Flip This Wholesaler

Busy day. I checked the comps of the property the realtor told me about, and as I suspected, she was off on the ARV by about 15k. Kind of a big deal when the proerty is barely worth 100k I called her and told her I would present the property at the investor meeting I was going to tonight.

I got a random call from a wholesaler asking if I was still looking for properties. I guess I called him about a house a few months back, and he was just following up. We got to talking, and he told me about a property he is trying to get rid of for a friend in Tarpon Springs. The numbers are decent, and I remembered that one of the mortgage guy's clients is looking for a house in the same neighborhood. I sent them the info. and they are checking it out. I would make a pretty nice fee from this if it actually happens. I'll get half of the assignment fee from the wholesaler (half of ten grand), and also a $900 referral fee from the mortgage guys ($500 for the lead on the property, and $400 for the mortgage lead). That would be nice.

The inspection for the property I just got under contract and sold to my friend was today. Actually, my friend did the inspection himself, and I went with him. Everything looks OK.

One of my buddies just got a house under contract today, and he called and gave me the info so I can market it to my buyers. He will give me a few grand if I find a buyer. The numbers look pretty good, so I made up a flier to bring to the meeting I went to tonight.

On the way to tonight's meeting, I saw a handwritten sign advertising an investor special. I decided to call to see what the deal was. I ended up talking to the guy for about 20 minutes, and we are going to meet tomorrow for coffee. He has been investing for about 6 years, and does a lot of wholesaling. Really nice guy, and I look forward to meeting him tomorrow. He has a lot of inventory right now, and told me if I wanted to market his properties, he would work with me.

I brought 3 properties to sell at the meeting tonight, and got a decent response, so hopefully I will be able to put something together. These small meetings are really a fantastic place to meet people, pitch properties, and find out what other investors are looking for. I found out about another meeting that is held on Wednesday nights, so I will be going to that tomorrow. I really think that one of the keys to my success is going to be the amount of networking that I do. I have kind of developed a knack for it. I made some more great contacts tonight. I was talking with one of the investors about the situation I am in right now, and how I have been struggling. He told me he had been through the same thing early in his investing career, and that he had thoughts of giving up more than once, but just kept on going. This seems to be a common theme for most of the experienced people I have talked to and asked advice of. It makes me feel a little better about myself to know that other people have been in my situation. I guess more importantly, it is inspiring to know that not only have they been in this situation, but they have stuck it out and are now very successful investors.

I am going to try and make it to the courthouse tomorrow. I need to get some letters out- I have been slacking off on my direct mail. I have two meetings with other investors, and then I want to get to the investor meeting tomorrow night to pitch some properties.