Flip This Wholesaler

8/26/2008

Well, I’m bound and determined to get another deal signed up by the end of the month, so I’ve been in offer mode for the last few days. I’ve got about 20 offers out there right now, and don’t plan on stopping anytime soon. I’ve already got one that I’m very close on, but waiting to hear back from a buyer to see if he wants it or not. I don’t have any other buyers who like this area (it’s a pretty rough street), so if he doesn’t want it, I’m not going to contract it. This guy is one of the buyers I hunted down last week- he owns the house across the street from the one I offered on, and also owns the one next door . The bank is at 52.5k right now (they came down from 75k), and I am at 51k. The ball is in my court, and I am taking my sweet old time getting back to them. Aside from a 5 minute phone conversation, I don’t know this buyer from Adam, so there is a chance that he could just go straight to the listing agent and make an offer, but I would rather have that happen than put the house under contract and not be able to sell it. There are plenty more deals out there, so I am willing to take the chance. No risk, no reward….

I just reserved my spot at Steve Cook’s wholesaling bootcamp coming up in October. I went last year, and had a phenomenal time, and can’t wait to go again this year. Aside from the fact that Steve’s events are top notch (all content, no selling), I also am looking forward to meeting up with the guys/gals who hang out over on the Flippinghomes.com forum. I have learned so much from that website over the last few years, and have also made many good friends along the way. It’s like a family over there, and I look forward to seeing everyone in October….

And that’s all I’ve got for now.

Over and out.

P.S.
I’ve been having some major issues with the feed from my blog, and as a result, I think the readers who were getting email updates are no longer going to get them. You may have to re-subscribe to start getting them again. I apologize for the inconvenience…..

8/13/2008

Well, the pink house deal is FINALLY closed! Geeze Louise, I never thought that thing would make it to the closing table….

I’ve got a few offers out right now, and plan to make a bunch more tomorrow. I’m going to just keep stacking up the deals for next month. Normally, since I’ve already got 2 lined up, I would put myself on cruise control right about now, but like I mentioned in my last post, I’m going to break that habit once and for all, and take things to the next level….

I noticed with the last batch of offers I made, that jacking the earnest money deposit up to 5k (as opposed to 1k), really seems to get the bank’s attention. Couple that with a contingency free offer, and 7 day close (even though there’s no chance in hell that they can get it done in a week), and you stand a pretty good chance of getting yourself a deal. I wouldn’t recommend doing that, though, unless you have an end buyer in mind, or know that it’s such a fantastic deal that there’s no way you won’t be able to sell it. Otherwise, you could seriously screw yourself, and nobody wants to do that.

Over and Out…

8/7/2008

I put a few more offers in yesterday on houses in the same neighborhood as the pink house. I’ve pretty much got an offer on every single concrete block house in this zip code that’s priced under 80k. So far, I’ve received 2 counters, one of which was $1500 below list price with a closing date of September 22nd. That obviously is not going to work. The other one I may be able to turn into a deal. I gave the address to my buyer this morning and he is going to go by this afternoon. The bank is “supposedly” ready to close on it any day, as it has been under contract twice already, and both times the buyers/wholesalers bailed at the last minute. It just came back on the market in the 50’s, and I’m trying to get it for 35-38k and sell somewhere in the 40s. We’ll see what happens.

Last night I discovered my new favorite restaurant in Tampa- Vino E Pasta. I’m not sure what I like best about this place- the food, the service, the atmosphere, or the fact that you get a complimentary bruschetta for an appetizer, and these delicious little cream puff things for dessert. I think I will start treating myself to dinner there every time I close a deal.

Gotta run- I’m going to St. Louis this weekend to visit my sister and my nephew, and I’ve got a million and one things to do before I go…

8/4/2008

Since it looks like the pink house deal is just not going to close-EVER, and because my buyer is coming back from the Bahamas Thursday thinking that we are going to close on Friday, I decided to take matters into my own hands, and made 5 offers on other properties in the same neighborhood. I offered 5k earnest money on all of them, and to close by the end of the week. If I get any of these at the prices I offered, they will all be better deals then the pink house (It was a good deal a month and a half ago, but now, not so much), and I know my buyer will be pleased. In case you’re wondering what will happen if they all get accepted, I can pretty much guarantee that isn’t going to happen as these offers are LOW, LOW, LOW. If it does happen, well, I’m sure I’ll figure something out. No risk, no reward.

The other deal I just got under contract has had a lot of interest, but no contract yet. I’ve got no worries whatsoever about selling this thing, and I have until Sept. 9th to find a buyer, which is an ETERNITY. I’m holding out for a big payday on this one since I have the extra time.

I spent all day yesterday looking at houses and looking for new buyers. I found 2 more cash buyers (landlords), by calling “for rent” signs. I’m telling you- this is a FANTASTIC way to find new buyers. Every time you go to look at a house, if you just take a few extra minutes to drive around the neighborhood and call some signs, you will have a whole bunch of new buyers before you know it. Trust me- it works.

I’m off to bed.

Over and out.