Flip This Wholesaler

2/28/2008

Well, it’s official- I’m moving into Skypoint April 1st!!! Woohoo! I signed the lease and gave my deposit earlier today! I’m soooooooooooooo excited! The one I ended up getting is on the 21st floor with views of downtown, the Bay, and the Hillsborough River!!! SWEET. Got it at a ridiculous price, too! Hehehehe.

Spoke to the lady at the title company today about REO #3. Everything looks good on their end, so, it looks like next Friday will be an 8k payday for me. NICE.

And then I will continue to KICK 2008’s ASS!!

2/7/2008

I’m kinda still shocked at what happened today. Also, I’m just about to polish off a bottle of red, so I’ll keep this short and sweet…….

My “Mother Load” buyers came through with a signed contract and a deposit, which will translate into 2k for me….

The REO that was listed as a 2 bedroom but was really a 4, accepted my offer of 58k, and my buyer who bought the Kermit the Frog house called and told me he wants it for 66k! Actually, he called me before I knew that the bank accepted my 58k offer. When I called the listing agent to see what the status of my offer was, and he told me they accepted, I almost peed my pants. I’m not even kidding.

So, to sum it all up, I just had a $10,000 day today (well, if everything closes, which I think it will).

Because I can’t really put into coherent words how happy I am right now, I’ll just leave you with this…….

1/17/2007

I am pleased to announce that I have REO #2 sold!!

My rehabber friend went to take a look at it and wanted it.

It’s set to close a week from tomorrow.

I was initially hoping to make 5k on this one, but it will be 3k instead, which is fine by me. This is another instance where I could probably find a buyer for a few grand more, but I’m going with this offer because I know it’s a done deal. This is the 3rd deal he has bought from me, and I know I don’t have to worry about any bs with him.

I had my friend John (I put the offer in through him) call the listing agent and tell her (not ask) that we needed to add my partner on to the contract (I will quit claim myself off ofter closing in exchange for my fee).  No problemo. I was all stressed out about it as usual, but it was no big deal. They don’t care as long as it gets sold.

I got some coaching from my friend Chad in Atlanta, who was the one who told me about this whole quit claim thing a few months ago. Thanks, Chad! Doing it this way is saving me quite a bit of money in closing costs. It’s also pretty darn easy to do.

Here is what the numbers look like on this one…… ARV $115k-$120k, Repairs 20k (I was way off on my repair estimate, btw), list price $54,900, contract price $55,000. Assignment fee 3k, which will be paid outside of closing in exchange for a quit claim deed to my buyer.

One of my goals for the month was to buy a new computer (laptop), which I will be doing once this deal closes. I can’t wait!! Check it out- it’s PINK!! I’ve had a picture of it tacked up on my wall right behind my desk for about a month now. Motivation.

Me wantee.

1/16/2008

REO #2 is officially under contract!! I got the call yesterday. I sent it to one of my buyers last night who I know likes this area, and he just called and told me he’s going to check it out right now and will probably take it.
SWEET!!

I’ll update later, hopefully with news of a signed contract!

Look out 2008, here I come…..

Wow, what a day it’s been!

The lady I talked to last night about buying her house told me several times that she needed a really fast close (like next week).

I was supposed to go see it @ 1pm today.

The phone rang at 8:30 this morning, and I almost didn’t answer it because I was sick and was still sleeping.

I answered anyway, and it was the seller telling me she wouldn’t sign any contract unless I could close by Tuesday of next week.

She said she would be willing to lower her price if I could close by then.

I offered 80k, and she said no, then offered 90k. She said she could do 100k.

So I told her I would make a few calls and get right back to her.

I called one of the investors who has been helping me out  and gave him the details.

He told me to go for it, but to try to get it cheaper.

He said he would put the word out to his cash buyers right away.

So I called the seller back and told her I could close Weds. maybe Tuesday.

She said she would take 90k if I could close Tuesday. I told her I could manage that (I figured if I couldn’t find a buyer by the end of the day, I would buy this with my Dad who has cash).

Right after I hung up with her, I get a call from an investor who I have become good friends with (she is just starting out with wholesaling as well), asking me if I have been talking to a lady selling a house in Tarpon Springs (that’s where the property is).

Turns out my friend had spoken with the lady last night, and already has a cash buyer. She was on the other line with the lady when I called her back this morning.

We ended up deciding to work the deal together (we have another property that we’re doing the same thing with). We figured between the two of us, we could find a cash buyer and split the assignment.

So, we both drive out separately to look at the property, and I end up getting the contract for 90k.

While I’m at the house, I get a call from Lee saying he has a cash buyer who can close tomorrow for 100k.

Meanwhile, the other buyer my friend had lined up is on his way out to look at the property (he lived an hour away), so we decided to wait for him to see the property and see if he would offer higher.

He calls us back and says he will pay $112k.

At this point we are both ecstatic. We tell him to meet us at Starbucks to sign the assignment, show us proof of funds, and give us a deposit.

Now he tells us he is going to be using hard money and doesn’t want to give us a large deposit (we asked for 6 grand).

After a few more phone calls, we decide that it would be best to go with the investor who I spoke to earlier. I ended up meeting his partner an hour later and getting the assignment for 10k. He brought me a bank statement from today showing he had the funds, and is putting a 1k deposit at the title company. We are set to close on Tuesday.

I am still a little bit in shock that I actually found a deal, got in under contract, and found a buyer all within 24 hours. It is kind of surreal. If this deal closes on Tues., and the Nightmare Deal closes on Weds, I will have made 15k within 8 days!!!

I also wanted to add that the lady who I bought the house from today went down a list of investors from various sources (newspaper, flyer, signs, etc), and called all of them. I was one of only two (my friend who I am splitting the assignment with is the 2nd), who actually called back promptly and went over to make an offer.

This was a REALLY GOOD deal, and I know that if I didn’t answer the phone this morning, I would have lost out on it. Whoever coined the phrase “you can’t steal in slow motion” was right on the money (no pun intended).

Another point I wanted to make was that if you find a good deal, you will have absolutely NO PROBLEM finding a buyer!! I know I had heard this a million times before, and never really believed it, but it is true. Once the word got out today about this deal, everyone and their Grandmother wanted in on it. I’m not kidding. We found a cash buyer and had a 10k assignment within 6 hours of getting this under contract.

Even if these deals were to go south, I still will be grateful for the experience and confidence I have gained in working them through. Every deal I do, I learn something else and gain a little more confidence in myself.

My last two days of work are this coming Saturday and Sunday. It really hasn’t sunk in yet. I have been either waiting tables or bartending since I moved to Florida in 1994. Almost 13 years of waiting on people.

Sunday will be one of the happiest days of my life.