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.

Hola Blogosphere!

Hope Everyone had a fantastic weekend…

I got quite a bit of work done- looked at 13 REO properties, and made 12 offers.

One of my offers was for 5k.  Hehe.  This particular house has been listed for close to two years, is a total piece of crap, and I figure the bank has got to be getting sick of it by now.  I’ve made 9 offers on this property over the course of the last two years, so maybe the tenth will be a charm?  Or maybe the idiot asset manager(s) will keep holding out for more money and continue to hang on to the property for another two years.  That sounds more logical, eh?

In other news, my buyer ended up passing on the deal I was talking about in my last post. As luck would have it, another wholesaler sent out a deal in the same neighborhood that was a little bigger and on a better street, so my buyer ending up taking that one instead.  Son of a…

The good news is, I spent the weekend marketing the crap out of this house (signs, ads on Craigslist, etc), so my phone has been ringing off the hook, and by the end of the week, I expect to have a slew of fresh new buyers added to my arsenal.  So that’s a bonus.  See how I turned lemons into lemonade?

This week I plan to keep marketing the crap out of that deal, and make as many offers as possible on REO properties.

My goal is to close 6 more deals by the end of the year, so I guess I better get moving…

Gotta run- I’m off to Starbucks for my Pumpkin Spice Latte fix..

Adios Amigos!

P.S.
If you haven’t picked up my new Flip This REO! eBook yet, now would be a great time to do so. Click here to grab yourself a copy now!

P.P.S.
That nut-job, Steve Piegari, who has been harassing me on Facebook, sent me a message this morning saying he is going to sue me. I am still laughing as I type this. Glad to see that you have a sense of humor, Steve.