Flip This Wholesaler

I got a call this morning from one of the REO agents that I met earlier this week. I put an offer in on his property, and he called to thank me and to ask a few questions about my financing (I am submitting a letter from a HML along w my offers). When I saw his number pop up my first thought was that he was calling to yell at me for offering so low. This particular property is in my farm area, and has been listed since the beginning of March. It needs quite a bit of work, and is priced about 25k below market. I figured that investors would be all over it. I asked him how many offers he's had and he said 3! Interesting, huh? Anyway, he told me he would submit the offer and let me know what happens. This guy has been doing REOs for a long time, and it is VERY important that I make sure I don't screw up.

I picked out 5 more REOs to look at today, but only heard back from 2 of the agents. My experience thus far has been that when I call them up and tell them I would like to look at the property, they almost always just give me the lock box code after I have presented myself as a serious iunvestor and not some yahoo that just unwrapped my Carleton Sheets course. I tell them upfront that I don't work with any agent in particular, and that I prefer to just make my offers through the listing agents. They seem to like that. They also seem to like the fact that they don't have to write up the offer. One of the agents I spoke with today told me about another REO she has listed where the contract just fell through. I went to look at that one, too.

So, I spent most of the day driving around in the hood. I only got lost twice, which isn't too bad considering I looked at 3 properties. One of the houses has been on the market since the beginning of the year. It's in a pretty nasty part of town. Didn't look too bad from the outside, but the inside was absolutely disgusting. I'm not sure what the smell was, but it was awful. Also, it was about 90 degrees inside, so that made it even worse. I have never seen carpet so filthy before in my entire life. There were syringes, used condoms, and dead cockroaches everywhere. Some other stuff, too, but I don't want to talk about it. Needless to say, I lost my lunch. No kidding. On the way out there was some sort of sting going on up the street, and I passed a lady running down the road in her pajamas carrying a bat. It's all good in the hood.....

I sent out a bunch of letters today that I have been meaning to get in the mail but didn't have any stamps. My response has been pretty crappy from them lately. I've sent out several hundred, and only received a handful of calls. Go figure.

Tomorrow I am helping my brother move all day. First, I am going to put in an offer on that hell hole I looked at today.

I had a hard time running 5 miles today. I was ready to stop at 3, but pushed myself hard and did it.