Flip This Wholesaler

Just got back from putting out signs again.

It’s 2:18am. I put out 35 tonight, so I have about 65 out total (minus some that have been taken down).

I got one call today from a security guy telling me I can’t put them up in that subdivision. I told him no problem and apologized. He actually called me back a couple minutes later and told me that he would hold the signs for me if I wanted to pick them up. I thought that was pretty nice.

Over the weekend I talked to a guy who is selling one of his properties and moving out of state.

He has 3 empty rentals right now and needs to sell asap. The ARV of the property is around 220-230. He was asking 169k originally. I offered him 155k. He told me he had another buyer @ 165k, so I told him to keep me in mind if the buyer didn’t work out.

He ended up calling me today telling me the buyer is jerking him around. He asked if I could go higher than 155k, and I said 159k was the best I could do. He was supposed to talk to his wife and call me back, but he never did. He sent me an email later on saying he was with a client and would call me later, but he didn’t. I hope he calls tomorrow because I would like to get this house for my Dad.

I am also talking with another investor who is liquidating his properties and moving out of state. He called me again today to tell me he wants to sell fast and that he will lower his price. The property is really hard to value, because the area that it’s in is being revitalized, and comps are all over the place. I know his mortgage balance is pretty low, so I think I’m going to call him first thing in the morning and try to get his bottom line.

The buyer for the Nightmare Deal sent me an email today saying it is closing this week. I’ll believe it when I see it.

It’s 2:30 am and I just got back from putting out signs.

I managed to get 30 of them up. It took me almost 2 hours. I almost didn’t go because I am totally exhausted, but I made myself because I haven’t been getting any good leads lately.

I have 30 more that I’m going to put out Monday night.

I haven’t used signs in a few years, so I’m going to see what sort of results I get from these (I had these left over from a long time ago) then decide if it’s worth the hassle.

I made a bunch of phone calls during the day. Didn’t get any good leads, although I added another cash buyer to my buyers list.

I made a verbal offer to a guy I spoke with yesterday (the offer was a little less than 70% ARV) and he told me he would rather set his house on fire than sell to me. I think that was the highlight of my day.

I also had another guy start screaming at me because I was asking him too many questions, and how the heck was he supposed to sell a house over the phone. He kept going on and on so I just set the phone down until he was done. Good times.

Tomorrow I am going to go to some open houses and also call ads from the Sunday paper.

Well, today turned out to be a great day. I showed the house before I met w/ the realtor, and ended up getting a full price offer ($113k contract price + 5k assignment). I met w/ the realtor to sign the new contract, then went home and faxed the assignment over to the title company. What a relief. It’s nice to know that all my hard work is finally starting to pay off.

I got two calls today. The first was from a postcard I sent out. The seller has a new house that he’s trying to get rid of. There’s only about 20k in equity. The other was from an investor I met a few weeks ago when I went to look at his house for sale. He was supposed to close on a house today, but his financing fell through at the last minute. Probably a blessing in disguise for him, because the numbers were not good at all. His estimated ARV was about 30k too high. He may have been using comps from the beginning of the year.

Friday night I’m putting out bandit signs with another investor. We are going to target the areas near the malls since this weekend will be a busy shopping weekend. I hate putting signs out, but it will be a lot easier if I have someone with me. In the past, I’ve always done it solo, and it prettty much sucks. I hope to get some calls from those next week. The month is almost over, and I would really like to get something under contract so I have some cash coming in next month. This last weekend I gave my notice at work (I’m going to finish the year out), so I really have to hustle from here on out. My buyers list is growing by the day, which I think will make it a lot easier and less stressful next time around.