Flip This Wholesaler

Well. I lost the deal I thought I had yesterday. The sellers were not willing to renegotiate the contract price. They wouldn't budge. Dang it. Good thing I had an inspection contingency in it.

I got one call today from a letter I sent out. This is shocking, but she is in pre-foreclosure, and has no equity. Amazing. Sending it to my short sale friend. He's got a million deals going right now. He also got the deed today from one of the other short sale leads I sent him a while back.

Tomorrow I'm going to be making a bunch of offers. After talking to another investor who is going after mls properties, I realized 2 things. No, 3 things. (1) I am offering way too much (2) I am not making enough offers (3) I am spending way, way too much time on each property. I need to step things up, stop being afraid to make really low offers, and stop spending 3 hours putting an offer together on each house. I was reading through the archives on Flippinghomes.com yesterday and read a post that Bob Norton wrote that said something to the tune of: You can't make big wholesale profits if you don't make really low offers. Something like that. Anyway, it makes a lot of sense. You can't buy stuff at 40 and 50 cents on the dollar if you are offering 70.

So, that's my plan for tomorrow. I'm sending out some more letters as well.

I had this dream last night that I went to the McDonalds up the street and talked the people working at the drive thru into putting my "We Buy Houses" flyers in all of the to go orders. So, that got me thinking, since I'm about to go broke, that I could go get a job at McDonalds and try to get on the drive thru shift all the time. Kill two birds w one stone.