited when I got the counter, and flew over to the house to check it out, thinking that I had a great deal on my hands…… And, this place would be a FANTASTIC deal, if only I could pick it up and move it one block to the East or the West, or North or South.

Unfortunately, it is the only single family house on this particular street, and is swimming in a sea of duplexes and multi families on a horrible block. Long story short….. not a good deal at 40k. This is why I don’t like to make blind offers anymore…

I have a few other deals that I’m working on with wholesaler friends, but nothing in writing yet. I’ve got investors hounding me for properties, so I’m going to keep making offers like a lunatic..

The other deal that I’m working with Lee is actually going to close early. SHOCKING! It was scheduled to close on the 31st of this month, but is now going to close a week from today. So that’s good news.

That’s about all I’ve got for today. Heading out to Baltimore early tomorrow, and will be back in action Friday afternoon.

Later alligators.

P.S.
Happy St. Patrick’s Day!!

P.P.S.
Congrats to Nate for paying off 110k in debt- you rock, Nate!

3/16/2009

I just finished making my offers for the day. My goal was 3, but I got a little carried away and made 10 instead. I decided that since I’m going to be in Baltimore Weds-Fri for Steve’s Wealth Explosion Event, that I would stockpile some offers today and tomorrow…

So, as I was going through the mls looking for houses to check out tomorrow, I noticed that there is a whole SHITLOAD of short sales available. More so than normal,even. Short sales as far as the eye can see. It used to be about a 50/50 ratio (roughly) of short sales to REOs, but now I’d say it’s more like 70/30. Maybe even 80/20. Good grief. Looks like I’m going to have to start making some offers on those, too. Can’t hurt to try, right?

That’s about all I’ve got going on. Just making offers and looking for buyers…

Over and out.

3/5/09

It’s going to be a good month.

I got another deal signed with Lee on Tuesday. It will be a small payday, but I have roughly 1 hour of work (went to look at the house, and then made one phone call) into the deal, so I’ll take the money and run.

I’ve been keeping up with my crazy low offers. I’m looking for a grand slam here in the very near future. My plan is to JV on deals with a few of my wholesaler friends for the smaller profits, and only take on my own deals if the spread is huge. I learned my lesson on the house I lost money on…. No more skinny deals for me.

Joelle from Moxie Design Studios finally contacted me this week and is ready to start working on my new site, so I’ve been busy getting all of my ideas together and trying to get a better idea of how I want it to look. I’m really excited to give this blog a face lift.

I’m on a mission this week to find a few new buyers, so I’m heading out today to harass some landlords and do some investigative work. I’ve got a nice, healthy list of the recent cash sales from the mls, and will be paying a visit to some of these investors today.

And that’s all I’ve got for now…

Adiós amigos!