Flip This Wholesaler

Yesterday was a fantastic day! I got paid $800 from the mortgage guys for 2 of the leads I sent them. When they called to tell me, they also asked for me to come down to their office because the owner wanted to speak with me. I really didn't know what to expect. He started off by asking me a bunch of questions about the wholesaling process- how much I get paid, how many investors I work with etc. Then he goes on to say that he sends out at least 25,000 mailers/month offering to buy people's homes. The objective is to get people to call, then try and turn the leads into refis. He instructs all of his loan officers to bring him any leads where the seller is desperate to sell, and there is a lot of equity. He asked if I would be interested in working those leads and splitting the wholesale fee with him! I about fell out of my chair. He said up until this point he was doing nothing with these leads, and that he gets at least a few of these EVERY DAY. Then, he brings out this stack of leads and starts going through them with me. All of the work has already been done- comps have been run, all of the info. is right there on the lead sheet. I couldn't believe it. This is a potential goldmine! The loan officer I have been working with told me that the owner is quite impressed with my work ethic and knows that if anyone can turn these leads into deals, I can. I was very flattered to say the least. I am going to work on these leads today and see if I can get a deal going. I want to take full advantage of this opportunity.

The seller of the deal that I was supposed to be signing up is now avoiding my calls. He told me last time we spoke that one of his relatives is trying to scrape some money together to buy his house from him (sounds like a disaster waiting to happen), so maybe he is trying to go that route. I left him a message letting him know that my offer still stands and to call me if he needs anything. I have a gut feeling that he will be calling me back.

I put 50 letters in the mail yesterday, and have 50 more to go out tomorrow.