Flip This Wholesaler

Hi Guys and Gals!

How was your week?  Everybody making lots of offers and lots of money?

All is well over here in Tampa, minus the fact that I haven’t seen the sun in about 4 days, and also, I’m FREEZING MY ASS OFF.  I know many of you are buried under seven hundred feet of snow and are without electricity and you probably want to crawl through the computer and strangle me when I complain about it being fourty effing degrees here, but I can’t help it.  THIS WEATHER BLOWS. It’s no accident that I live in the Sunshine State, so I feel entitled to complain.

Anywho, enough about the weather- let’s talk real estate, shall we?

I thought I was going to be writing a post today about a new REO deal that I just got under contract, but that ain’t happening, apparently.  I’ve actually been negotiating with the bank on this particular deal since last week and thought it was in the bag.  The house has been on the market on and off  for over two years.  Two. Years. Seriously.  It’s currently listed for $25,000 and my initial offer was $12.2k.  The house is a piece of crap located on Piece Of Crap Street, but I’ve got a buyer who happens to like this little area and he’s looking for something in the el cheapo price range, and this dump fits the bill…

So, anyway, I offered 12.2k, all cash, no contingencies, with a 3 day closing.  The bank came down from $25k to 16k on their first counter, which was quite shocking, in a good way.  Nine times out of ten when they come off their list price that much right out of the gate, they will come down more.  So, I countered back at 13.5k last week and have been waiting and waiting for a response.  I already ran the deal past my buyer, who said he would be interested at 20k-ish.

I finally got a call back from the agent yesterday letting me know that they got a full price offer and asking  if I was interested in coming up any more.  HAHAHAHAHA!  Yeah, no thanks.

I figured it was a wholesaler who put it under contract, so I checked Craigslist a few hours later, and sure enough, the property was listed with a nice little 7k markup.  There’s no way in hell anyone is going to pay that much for that property, so I expect to see it hit the market again in the next 3-10 days, depending on how long the inspection period is.  I already let the agent know that I’m still interested, and I’ll be checking in with her every couple of days so she doesn’t forget…

Aside from that, I’ve got a few other deals I’m working on with my wholesaler buddies, but nothing under contract at the moment.  I’ve also got a few out of state buyers that are looking for deals in Tampa, as well as some of my local buyers who have been calling me looking for houses.

And that’s about all I’ve got for now, folks.  Gotta run- time to make the doughnuts.

Have a great weekend, Everyone!

P.S.
Things are not going so well for Chef Steph. My Scallops Parmesan turned out disastrous and had to be thrown away. Seriously, it was that bad.

Ewwwww.  I can barely look without gagging a little bit.

Busy day today.

I got counters on three of the properties I offered on earlier this week, one of which was a 10k price drop. It’s usually a good sign when the bank drops the price substantially on the first counter, so I’m thinking I can get them to come down a little more. I’ve been after this particular property for about five months now- it keeps going under contract and then popping up on the market several weeks later.   Good news for me, bad news for the bank…

If I can get them down a few thousand more, I’ll have myself a deal.   The property is in a neighborhood that one of my favorite buyers likes, and I know he is looking for deals right now, so hopefully it will all work out.

I also got a call from an REO agent today about a property that I offered on almost 3 months ago.  At that time, it was listed at 33k and I offered 13.5k.   The bank rejected my offer three months ago, but the agent told me they are getting ready to do another BPO and she thinks the bank will take 13.5k this time around.  I haven’t been inside the house since I made the first offer three months ago, so I’m going to go check it out again in the morning to refresh my memory…

Let’s see…what else?

Oh, one of my wholesaler friends called to tell me about a property that is about to hit the market in the next day or so…  The listing agent is giving him first dibs on the house (damn dirty agents!!!!),  so I went to check that out today as well.  Another one of my buyers is looking for properties in this neighborhood in the same price range, so this could potentially turn into a deal, too.

I’ve also got about 10 other offers floating around, so I should be getting feedback from those over the next couple of days.

Lots of lines in the water, just waiting for a bite..

And that’s all I’ve got for today, folks.

Adios Amigos!

P.S.
My plan to check emails only once/day is not working out so well.
I need an intervention, I think.