I spent most of the day putting offers together. I made 10 today, and 3 yesterday. One of them is an REO that I caught just as they were dropping their price. The realtor called me in the afternoon to tell me there were multiple offers on the property and to submit my highest and best. Then he called back about an hour later to tell me the other person withdrew their offer and that he had a counter for me from the bank. At the price they countered, it is right around 70%. I need to go check out the inside first thing tomorrow morning. I've got a couple good things going for me on this one- (1) I've been slowly building my credibility w the listing agent, so he knows I'm not a flake, and (2) This property has been on the market for a really long time. This is another property that just came back on the market after being locked up by a wholesaler. Man, this guy is really giving himself a bad name.
I decided yesterday that I'm probably going to go back to the dreadful bar business part time. I said I would never do it again, but I need to have some steady income until I can put deals together on a consistent basis. I'm going to go crazy otherwise. I thought about getting a 9-5 doing something real estate related, but just can't bring myself to do it. I can make more money in a weekend than I could working all week at a desk job. Plus, I'm just not really a desk-job type person. I would be like a fish out of water. So, that's that. I was pretty upset and bitter about the whole thing for awhile, but where is that going to get me? Nothing like eating a huge slice of humble pie. I've really started to develop a taste for it.
8/6/2007
Monday, August 6, 2007
8/6/2007
Posted by Steph at 9:52:00 PM
Labels: flip reo, flip reos, flipping, flipping houses, flipping reos, getting started in real estate, learn to flip houses, learn to wholesale, real estate, real estate blog, real estate investing, real estate investing blog, reo flipping, reo investing, wholesaling, Wholesaling REOs
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