Flip This Wholesaler

I had some relatives come in town yesterday, so I spent most of the day and night with them.

The seller of the deal I have been working on called me yesterday to tell me he couldn't take what I was offering (125k). He said the lowest he would take is $150k. I explained to him that there was no way I could pay that much (house just appraised for $195k, and probably would retail for around 180-185k in this market), but that I would keep his information in case I found someone who would. After talking with him a little more, he said he would take 140k, but that was the bottom. Long story short, by the end of the call, I offered to take over his payments (loan balance of 95k), and get him 30k in cash. He agreed to this. So, my purchase price will be 125k, and I think I already have a buyer for it- maybe 2. We are meeting Monday to iron out the details and sign paperwork (hopefully).

I have a list of 40 REOs that I want to make offers on before the bootcamp. I figure that is a good start. After talking with another investor today, I decided that it would be in my best interest to make the offers directly through the listing agents. I was going to make them through one of my Realtor friends, but from a networking standpoint, I think I will have much more to gain by actually meeting all of the REO listing agents, telling them what I do, and starting to build relationships with them. It would be much easier to use my friend, but I think in the long run, my end result will be much better if I do it the other way.

I went down to the courthouse 2 days ago and did some research. I have 300 letters that I want to get out on Monday. I am handwriting the addresses, so it is going to take me awhile, but I want to get them out ASAP. I came up with a new letter that is targeted to landlords. I switched it up a little bit from my old one. Instead of just offering to buy their house(s), I'm also telling them to call me if they are looking to buy more rentals. I think this will be a great way to add to my buyers list. This way I'll be killing two birds with one stamp. He he.

I can't wait to go to the flippinghomes bootcamp. I'd like to get this deal I'm working on wrapped up before then (or at least have it under contract and assigned), so I will have some momentum going when I come back. I know I am going to be ready to hit the ground running hard after 5 days of learning and networking!