Flip This Wholesaler

Things have been busy lately. I am working on 2 deals, and have one other that might work out.

One of the deals is w the mortgage guys. I happened to see an ad on Craigslist that caught my eye, and as it turns out, the seller is someone I know (used to come in to the bar I worked at). I sent the deal over to the mrtg guys and they have 4 people interested. Really interested. I tacked on a 10k assignment for myself. If this actually works out, it will be the easiest money I've ever made. Only problem is, after going back and forth between the buyer and seller, I finally decided to just put the two in contact w each other. They didn't hit it off very well, and now there are some tensions between the two. In a nutshell, the mrtg guys are saying, "we have buyers, go ahead and take it off the market." The seller is saying, " If you have buyers, then give me a contract and a deposit, and I will take it off the market." I would do the same thing as the seller. The thing is, the mortgage guys are used to doing loans. They still don't get the whole, "you can't steal in slow motion" mentality that most wholesalers/investors have. It's pretty frustrating. Also, I don't think these guys understand that GOOD deals aren't super easy to find, and also that when they do turn up, they are usually gone fast. So, we shall see how this one turns out. I'm going to be pretty pissed, though, if it falls through. Not suprised, just pissed.

Oh, also, the mrtg guys just figured out what "subject-to" deals are, and have buyers (I have no idea where they find these people), who are wanting any sort of subject-to deal if it has 10% equity!! I told them I could send them those type of deals all day long. They offered me $400-$500 per lead, and I said that ain't gonna cut it. I need a raise. They said they would get back with me about how much they could pay me for these leads. So, they called back the next day and told me they will give me $2500 for any sub2 lead that they buy. They want stuff that is rent ready, and in the higher price ranges. Gee, I wonder if I can find any sellers in this market who have properties with barely any equity who will let someone take over their payments. I'm going to go to as many meetings as I can this week and tell every investor to send me their sub2 deals that they can't do anything with. I'm thinking of offering them $500. That's a good fee for doing nothing, right?

The other deal is off of the mls and I'm working it w another wholesaler. I'm a little concerned about this one, because I think we have it priced a bit high, but he seems to think we can sell at this price. We'll see. The contract price is for $116k, ARV $190 ish. This property can be used for commercial as well, so the ARV really depends on what you want to do with it. Tomorrow I'm calling a couple of the hard money lenders I know to see if they have any buyers.

I have been getting some good counters lately on mls properties, and honestly am a little overwhelmed. I can't really take on too many at once because my funds are limited, and I am putting up 1k as a deposit. I am trying to just bird-dog some of these to other investors until I get some deals closed and can do more than one at a time.

There is another deal that a wholesaler sent me over the weekend that might work for the mortgage guys. I'm waiting on a phone call back from this guy to see if we can work something out.

I've stopped making offers for the moment since I kind of have my plate full. Now I just need to get something to close, and I'll be the happiest person on the face of the earth!