Flip This Wholesaler

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!